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Many Republicans have opposed the CFPB since its creation as part of 2010’s Dodd-Frank financial reforms and have often called for its closure, arguing that Washington has too many redundant ...
The legislation that created the CFPB gave it sole authority over those issues among US regulators. Warren was a driver behind the creation of the agency in the wake of the 2008-2009 financial crisis.
The Consumer Financial Protection Bureau on Thursday issued a finalized version of a rule saying it will soon supervise nonbank firms that offer financial services likes payments and wallet apps ...
On Wednesday, Block also agreed to pay $80 million to a group of 48 state financial regulators. (Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Tasim Zahid and Krishna Chandra ...
The company must also pay a fine of $55 million into the CFPB's victims relief fund. "Cash App created the conditions for fraud to proliferate on its popular payment platform," CFPB Director Rohit ...
Two technology trade groups sued the U.S. Consumer Financial Protection Bureau on Thursday to block a new rule giving the regulator supervisory authority over payment apps and digital wallets from ...
The CFPB, however, has recently taken legal and public stands against debanking — the forced closure of a bank account of an organization deemed to be a legal or financial threat.
As part of the action, Block will pay up to $120 million in refunds to consumers, set up a 24-hour customer service program, and pay a $55 million fine. The CFPB's lawsuit comes on the tails of a ...