As promised, the CFPB is issuing an Advance Notice of Proposed Rulemaking soliciting comments on the agency’s open banking rule....more
8/22/2025
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data Privacy ,
Data Security ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
FinTech ,
Open Banking ,
Regulatory Agenda ,
Rulemaking Process
The banking plaintiffs in the suit challenging the CFPB’s open banking rule (“Rule”) have asked a federal court to delay the compliance date of the Rule, contending that even though the Trump Administration has said it was...more
8/22/2025
/ Banks ,
Compliance Dates ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Management ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Notice of Proposed Rulemaking (NOPR) ,
Open Banking ,
Regulatory Agenda ,
Rulemaking Process ,
Stays ,
Trump Administration
In a surprise announcement, the CFPB has said it will issue a revised Section 1033 open banking rule rather than simply killing the Biden Administration rule....more
8/5/2025
/ Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Data Privacy ,
Data-Sharing ,
Final Rules ,
Financial Services Industry ,
Open Banking ,
Proposed Rules ,
Regulatory Reform ,
Rulemaking Process ,
Trump Administration
A Texas federal judge has voided a Biden Administration CFPB rule that would have prohibited medical debt in credit reports....more
7/16/2025
/ Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Creditors ,
Debt Collection ,
Deregulation ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Medical Debt ,
Regulatory Requirements ,
Statutory Authority ,
Trump Administration ,
Vacated
On June 20, 2025, the Office of the Comptroller of the Currency (OCC), Treasury, the Board of Governors of the Federal Reserve System (FRB), and the Federal Deposit Insurance Corporation (FDIC) announced they are seeking...more
7/10/2025
/ Automated Clearing House (ACH) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
Financial Crimes ,
Financial Fraud ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Fraud ,
FRB ,
Government Agencies ,
OCC ,
Payment Systems ,
Regulatory Agencies ,
Request For Information ,
Zelle
In its motion for a summary judgment in a lawsuit challenging the regulation, the CFPB stated it has concluded that the Section 1033 Rule (Rule) exceeds the agency’s statutory authority to create an open banking system...more
6/5/2025
/ Administrative Procedure Act ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Management ,
Data Privacy ,
Data-Sharing ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Open Banking ,
Regulatory Authority ,
Statutory Interpretation
The CFPB is planning to repeal its Section 1033 Open Banking Rule, according to a filing in a federal lawsuit challenging the rule. On the same day the Final Rule was issued, the Banking Policy Institute (BPI) and Kentucky...more
5/29/2025
/ Banks ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Open Banking ,
Popular ,
Regulatory Reform ,
Repeal ,
Trump Administration
President Trump has signed a resolution nullifying the rule implementing the CFPB’s power to supervise large nonbank financial services providers of general-use digital consumer payment applications....more
5/22/2025
/ Biden Administration ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Deregulation ,
Digital Wallets ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Non-Bank Lenders ,
Nullification ,
Payment Systems ,
Regulatory Reform ,
Supervision ,
Supervisory Guidance ,
Trump Administration
Using the Congressional Review Act, the Senate has voted to nullify a CFPB final rule that would subject large cash apps to the bureau’s supervision....more
3/12/2025
/ Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Deregulation ,
Electronic Payment Transactions ,
Enforcement Actions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
FinTech ,
Fraud ,
Mobile Apps ,
Mobile Payments ,
Nonbank Firms ,
Payment Systems ,
PayPal ,
Regulatory Oversight ,
Trump Administration ,
Venmo
Sens. Bernie Sanders, I-Vt. and Josh Hawley, R-Mo. have introduced bipartisan legislation that could cap credit card interest rates at 10%....more
2/12/2025
/ Annual Percentage Rate (APR) ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit and Credit Card Transactions ,
Debt ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Proposed Legislation ,
Regulatory Agenda ,
Truth in Lending Act (TILA)
House Republicans appear ready to start the Congressional Review Act (CRA) process to attempt to repeal the Biden Administration’s controversial overdraft rule....more
2/10/2025
/ Biden Administration ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Nullification ,
Overdraft Rule ,
Popular ,
Regulatory Agenda ,
Trump Administration
On January 30, 2025, the CFPB ordered Wise, an international remittance company, to pay almost $2.5 million in connection with allegations of illegal activities, including advertising inaccurate fees and failing to properly...more
2/4/2025
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
EFTA ,
Enforcement Actions ,
Exchange Rates ,
Financial Services Industry ,
Prepaid Rule ,
Regulatory Violations ,
Remittance Transfer Rule ,
