Consumer Financial Protection Bureau

Last year, Mastercard and the tech platform provider Fabrick announced an expanded strategic partnership to develop embedded-finance solutions for businesses across Europe. The deal will enable companies to integrate financial services directly into their products through application protocol interfaces (APIs), allowing them to provide payment, banking, and insurance services without the need to build their own proprietary financial infrastructure.The embedded-finance use cases enabled by APIs are almost endless. For…

Bank of America was ordered to pay $150 million in fines for double-charging customers, withholding promised reward bonuses for credit card holders, and opening thousands of bank accounts under customers’ names without their knowledge, a federal investigation revealed. Teyonah Parris and John Boyega on Working With Jamie Foxx | io9 InterviewThe Consumer Financial Protection Bureau (CFPB) announced its findings in a news release on Tuesday, saying Bank of America customers were charged overdraft feesmultiple times after a…

Venmo, Cash App, and PayPal users are being warned not to store money on the appslong-term, the watchdog Consumer Financial Protection Bureau (CFPB) said on Thursday, following Silicon Valley Bank, Signature Bank, and First Republic Bank’s failure when customers tried to withdraw money en masse. CFPB is worried about what will happen if another financial crisis occurs, saying those who store funds in Venmo and PayPal could lose it all.He Tossed His Bitcoin, Now He Wants It Back“Popular digital payment apps are…

President Joe Biden on Wednesday unveiled fresh efforts to slash credit card late fees and drive down the prices that Apple Inc and Google parent Alphabet Inc charge on mobile app stores. The move is part of a larger policy drive to promote competition in consumer markets, officials said. Speaking at the White House, Biden also called on lawmakers to ban "junk fees," which he said jacked up costs for consumer services such as accommodation, concert tickets, mobile plans and air travel, in which officials said air carriers…

WASHINGTON–Business groups sued the Consumer Financial Protection Bureau over a recent move by the agency to combat potential discrimination in banking services, as legal battles between industry and Biden administration regulators are beginning to intensify. The U.S. Chamber of Commerce, American Bankers Association and four other trade groups Wednesday asked a federal court in Texas to stop the CFPB from looking for discriminatory behavior when conducting routine examinations of…

Goldman said a regulator is looking into its advertisements and how it reports consumer information to credit bureaus. Photo: Michael Nagle/Bloomberg News…