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CFPB Fines Experian $3 Million for Credit Score Marketing

Weeks after releasing a report criticizing the credit reporting industry for various problems, the CFPB has taken action against Experian over allegations that the company made false claims about the uses of credit scores it sold to consumers.


Will the CFPB’s Proposed Six-Month Effective Date Extension Be Enough?

In a Notice of Proposed Rulemaking, the CFPB proposed pushing back the effective date of the final prepaid accounts rule to April 1, 2018. The six-month delay provides industry participants more time to handle the difficulties of complying with certain provisions of the rule and for the CFPB to assess whether any additional adjustments to the rule are appropriate. Comments are due by April 5, 2017.


CFPB Seeks Comment on Remittance Rule Assessment

The CFPB released a plan to assess the effectiveness of the remittance transfer rule, which is required within five years after the rules take effect. Industry participant comments are requested.

Winklevoss Twins Discuss Bitcoin with NY Times Dealbook

SEC Says ‘No’ to Winklevoss Bitcoin Exchange-Traded Fund

The Securities and Exchange Commission denied the application of Internet entrepreneurs and venture capitalists Cameron and Tyler Winklevoss to create an exchange-traded fund for the virtual currency bitcoin.


DOJ Weighs in on CFPB Leadership Case, Calls for Changes to Dodd-Frank

The Department of Justice files an amicus brief filed with the D.C. Circuit Court of Appeals arguing that the president should have the authority to fire the head of the CFPB, but stopped short of calling for the bureau’s leadership format to be changed.


CFPB Takes on Credit Reporting Problems

The Consumer Financial Protection Bureau released a report outlining the problems in the credit reporting industry and the measures the CFPB took to address them through its oversight.


Jury Convicts Two in Bitcoin Laundering Scheme

In a case with connections to the massive 2014 JPMorgan Chase data breach, a New Jersey pastor and a Florida software programmer were found guilty of helping launder virtual currency that was obtained from drug sales and ransomware hacks.


CFPB Stares down another D.C. Challenge

House bill 1009 would require the CFPB and other independent federal agencies to submit regulations annually to a White House office for review, in the latest push to reform the CFPB and otherwise reduce regulatory burdens for the financial and payments industry under the Trump administration.

fraudster computer

U.S. House Advances NIST Cyberattack Defense Bill

A bill directs the National Institute of Standards and Technology to advise government agencies on better defenses, after several data breaches occurred.


Home Depot Will Pay $25 Million to Financial Institutions for Data Breach

Home Depot will pay $25 million to financial institutions to compensate them for the costs of a 2014 data breach in which 40 million consumers had payment card data stolen, as well as 52 million to 53 million who had their email addresses stolen.

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