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...Rohit Chopra, director of the Consumer Financial Protection Bureau, warned about the effects of large deals on competition and financial stability....
...The Consumer Financial Protection Bureau is proposing to cap overdraft fees at as low as $3, potentially saving consumers billions of dollars a year and stepping up US President Joe Biden’s war on so-called...
...The data from the National Bureau of Statistics on Saturday showed prices in China’s industrial sector in April remained mired in negative territory....
...The Consumer Financial Protection Bureau is set to finalise a rule aimed at cutting credit card late fees, the latest move by the Biden administration to tackle anti-competitive behaviour across the US economy...
...Research by the Consumer Financial Protection Bureau showed that more than 80 per cent of the market for credit cards is controlled by 10 of the 4,000 banks that offer them, including Capital One and Discover...
...These revenues grew to more than $14bn in 2022 of the $130bn issuers charged consumers in interest and fees, according to the Consumer Financial Protection Bureau....
...by consumers who are harmed.”...
...The proposal issued by the Consumer Financial Protection Bureau on Tuesday would subject non-bank companies that offer digital payments to a regulatory scheme similar to that for banks or credit unions....
...It referred to a 2015 matter in which the US Consumer Financial Protection Bureau ordered two of Hankey’s companies, Westlake Services and Wilshire Consumer Credit, to collectively pay nearly $50mn in restitution...
...What is noteworthy is that Rohit Chopra, director of the Consumer Financial Protection Bureau, spoke and gave a set of recommendations for regulators’ future approach to payments policy....
...Louise Baxter, a consumer protection expert and founder of the UK’s National Trading Standards Scams Team, said higher interest rates and other economic factors at the moment played into the hands of scammers...
...We need these dots to be connected so more crime-fighting resources and tech, telecoms and financial industry efforts can be focused on tackling this problem — not to mention raising consumer awareness of...
...It also created a muscular new federal agency — the Consumer Financial Protection Bureau (CFPB) — to implement and enforce both the new mortgage laws and other laws governing consumer financial products...
...Citi had failed to use “sufficiently robust data security measures to protect consumer financial accounts, respond appropriately to red flags, or limit theft by scam”, James said in the complaint....
...In 2015, the US Consumer Financial Protection Bureau ordered two of Hankey’s companies, Westlake Services and Wilshire Consumer Credit, to collectively pay nearly $50mn in restitution and fines....
...The moves came ahead of Wednesday’s release of consumer price inflation data, which will probably influence investor forecasts for the number of interest rate cuts this year....
...It is to be hoped that the consultations now in progress in the fields of financial education and consumer protection can be blended to provide a real long-term solution....
...Most of the sub-components of the PMI improved except factory gate prices, “which suggest consumer demand may still be relatively weak”, she said....
...It is not just rising base rates that are to blame: credit card companies have increased the margin they add on to a record high, the Consumer Financial Protection Bureau found last month....
...Industrial production leapt 7 per cent year on year in January and February, combined data from the National Bureau of Statistics showed, the fastest rate of growth in almost two years and above an anticipated...
...Slowing consumer credit growth pinches at the profitability of lenders. It also cramps the style of agencies tasked with judging whether loans will be repaid....
...The letter was signed by senior editors from 36 outlets, including BBC News, The New York Times, Associated Press and the Financial Times....
...The measures by the Federal Trade Commission and the Consumer Financial Protection Bureau announced on Wednesday have the potential to significantly alter how US companies display prices to shoppers....
...Those responsible for any violations of that longstanding protection should be held accountable.”...
...The rules form part of the Consumer Duty, UK regulations introduced last year, which require companies to meet higher standards of consumer protection....
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