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.
The CFPB reviewed unanticipated overdraft fee assessment practices and concluded that surprise overdraft fees and surprise depositor fees are "likely unfair and unlawful under existing law."
The CFPB sued an online lender and several subsidiaries for violating the Military Lending Act by, among other counts, imposing fees that exceeded the Act's limit of 36 percent Military Annual Percentage Rate.
Senate Banking Committee Ranking Member Pat J. Toomey (R-PA) urged regulators to adopt policies that facilitate innovation and consumer choice through the development of a healthy competitive market.