In a letter to the CFPB, the American Bankers Association warned that shifting the liability for fraudulent payments on peer-to-peer instant payment systems to institutions will likely have negative consequences.
Senator Elizabeth Warren (D-MA) urged the CFPB to take action against the "rampant fraud" on the peer-to-peer instant payment platform Zelle.
A custodial bank settled CFPB charges for (i) applying for lines of credit and opening deposit accounts on behalf of customers without their consent, (ii) obtaining consumer reports with personal information without justification, and (iii) pressuring employees into selling products to customers to meet predetermined sales goals.
The CFPB extended the comment period for a Request for Information ("RFI") on obstacles that prevent consumers from having high-quality interactions with large depository institutions.
A commercial bank settled parallel CFPB and OCC charges for (i) deceptive practices in marketing prepaid debit card program and (ii) deficiencies in its operational and risk management controls.