Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (CFPB) finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. The rule will help the CFPB to ensure that these companies—specifically those handling more than 50 million transactions per year—follow federal law just like large banks, credit unions, and other financial institutions already supervised by the CFPB.

America’s commitment to the core principles of fairness, equality, and justice are deeply

The Consumer Financial Protection Bureau (CFPB) issued a series of orders to collect information on the business practices of large technology companies operating payments systems in the United States. Specifically, the orders will compel information on data harvesting and monetization, access restrictions and user choice, and other consumer protections. The information will help the CFPB better understand how these firms use personal payments data and manage data access to users so the Bureau can ensure adequate consumer protection.

Creditworthy consumers can face difficulties accessing credit if they lack a credit record that is treated as "scorable" by widely used credit scoring models. These consumers include those who are "credit invisible," meaning that they do not have a credit record maintained by one of the nationwide consumer reporting agencies (NCRAs). They also include those who have a credit record that contains either too little information or information that is deemed too old to be reliable.