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VOICE ARCHIVE

@cfpb

@cfpb
8 posts
2024-12-20
Today, the CFPB sued the operator of Zelle and three of the nation's largest banks for failing to protect consumers from widespread fraud on America's most widely available peer-to-peer payment network. https://www.consumerfinance.gov/ ...
2024-12-20 View on X
CNBC

The CFPB sues Zelle operator EWS, JPMorgan Chase, BoA, and Wells Fargo, alleging that customers lost $870M+ to fraud since the launch of Zelle in 2017

The Consumer Financial Protection Bureau on Friday sued the operator of the Zelle payments network and the three U.S. banks …

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2024-11-22
Today, the CFPB finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. https://www.consumerfinance.gov/ ...
2024-11-22 View on X
Bloomberg

The CFPB will supervise tech companies with digital wallets, like Apple Pay, Google Pay, and Venmo, with 50M+ annual transactions, treating them more like banks

the Biden/Warren crew just enacted this to stop @X from becoming a payments juggernaut. Wow, a whole new 259-page rule aimed at X...yet more lawfare against you.👊 (Congress can & p...

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2024-04-18
The order permanently bans BloomTech from all consumer-lending activities Allred from any student-lending activities for 10 years.
2024-04-18 View on X
TechCrunch

The US CFPB fines BloomTech, formerly Lambda School, and CEO Austen Allred $164K+ and bans BloomTech from lending for 10 years over deceiving students on loans

In an order today, the U.S. Consumer Financial Protection Bureau (CFPB) said that BloomTech, the for-profit coding bootcamp previously known …

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The CFPB found that BloomTech and Allred falsely told students the school's “income share” agreement contracts were not loans, when in fact the agreements were loans carrying an average finance charge of around $4,000.
2024-04-18 View on X
TechCrunch

The US CFPB fines BloomTech, formerly Lambda School, and CEO Austen Allred $164K+ and bans BloomTech from lending for 10 years over deceiving students on loans

In an order today, the U.S. Consumer Financial Protection Bureau (CFPB) said that BloomTech, the for-profit coding bootcamp previously known …

View original
Today, the CFPB issued an order against BloomTech and its CEO, Austin Allred, for deceiving students about the cost of loans and making false claims about graduates' hiring rates. https://www.consumerfinance.gov/ ...
2024-04-18 View on X
TechCrunch

The US CFPB fines BloomTech, formerly Lambda School, and CEO Austen Allred $164K+ and bans BloomTech from lending for 10 years over deceiving students on loans

In an order today, the U.S. Consumer Financial Protection Bureau (CFPB) said that BloomTech, the for-profit coding bootcamp previously known …

View original
BloomTech and Allred must also stop collecting payments on income share loans for graduates without a qualifying job, eliminate finance changes for certain agreements, and let students withdraw without penalty, in addition to paying over $164,000 in civil penalties.
2024-04-18 View on X
TechCrunch

The US CFPB fines BloomTech, formerly Lambda School, and CEO Austen Allred $164K+ and bans BloomTech from lending for 10 years over deceiving students on loans

In an order today, the U.S. Consumer Financial Protection Bureau (CFPB) said that BloomTech, the for-profit coding bootcamp previously known …

View original
2023-06-04
The CFPB will continue coordinating with other state and federal regulators to monitor the evolution of this segment of the payments ecosystem and take appropriate steps. https://www.consumerfinance.gov/ ...
2023-06-04 View on X
CNN

The CFPB warns users of payment apps like PayPal, Venmo, Cash App, and Apple Cash that their money could be at risk as FDIC insurance does not cover the apps

New York CNN —  —  Payment apps like PayPal and Venmo might be convenient, but they're not banks — and a federal financial services watchdog …

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2021-12-02
Unsure whether a debt collector is legitimate? The information provided in the validation notice may help you identify the debt. Learn what it is and what it includes. https://www.consumerfinance.gov/ ... https://twitter.com/...
2021-12-02 View on X
Washington Post

The CFPB's rule that lets debt collectors send texts, emails, and private social media messages to debtors, and requires opt-out instructions, goes into effect

Federal regulators have given debt collectors the okay to pursue debtors via email, text messages and social media sites

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