CFPB vs. everybody; some banks still plan for M&A; Plaid + Wise
American Banker
In-depth analysis, perspective and commentary on key issues affecting the banking industry.
The CFPB thinks consumers aren't being well-served by companies handling their money. So far today:
CFPB warns of risk from data-hungry payment apps and lenders: "Super apps," embedded commerce and buy now/pay later loans are hoovering up consumer data with little clarity over the consequences for users, according to a new Consumer Financial Protection Bureau report.
CFPB fines mobile saving app Digit $2.7 million for overdraft charges: Digit engaged in deceptive acts or practices by routinely causing checking accounts to overdraft, the Consumer Financial Protection Bureau said.
CFPB says Big Tech digital marketers are liable for unfair, deceptive practices: The Consumer Financial Protection Bureau said that digital marketers involved in the development of content strategy can be liable for "unfair, deceptive or abusive acts or practices."
And a BankThink op-ed looks at the bureau's actions as well: Is CFPB moving the target for addressing immigrants' financial needs?: A recent blog post from the agency raises more questions than it answers, wrote attorneys from K&L Gates.
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For more news about banking, fintech, credit unions, regulation and payments, see what else we're covering:
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