CFPB vs. everybody; some banks still plan for M&A; Plaid + Wise
The Consumer Financial Protection Bureau made several sorties today against financial services firms and others.

CFPB vs. everybody; some banks still plan for M&A; Plaid + Wise

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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M&A jitters abound, but some banks forge ahead: Rising interest rates, lower stock prices and other headwinds have caused many banks to pump the brakes on dealmaking. But some are betting that these trends will be too short-lived to deter them from engaging in mergers and acquisitions.

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Top community banks: How SBA lending and expansion lifted one winner: Moving its loan operations beyond its geographic footprint, California's US Metro Bank shot up in our rankings of the best-performing community banks.

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Plaid deal lets Wise customers use fintech apps bank-free: Direct connectivity between the cross-border payment company and the data aggregator will let Wise's 13 million customers use the 6,000 fintech apps in Plaid's network without the need for a bank account.

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