supplementary – Regulatory Report

Behavioral marketing exposes tech firms to consumer financial protection law violations, rule asserts

August 10, 2022 0

Tech firms that use behavioral targeting in their marketing of individual consumers regarding financial products are liable for violations if they do not comply with federal consumer finance protections, the federal consumer financial protection agency warned in an interpretive rule [...]
Chopra: Bureau considering new rules on consumer use of own financial data; examining tech firms’ consumer reporting

August 10, 2022 0

Consumers’ use of their own financial data and how technology companies’ activities may require consumer reporting are two rules under consideration by the federal consumer financial protection agency, its director indicated Wednesday. Speaking to a meeting of state attorneys general [...]
Fintech firm’s faulty algorithm caused overdrafts, penalties, bureau asserts; $2.7 million fine imposed

August 10, 2022 0

Claims that a faulty algorithm has caused overdrafts and overdraft penalties for customers has led to an action – including a $2.7 million fine – by the federal consumer financial protection agency against a San Francisco-based fintech firm, the agency [...]

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