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...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 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....
...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....
...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....
...The rules form part of the Consumer Duty, UK regulations introduced last year, which require companies to meet higher standards of consumer protection....
...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....
...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....
...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....
...Those responsible for any violations of that longstanding protection should be held accountable.”...
...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...
...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....
...Our executive producer is Topher Forhecz, and Cheryl Brumley is the FT’s global head of audio. Check back next week for more US political analysis from the Financial Times....
...protection....
...The Financial Supervisory Service’s five-month investigation into five banks and six brokerages found poor regulatory compliance and a lack of consumer protection for sales of securities linked to the Hang...
...Both the Financial Conduct Authority and the Financial Ombudsman Service (FOS), which handles consumer complaints, have investigations under way....
...Since 1975, the Home Mortgage Disclosure Act has required banks to report mortgage lending by race and ethnicity, and the Consumer Financial Protection Bureau recently issued a rule that requires lenders...
...A proposal by the Consumer Financial Protection Bureau to lower late fees for credit card payments risked raising costs for all consumers, Dimon said....
...The review, amplified by consumer protection advocate Martin Lewis, has echoes of the payment protection insurance mis-selling scandal that was initially played down by banks but ultimately cost them more...
...The Korean Fair Trade Commission is looking into the alleged lack of consumer protection from AliExpress....
...The US Consumer Financial Protection Bureau has proposed a new cap on charges for people going overdrawn. One challenge is that the term “junk fee” is hard to pin down....
...The Bureau of Labor Statistics on Tuesday will release its latest US consumer price index report, which is expected to show that headline inflation was unchanged at an annual rate of 3.1 per cent in February...
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