Tag : CFPB

Artificial Intelligence Digital Featured Fintech Technology

Risks Associated With the Integration of Deficient Chatbots

Pooja Choudhary
by Pooja Choudhary0
Summary Introduction Chatbot use in consumer finance Exclusive industry insights Use of large language models and AI Growth and adoption in the financial industry Problems consumers encountered while engaging with chatbots Technical limitations and associated security risks The perils of implementing flawed chatbots Conclusion Introduction Chatbots are computer programs that......
CFPB Takes Action Against ACI Worldwide for Illegally Processing $2.3 Billion in Mortgage Payments that Homeowners Did Not Authorize
Consumer protection laws Digital Payments News

CFPB Takes Action Against ACI for Illegally Processing $2.3 Billion in Mortgage Payments that Homeowners Did Not Authorize

Fintech News Desk
by Fintech News Desk0
ACI will pay a $25 million penalty for data handling practices that negatively impacted nearly 500,000 homeowners whose mortgages were serviced by Mr. Cooper The Consumer Financial Protection Bureau (CFPB) issued an order against ACI Worldwide and one of its subsidiaries, ACI Payments, for improperly initiating approximately $2.3 billion in......
CFPB Issue Spotlight Analyzes "Artificial Intelligence" Chatbots in Banking
Artificial Intelligence Consumer protection laws News

CFPB Issue Spotlight Analyzes “Artificial Intelligence” Chatbots in Banking

Fintech News Desk
by Fintech News Desk0
Poorly deployed chatbots can impede customers from resolving problems The Consumer Financial Protection Bureau (CFPB) released a new issue spotlight on the expansive adoption and use of chatbots by financial institutions. Chatbots are intended to simulate human-like responses using computer programming and help institutions reduce the costs of customer service agents.......
CFPB Action to Require Citizens Bank to Pay $9 Million Penalty for Unlawful Credit Card Servicing
Consumer protection laws News

CFPB Action to Require Citizens Bank to Pay $9 Million Penalty for Unlawful Credit Card Servicing

Fintech News Desk
by Fintech News Desk0
Citizens failed to properly manage and respond to customers’ credit card disputes and fraud claims Today, the Consumer Financial Protection Bureau (CFPB) reached a settlement to resolve allegations that Citizens Bank violated consumer financial protection laws and rules that protect individuals when they dispute credit card transactions. The CFPB alleges......
Banking Fintech Mortgage News

Homeowners Are Protected From “Zombie Mortgages” By New CFPB Regulations

Fintech Staff Writer
by Fintech Staff Writer0
What is “Zombie Second Mortgage”? The origin of these “zombie” mortgages may be traced back to “piggyback” mortgages, when a mortgage, also known as a “80/20 loan,” consisted of a first lien loan for 80% of the home’s value and a second lien loan for the remaining 20%. The second......
Expect Major Moves from the CFPB in 2023
Banking Guest Posts

Expect Major Moves from the CFPB in 2023

Paul Davis
by Paul Davis0
Given the sharp rise of digital banking and fintech partnerships, high inflation, and rising interest rates, there is no doubt that the Consumer Financial Protection Bureau (CFPB) is stepping up oversight and discipline of traditional financial institutions.  Wells Fargo and Regions Bank are just two examples of what to expect......
CFPB Issues Determination that State Disclosure Laws on Business Lending are Consistent with the Truth in Lending Act
Lending News

CFPB Issues Determination that State Disclosure Laws on Business Lending are Consistent with the Truth in Lending Act

Fintech News Desk
by Fintech News Desk0
New York law – as well as similar laws in California, Utah, and Virginia – are not preempted by federal law The Consumer Financial Protection Bureau (CFPB) announced it has determined that state disclosure laws covering lending to businesses in California, New York, Utah, and Virginia are not preempted by......
CFPB Enhances Tool to Promote Competition and Comparison Shopping in Credit Card Market
Credit Bureaus News

CFPB Enhances Tool to Promote Competition and Comparison Shopping in Credit Card Market

Fintech News Desk
by Fintech News Desk0
Price transparency will help families find better credit card deals in a time of rising interest rates The Consumer Financial Protection Bureau (CFPB) launched an improved survey of credit card issuers that can help consumers and families compare interest rates and other features when shopping for a new credit card.......
Daily Fintech Series Roundup: Top Fintech News, Analytics and Insights 1st March 2023
Fintech News

Daily Fintech Series Roundup: Top Fintech News, Analytics and Insights

Fintech Staff Writer
by Fintech Staff Writer0
FTS Daily Roundup starts today! We are covering the top updates from around the world. The updates will feature state-of-the-art capabilities in Fintech insights, Trending fintech news, Crypto, Fintech SaaS, Fintech Cloud, Analytics and AI ML. We will cover the role of FTS Daily Roundup and its application in various industries and......
Business Digital Markets News

CFPB Investigates Illegal Collecting of Discharged Student Loan Payments

Fintech Staff Writer
by Fintech Staff Writer0
The Consumer Financial Protection Bureau (CFPB) today issued a bulletin reminding servicers of their duty to stop illegal behaviour with regard to private student loans that have been dismissed by bankruptcy courts and urging them to do so immediately. In a recent advisory, CFPB investigators discovered that certain loan servicers......
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