Reported 3 days ago
Congress has repealed important regulations from the Consumer Financial Protection Bureau (CFPB) that would have limited bank overdraft fees and increased the agency's authority over digital payment platforms like Venmo and PayPal. This move, criticized by consumer advocates, reduces federal oversight on popular payment apps while benefiting big tech companies and traditional banks. Despite the CFPB's potential to address unlawful practices, its overall capacity to monitor these services will be diminished, leading to fewer protections for consumers.
Source: YAHOO