Hello Digit Fined $2.7 Million by Consumer Bureau
Fintech company made false promises, depleted customer checking accounts. The Consumer Financial Protection Bureau (CFPB) initiated an enforcement action against fintech company Hello Digit as a result of that company's false promises to consumers. The action requires Hello Digit to pay $2.7 million. Hello Digit is accused by CFPB of guaranteeing customers who used their product that they would not face overdrafts. Instead, the app promised to help customers reach savings goals.
Blockchain – Powering Decentralization in Global Finance
Disclaimer: The content contains links that may help generate an audience for specific sites. We may earn a small profit per click, at no extra cost to you. A mounting prevalence of robustness and innovation over economies is being observed globally and the landscape of ‘wealth’ in the world is rapidly evolving. However, a closer inspection of global distribution of wealth shows that it is only concentrated in the hands of a few and the effort-reward imbalance is on the rise as well.
Consumer Groups Call for Regulatory Action Against TAB Bank
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.
House Committee Advances Legislation Closing Loophole in Banking Law, Protecting Consumers
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.
Consumer Bureau Launches Office of Competition and Innovation
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.
Consumer Groups Join with Banks to Call for Regulation of Fintech Lenders
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.
A Warning to Consumers on Buy Now, Pay Later Products
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.
Consumer Group Urges Caution on Buy Now, Pay Later
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.
OppFi Files Legal Action in California, Seeks to Continue Offering Loans Above 36% Interest Rate
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.
How Does Account Verification Work With Open Banking?
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.
Online Lender Elevate Pays $4 Million Settlement for Violating DC Law
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.
How FinTech Can Help Promote Well-Being in 2022
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.
MoneyLion Forced to Issue Refunds in Settlement with State of Minnesota
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.
Consumer Bureau Issues Warning on Buy Now, Pay Later
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.