The agency alleges that some customers made payments to the e-commerce group even though their accounts had already been sold to third-party debt buyers.

The central bank’s top regulatory official discussed how the Fed is using listening sessions in isolated communities to understand the effect of losing the one bank in town.

Credit unions would not be impacted by the proposal, but the movement has spent much of the last decade telling lawmakers and regulators CUs are being punished for the actions of big banks that led to the financial crisis.

The trade group says credit unions will have access to a variety of state and federal resources.

The Office of the Comptroller of the Currency lowered the $14 billion-asset thrift in Cleveland to “needs to improve” from "satisfactory."

A new agency Web page has information on nearly every aspect of the agency's operations, including de novo applications, bank exams and failures.

Better incentives to lend and invest in underserved communities are also worthy of consideration, Loretta Mester says, as regulators try to blend the best of the Community Reinvestment Act with new ideas in updating its rules.

Senate Democrats on Wednesday called for acting CFPB Director Mick Mulvaney to reveal the vetting process that led to the hiring of a political appointee whose past incendiary writings have caused an uproar at the agency.

Applications this year are more than double the 2017 mark and the most since 2009. But with some fintechs withdrawing their bids, observers are urging caution.

The legislation would require the restructuring of financial institutions that have a total exposure exceeding 3% of the nation’s GDP.

Banks are being encouraged to offer smaller loans as an alternative to payday products, but their high interest rates can still put consumers in debt.

Otting says the bank is not moving fast enough to repay customers who were unfairly sold auto insurance; lack of regulation lets traders use software to move prices.

National Credit Union Administration Chairman Mark McWatters called on lawmakers to further expand field-of-membership options for CUs and to permit the regulator to oversee third-party vendors, including fintech partners.

Financial regulators sought to walk a fine line Tuesday between reassuring Republican senators that they are quickly implementing regulatory relief and defending themselves against Democratic criticism that they are going too fast.

California will be the first state requiring public companies to meet gender quotas for their boards of directors, and women in the payments industry see the move as positive — with some caveats.

The senior Democratic lawmaker said the CFPB chief and the Trump administration "are doing everything in their power to roll back consumer protections."

The head of the National Treasury Employees Union said the appointment of Eric Blankenstein to a senior role “reflects poorly on CFPB management.”

China’s Golden Week started on Monday and with it, global cities and merchants are boldly promoting Alipay in an effort to capture Chinese tourist dollars. At the same time, merchants are building out a competitive acceptance network that could someday rival the major payment card networks.

The central bank is mulling measures to broaden the number of banks receiving reg relief; Lisa Stevens was a top deputy to the former retail chief during the phony accounts scandal.

Fed Vice Chairman of Supervision Randal Quarles said in written testimony that the central bank plans to move quickly to determine how to regulate banks between $100 billion and $250 billion of assets, and that it may provide also relief for banks over the $250 billion threshold.