Rohit Chopra News

09.10 / 03:39

business regulation transactions Money Transfers US consumer watchdog mulls applying e-banking laws to crypto

The top United States agency for consumer financial protection is considering applying the Electronic Fund Transfer Act (EFTA) to crypto, in an attempt to protect consumers from fraudulent crypto transfers.

06.10 / 15:39

Provident Platform Remark information open US consumer watchdog: proposed 'open banking' rule due this month

(Reuters) -The top U.S. agency for consumer financial protection will release a much anticipated regulatory proposal later this month on consumers' control of their banking data, keeping to a previously announced schedule, its director said Friday.

25.09 / 06:27

Provident BLOCK Fox Action Experts show information Biden admin warns lenders there is ‘no special exemption’ for AI when denying credit

Sen. Mike Braun, R-In., provides insight on growing fears over the technology on The Evening Edit.

22.09 / 17:00

UPS FIVE Action Bill President reports Biden aiming to scrub medical debt from people's credit scores, which could up ratings for millions

Vice President Kamala Harris says the Biden administration is beginning the process to remove medical bills from people’s credit scores

07.09 / 20:15

Payments regulation Google Apple Apple Pay Mobile Payments CFPB CFPB examines Big Tech’s role in mobile payment systems ahead of rulemaking

Big businesses are able to act as “mini-governments” and impose their own rules on payment infrastructure, Rohit Chopra, director of the United States Consumer Financial Protection Bureau (CFPB), said at a fintech conference hosted by the Philadelphia Federal Reserve Bank on Sept. 7. As Big Tech continues to innovate, small firms may be squeezed out of the space, he added.

22.08 / 16:29

Lowe's Curo Group subsidiary sued by U.S. regulator for 'churning' consumer loans

By Jody Godoy

15.08 / 18:53

Provident Action Mobile Equifax cover social US watchdog to announce plans to regulate 'surveillance industry'

personal data, part of the Biden administration's widening scrutiny of that industry's privacy practices, officials said. Data brokers' conduct can be «particularly worrisome» because the sensitive data driving the use of artificial intelligence can be collected from military personnel, people experiencing dementia, and others, according to Rohit Chopra, director of the US Consumer Financial Protection Bureau.

11.07 / 18:29

Progressive SEC Discover Bank of America to pay over $250 million over junk fees, other issues

By Chris Prentice

11.07 / 17:25

Action Bank of America Ordered to Pay $250 Million Over Wrongful Fees, Fake Accounts

Federal regulators hit Bank of America with a $250 million penalty for opening credit-card accounts in customers’ names without their consent and double-charging fees. The Consumer Financial Protection Bureau said the bank opened credit-card accounts without permission from customers using credit reports it obtained illegally. Bank of America employees also improperly withheld credit-card rewards and charged overdraft fees several times for the same transactions, the CFPB and another regulator, the Office of the Comptroller of the Currency, said.

11.07 / 16:31

CFPB settlement CFPB slams BofA with quarter-billion-dollar settlement

The Consumer Financial Protection Bureau has slugged Charlotte-headquartered Bank of America with a huge $250 million dollar settlement over the bank’s “consumer abuses.”

11.07 / 15:55

UPS Bank of America fined $150 million for consumer abuses including fake accounts, bogus fees

In this article

11.07 / 15:35

settlement Bank of America agrees to pay $250 million settlement over consumer abuse claims

Investing.com -- Bank of America (NYSE:BAC) has agreed to pay out $250 million in fines and compensation to settle several consumer abuse charges, including the opening of accounts without authorization, the Consumer Financial Protection Bureau (CFPB) said Tuesday.

22.12 / 15:49

business Ripple Court Ripple CEO compares Wells Fargo billions mismanagement with FTX collapse

Amid the heated-up news steam about the FTX drama, Ripple CEO Brad Garlinghouse has tried to turn the public’s attention to another case regarding the misdeeds of traditional finance. A $3.7 billion fine for mismanagement at Wells Fargo bank was treated as, in Garlinghouse’s words, “barely a blip on the radar.”

29.06 / 23:23

Provident Action Agency Debt collectors' 'pay to pay fees' are 'often illegal,' consumer watchdog agency says

Certain «junk» fees often levied by debt collectors are illegal under federal law, the Consumer Financial Protection Bureau said Wednesday.

22.06 / 21:19

COST UPS Consumer watchdog eyes crackdown on credit card late fees as inflation threatens to increase them

The Consumer Financial Protection Bureau signaled a crackdown on late fees charged by credit card companies on Wednesday, as inflation threatens to increase those so-called «junk» fees levied on consumers.

26.01 / 18:55

Target Consumer watchdog signals broad crackdown on hidden fees for banks, credit cards

The Consumer Financial Protection Bureau on Wednesday signaled a broad crackdown on hidden and excessive fees charged by banks, mortgage lenders and other financial entities.

01.12 / 20:43

COST Target Financial Financial watchdog cracks down on bank overdraft fees

The Consumer Financial Protection Bureau is cracking down on banks charging fees for customers who overdraw their checking accounts, the bureau announced Wednesday.

30.10 / 00:15

business Government Blockchain Mark Warner CFPB US Senator Hagerty to CFPB Director: Don’t Stifle Crypto Innovation

U.S. Senator Bill Hagerty (R-VA), who was elected in 2020 to represent Tennessee after a stint as Ambassador to Japan, spoke to newly appointed Consumer Financial Protection Bureau Director Rohit Chopra regarding cryptocurrencies in a banking committee hearing, saying “I just want to make certain as you exercise those oversight responsibilities that we don't stifle innovation in this arena.”

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