Unfair or Deceptive Trade Practices
The New York State Department of Financial Services has released a proposed rule that would regulate overdraft, non-sufficient funds (NSF), and return deposit item fees charged by banks, trust companies, savings banks,...more
1/29/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Fees ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Insufficient Funds ,
NYDFS ,
Overdraft Fees ,
Overdraft Rule ,
Proposed Rules ,
Regulatory Agenda
The National Credit Union Administration has issued guidance to federal credit unions regarding the consumer harm stemming from certain overdraft and non-sufficient funds (NSF) fee practices. The NCUA will continue to review...more
1/13/2025
/ Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
NCUA ,
Overdraft Fees ,
Regulation Z ,
Regulatory Agenda ,
Unfair or Deceptive Trade Practices
Mississippi Bankers Association, the American Bankers Association, the Consumer Bankers Association, America’s Credit Unions, and three banks are seeking a preliminary injunction blocking the CFPB from implementing the...more
12/23/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lack of Authority ,
Overdraft Fees ,
Overdraft Rule ,
Preliminary Injunctions ,
Regulation Z ,
Statutory Authority ,
Truth in Lending Act (TILA)
The CFPB has issued its long-awaited final rule that covers overdraft policies at financial institutions with at least $10 billion in assets. The final rule offers those financial institutions three options for designing...more
12/17/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lack of Authority ,
Overdraft Fees ,
Overdraft Rule ,
Regulation DD ,
Regulation E ,
Regulation Z ,
Rulemaking Process ,
Statutory Authority ,
Truth in Lending Act (TILA)
The CFPB has taken action against Global Tel Link Corporation (GTL) over allegations that the company took millions of dollars from a half-million accounts and blocked money transfers to consumers who are incarcerated. Those...more
12/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
Money Transfer ,
Prison ,
Prisoners ,
Redress Payments ,
Statutory Violations ,
Unfair or Deceptive Trade Practices
The CFPB has issued a final rule to supervise large nonbank financial services providers that offer general-use digital consumer payment applications such as digital wallets and peer-to-peer payment apps....more
12/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Wallets ,
Electronic Payment Transactions ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Mobile Apps ,
Peer-to-Peer ,
Regulatory Oversight ,
Supervisory Guidance
An Illinois federal judge has dismissed a proposed class action lawsuit that alleged that two Midwestern banks failed to provide repayment disclosures to borrowers, in a case that was unique because the CFPB came to the...more
10/7/2024
/ Borrowers ,
Class Action ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Failure To Disclose ,
Financial Institutions ,
Financial Services Industry ,
Regulation Z ,
Regulatory Violations ,
Repayment Options ,
Truth in Lending Act (TILA)
The CFPB has issued a proposed rule with a small amendment to disclosure requirements for certain international remittances and money transfers....more
10/1/2024
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
EFTA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Money Transfer ,
Proposed Amendments ,
Proposed Rules ,
Regulation E ,
Regulatory Agenda
On September 17, 2024, the CFPB issued Consumer Financial Protection Circular 2024-05 on improper overdraft practices. The circular reminded financial institutions of their obligation to retain records that prove the consumer...more
9/23/2024
/ ATMs ,
Consent ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Electronic Fund Transfer Act ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Opt-In ,
Overdraft Fees ,
Popular ,
Record Retention ,
Regulation E
Innovation and technology are not the magic wands that will help low-income Americans climb out of debt; they often are tools used to prey on the neediest people, Seth Frotman, the CFPB’s general counsel told the Poverty Law...more
Some dollar store chains and other retailers now are charging consumers for obtaining cash back on debt or prepaid card purchases—transactions that generally have been free in the past–the CFPB reported....more
On August 22, 2024, the CFPB filed its reply brief in support of its motion to dissolve the preliminary injunction and lift the stay of the CFPB’s credit card late fee final rule (“Rule”) in the lawsuit challenging the Rule....more
8/28/2024
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Consumer Lenders ,
Credit Cards ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Dismiss ,
Motion to Dissolve ,
Preliminary Injunctions ,
Regulatory Agenda ,
Standing ,
Truth in Lending Act (TILA)
On August 19, 2024, the CFPB filed its reply brief in support of the CFPB’s motion to dismiss Plaintiff Fort Worth Chamber of Commerce (Fort Worth Chamber) for lack of standing and, if granted, transfer the case to the...more
8/21/2024
/ Article III ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Motion to Dismiss ,
Regulatory Agenda ,
Standing ,
Venue