The CFPB will use a dormant legal provision to examine nonbank financial companies that “pose risks to consumers.”

CFPB is wary of unchecked AI usage in underwriting: Bureau officials have warned about potential abuse of the technology and are previewing a crackdown. Regulatory clarity will help banks to better navigate a growing market.

US banking trade groups want the Consumer Financial Protection Bureau (CFPB) to pause its planned crackdown on the fees, arguing it could lead to overdue bills.

The news: The Consumer Financial Protection Bureau (CFPB) is looking into how overdrafts affect consumers and plans to use the information to identify financial institutions (FIs) for further examination.

CFPB Inquiry Will Change BNPL Practices and the Competitive Landscape. We expect the CFPB to bring BNPL products and practices in compliance with existing consumer financial protection statutes. This will create new costs for BNPL providers and shift power dynamics in the space. Wide Net of CFPB Inquiry Will Open Door to Fintech Regulation.

Last year, President Biden urged the CFPB to progress with rulemaking that would give customers the right to port their data from one bank to another. Unlike the UK and the rest of Europe, the US banking industry still has no open banking standards. And the CFPB is in no rush to fill the regulatory gap. The CFPB, banks, fintechs, and other data users disagree over which information to share.

Their findings—and in the US, a similar call from the Consumer Financial Protection Bureau (CFPB) for deeper scrutiny of AI—have started the dialogue needed to get a handle on these powerful and easy-to-misuse tools. Clear, globally agreed-on standards must be developed to promote interoperability.

How should businesses view these global trends and events? How are behaviors and spending changing? In this report, Insider Intelligence analysts weigh in on the questions they’re being asked by both clients and the media about the shifting landscape in key areas like digital advertising, retail and ecommerce, and financial services.

Payments Ecosystem: Diminishing analog payment use—as well as the battle for share between entrenched electronic payment methods and emerging challengers—will intensify the battle for customer spending this year.

The CFPB is already looking into whether unchecked AI practices in banking are harmful. A similar review is happening among watchdogs in the UK. Wells Fargo also faces another potential blow to its reputation, following others over the past decade such as:. Its 2016 fake accounts scandal, whose consequences included the Federal Reserve’s 2018 imposition of an asset cap.

This is notable given the Consumer Financial Protection Bureau (CFPB) has been eyeing major standalone players, and we predicted that it’s likely to be assertive this year. The installment product also will help banks deepen their engagement with current customers who might otherwise use a fintech offering.

Trade groups including the American Bankers Association (ABA) recently pointed out this trade-off in a letter to the Consumer Financial Protection Bureau (CFPB) where they called for the regulator to pause an impending crackdown on the fees. The associations asked the bureau to collect data on the needs that usually drive people toward overdrafts.

Plaid’s deal is well-timed: The Consumer Financial Protection Bureau (CFPB) will eventually wrap up its rulemaking process to enable US consumers to easily move their data from one bank to another. When that happens, Plaid will have a product suite that already does more than simply connect fintechs with bank accounts.

In the US, the Consumer Financial Protection Bureau (CFPB) opened an inquiry into five major BNPL providers to establish the risks and benefits of products.

The Consumer Financial Protection Bureau (CFPB) has highlighted some challenges that customers face when interacting with their banks, like needing to repeatedly explain problems, or bank employees being unaware of a customer’s situation. Chatbots that pass along the information gained through AI to employees working in customer service could relieve many of these pain points. Who do chatbots help?

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra recently expressed interest in the regulator offering technology to make switching easier. The bureau is currently in the rule-making process for regulation that would allow customers to move their financial data from one bank to another.

The Consumer Financial Protection Bureau (CFPB) could update its regulations shortly after the deadline for receiving public comment on BNPL closes on March 25, consumer advocacy firm PIRG told American Banker.

Banking trade groups recently told the CFPB that a crackdown on the charges could jeopardize people’s abilities to meet their obligations. However, Citigroup is making its existing overdraft alternatives more appealing to consumers by also waiving related fees:. A line for credit called Checking Plus is available for covering account overdrafts.

The US Consumer Financial Protection Bureau (CFPB) has been particularly active at the helm of director Rohit Chopra, who recently told the Senate Banking Committee that he’s aware of and “highly attuned” to the fraud issues surrounding P2P platforms.

The White House called on the Consumer Financial Protection Bureau (CFPB) to move ahead with data-sharing regulation— its adoption would make it easier for neobanks to become customers’ primary banks and help all banking players partner with fintechs.