WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today distributed more than $384 million to about 191,000 consumers harmed by Think Finance. Think Finance, a Texas-based online lender, deceived borrowers into repaying loans they did not owe. The CFPB distributed the money through its victims relief fund.
On May 6, 2024, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Federal Housing Finance Agency (FHFA) and National Credit Union Administration (NCUA; collectively the “Four Agencies”) reproposed a joint rule (the “2024 Proposal”) to regulate incentive-based compensation paid by certain financial services firms (“Covered Institutions”).
Beyond the Consumer Financial Protection Bureau (CFPB)’s new rule that would cap credit card late fees, banks are girding for the impact of the Federal Reserve’s updated Reg II proposal, which would cap debit interchange fees.
The government’s new rule that would limit credit card late fees has been blocked by a federal judge in Texas. In a Friday (May 10) decision, Judge Mark Pittman of the U.S. District Court for the Northern District granted an injunction that halts the restrictions.
SAINT PAUL, Minn. – Today, the Minnesota House passed the Minnesota Consumer Data Privacy Act, HF 2309, as a part of the House Agriculture/Commerce/Energy Supplemental Budget. Authored by Rep. Steve Elkins (DFL - Bloomington), the legislation would grant consumers the right to prevent their data from being sold or used to target advertising at them. In the case of sensitive personal data, including location data, companies would have to secure your permission in advance before using it in this manner.
.jpg)
.jpg)