NewsBreak Original

Coalition calls TAB's practices "predatory," calls on FDIC to downgrade bank's rating. A coalition of consumer groups is calling on the Federal Deposit Insurance Corporation (FDIC) to take regulatory action against Utah-based TAB Bank for what the groups call "predatory" lending practices.

Coalition of consumer groups applauds measure as a win for consumer privacy. Upon today's House Financial Services Committee vote passing H.R. 5912 - legislation that would close a loophole in federal banking policy - today, a coalition of consumer groups applauded the move and urged the full House of Representatives to support it.

CFPB: Competition in markets is good for business and consumers. The Consumer Financial Protection Bureau (CFPB) announced this week it is launching a new Office of Competition and Innovation to encourage new entrants into financial marketplaces as a means of improving customer service.

Coalition backs legislation that would close regulatory loophole. A coalition of advocacy groups representing consumers and banks is calling on Congress to close a loophole that allows so-called fintech companies to operate as banks without any of the attendant regulation.

20 Attorneys General express concerns about popular payment option. In response to an inquiry by the Consumer Financial Protection Bureau (CFPB), 20 Attorneys General expressed concerns about the proliferation of buy now, pay later products such as AfterPay, Klarna, Sezzle, and others.

U.S. PIRG warns that convenience can come with a cost. The U.S. Public Interest Research Group (U.S. PIRG) issued a report analyzing complaints made to the Consumer Financial Protection Bureau (CFPB) on Buy Now, Pay Later products. The report contained key findings that create cause for concern around these products.

Online lender claims exemption from California law. Online lender OppFi - a fintech company offering a range of consumer credit products - filed a complaint this week seek injunctive relief from the California Department of Financial Protection and Innovation.

Whether you're familiar with open banking, banks and third parties have had to verify our accounts for decades. Traditionally, if you want to withdraw money from your bank, you might present a bank card or an ID at your local branch.

Payday lender was charging 99%-251% interest on loans. Advocates at the National Consumer Law Center applaud District of Columbia Attorney General Karl Racine’s announcement today that DC has reached a settlement with predatory rent-a-bank lender Elevate that requires it to abide by the District’s interest rate limits and to provide over $4 million in relief to wronged consumers.

Now is the time for FinTech to make some improvements in people's health and lifestyles. Financial technology makes people's lives easier, simpler, and less stressful. FinTech is particularly helpful for cutting stress and making people healthier.

Online Lending Platform was Offering Loans with Interest Rates Up To 645%. The Minnesota Department of Commerce has announced a settlement with online lending platform MoneyLion that will result in refunds to some borrowers as well as a fine paid by MoneyLion.

Advisory Comes as Bureau Seeks to Protect Consumers. The Consumer Financial Protection Bureau (CFPB) has issued a warning about Buy Now, Pay Later (BNPL) loan products even as consumers are in the midst of a key shopping season.