I was especially interested in speaking to this group because of the growing significance of payments and payments-related legal and policy questions in the consumer financial ecosystem. Although the payments system has always been part of the critical infrastructure of the consumer financial marketplace, I think it’s fair to say that payments has not always been on the front page of newspapers around the globe as it is today.
Consumer frustration with illegal robocalls and robotexts has placed the FCC’s related regulatory scheme top of mind for regulators and legislators alike.
If you got an email that seems to be from MetaMask or PayPal, stop. They’re phishing scams. The MetaMask fake says your cryptocurrency wallet is blocked. And, if you don’t act fast, click a link, and update your wallet, they say your crypto will be lost.
GLENDALE, Calif., May 9, 2023 /PRNewswire/ -- California Credit Union has received certification by the national Cities for Financial Empowerment Fund (CFE Fund) for its checking account product, which can benefit the nearly 19% of California households that are categorized as underbanked or unbanked. California Credit Union is among only four credit unions in Los Angeles, and 15 credit unions in California, offering accounts certified as meeting the benchmark Bank On National Account Standards.
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that a bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it. The CFPB has observed in complaints that even after a consumer completes all the required steps to close an account, their bank has “reopened” the closed account and assessed overdraft and nonsufficient funds fees.
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