CFBP US | FinTelegram News

Category: CFBP US

September 12, 2024

TD Bank Fined $28 Million for Illegal Credit Reporting Practices!

The U.S. CFPB ordered TD Bank to pay $7.76 million to tens of thousands of victims of the bank’s illegal actions. For years, the bank has repeatedly shared inaccurate, negative information about its customers with consumer reporting companies. The information included systemic errors about credit card delinquencies and bankruptcies. In addition to the redress, the CFPB is ordering TD Bank to pay a $20 million civil money penalty.

May 24, 2024

Consumer Protection: U.S. CFPB Ruling Mandates BNPL Lenders to Follow Credit Card Regulations

The U.S. Consumer Financial Protection Bureau (CFPB) has issued an interpretive ruling that mandates Buy Now, Pay Later (BNPL) lenders to adhere to the same regulatory standards as credit card operators, Reuters reports. This landmark decision means that BNPL providers must extend key legal protections and consumer rights akin to those of traditional credit card companies. Despite criticism, we think this is a reasonable approach to protecting consumers.

UNODC Report: Technology-Powered Cybercrime on the Rise in Southeast Asia!

The billion-dollar cyberfraud industry in Southeast Asia is booming, fueled by organized crime syndicates exploiting the latest in AI and cryptocurrency. The UNODC report notes that these criminal networks are outpacing government efforts to regulate and combat their operations. Urgent reforms and enforcement are needed to prevent further damage.

How U.S. Law Enforcement Infiltrated The International Crypto Scene!

In an unprecedented move, the FBI infiltrated the crypto world with its own token, NexFundAI, to crack down on market manipulation. This case marks a significant shift in crypto enforcement, signaling that law enforcement is evolving its tactics to keep pace with the complexities of the digital asset space. As more fraudsters are exposed, the crackdown on wash trades and pump-and-dump schemes is just beginning.

Breaking: German Co-Founder of Crypto Fraud Scheme USI Tech On The Run!

USI Tech was one of the first MLM schemes to use cryptocurrencies to defraud its investors. FinTelegram has issued several warnings aginst the scheme. Horst Jicha has now gone fugitive, leaving behind a trail of defrauded investors and evading justice in the $150 million USI Tech fraud case. With Jicha on the run, the case serves as a chilling reminder of the risks in the volatile crypto world.

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

Fintech

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.