CFPB Director Rohit Chopra warned that anti-competitive behavior by industry participants will not be allowed to impede the CFPB's required shift to open banking.
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A broker-dealer settled SEC charges for failing to comply with Regulation Best Interest in connection with recommendations to retail brokerage customers purchasing mutual fund shares in their IRAs.
Senate Banking Committee Chair Sherrod Brown urged Cameron Fowler, the CEO of Zelle, the instant payment platform co-owned by seven "Big Banks," to clarify the firm's policies protecting consumers from scams.
Senate Banking Committee Chair Sherrod Brown warned that "scammers and fraudsters have ramped up their efforts to take people’s money" through peer-to-peer payment apps, and criticized banks and financial service companies for standing "on the sidelines."
House Financial Services Chair Patrick McHenry challenged a CFPB proposed rule to expand its regulatory authority into the market for digital consumer payments.