After ordering the review of all existing guidance put forth by the Consumer Financial Protection Bureau (CFPB), acting CFPB Director Russell Vought announced the withdrawal of almost 70 guidance documents dating back to the...more
On January 22, 2025, the New York State Department of Financial Services (NYDFS) announced proposed regulations that would limit fees associated with overdrafts, nonsufficient funds (NSF) transactions and returned deposit...more
On January 13, 2025, the Consumer Financial Protection Bureau (CFPB) proposed a rule to prohibit provisions in agreements for consumer financial products or services that “limit fundamental freedoms,” such as those that...more
On December 12, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule that treats covered overdraft services offered by banks with more than $10 billion in assets (large banks) as credit, bringing them for...more
On September 17, 2024, the Consumer Financial Protection Bureau (CFPB) issued a circular explaining that financial institutions may violate the Electronic Fund Transfer Act (EFTA) and its implementing regulation, Regulation...more
On June 3, 2024, the Consumer Financial Protection Bureau (CFPB) published a final rule requiring covered nonbanks – generally nonbanks that are “covered persons” under the Dodd-Frank Act, subject to certain exceptions – to...more
On April 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule revising its procedures for establishing supervisory authority over nonbank financial institutions on the basis that the institution poses...more
On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending provisions in Regulation Z that govern credit card late fee charges. The final rule follows the March 2023 release of the proposed...more
On February 29, 2024, the Consumer Financial Protection Bureau (CFPB) issued Circular 2024-01, warning operators of “digital comparison-shopping tools” and “lead generators” that they may be “covered persons” subject to CFPB...more
On February 23, 2024, the Consumer Financial Protection Bureau (CFPB) made public an order establishing supervisory authority over a nonbank installment lender on the basis the institution poses risks to consumers. The order...more
On February 12, 2024, the Federal Financial Institutions Examination Council (FFIEC) issued a concise statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending. Although the...more
On January 24, 2024, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking that would prohibit financial institutions from charging fees on transactions that are declined instantaneously or...more
On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking to implement Section 1033 of the Dodd-Frank Act. Section 1033 of Dodd-Frank requires covered persons to make...more
On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited small business lending rule, which requires companies issuing a wide array of commercial credit products to small businesses to begin...more