In an analysis of deposit insurance coverage on funds stored through payment apps, the CFPB Office of Competition and Innovation and Office of Markets highlighted that U.S. consumers store "billions of dollars" on these apps and that "funds stored in a payment app may be at significantly higher risk of loss for a consumer than if it is deposited in an insured bank or credit union account."
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The CFPB concluded that the unilateral reopening of an account by a financial institution after the consumer closed the account could constitute an "unfair act or practice."
Based on 2022 survey data and credit bureau records, the CFPB reviewed the financial profiles of Buy Now, Pay Later borrowers.
In an Advisory Opinion, the CFPB reminded operators of Digital Mortgage Comparison-Shopping Platforms of referral fee prohibitions under the Real Estate Settlement Procedures Act.
Comments on a CFPB proposal to establish a public registry of terms and conditions on form contracts that waive or limit consumer rights and protections are due by April 3, 2023.