In a new data spotlight issued last week, the Consumer Financial Protection Bureau (“CFPB”) found that interest rates charged on credit cards issued by large banks are higher than interest rates charged on credit cards issued...more
Patrick McHenry, the Republican Chair of the House Financial Services Committee, and two other Republican Committee members have sent a letter to Director Chopra regarding the CFPB’s proposed rule to supervise nonbank...more
2/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Assets ,
Digital Wallets ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mobile Payments ,
Nonbank Firms ,
Proposed Rules
In October 2023, the CFPB issued a groundbreaking proposal on personal financial data. This episode, which repurposes a webinar, begins with a review of the background of the rulemaking. We then discuss key provisions of the...more
On January 24, 2024, a week after issuing its proposed rulemaking for overdraft services, the Consumer Financial Protection Bureau (“CFPB”) issued its proposed rulemaking on non-sufficient funds (NSF) fees....more
1/29/2024
/ ATMs ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Insufficient Funds ,
Late Fees ,
Overdraft Fees ,
Proposed Rules ,
Regulatory Agenda ,
Rulemaking Process
In furtherance of the Biden Administration’s “junk fee” agenda, on January 17, 2024, the Consumer Financial Protection Bureau issued its proposed rule to amend Regulations E and Z to regulate overdraft services provided by...more
1/22/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Fees ,
Financial Regulatory Reform ,
Financial Services Industry ,
Insufficient Funds ,
Overdraft Fees ,
Proposed Rules ,
Regulation E ,
Regulation Z ,
Regulatory Agenda ,
SBREFA
On January 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued two new advisory opinions: Fair Credit Reporting; Background Screening and Fair Credit Reporting; File Disclosure. The advisory opinions are part of...more
1/17/2024
/ Background Screening Services ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Reporting Agencies ,
Credit Reports ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Housing Market ,
Landlords ,
Rental Property ,
Tenants
Speaker of the House Mike Johnson (R-LA) has invited President Joe Biden to give his State of the Union address to a Joint Session of Congress on Thursday, March 7, 2024. The invitation was immediately accepted by President...more
1/17/2024
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Insufficient Funds ,
Late Fees ,
Overdraft Fees ,
Proposed Rules ,
Regulatory Agenda ,
Rulemaking Process ,
State of the Union
On January 8, 2024, the Consumer Bankers Association (CBA) announced the launch of a new microsite, overdraftfacts.com, to demonstrate the value overdraft services provide to consumers, highlight bank-driven overdraft and...more
On January 3, 2023, American Bankers Association, America’s Credit Unions, and Independent Community Bankers of America wrote a letter to CFPB Director Rohit Chopra to address their concerns that the CFPB’s proposal for...more
1/5/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Financial Services Industry ,
Insufficient Funds ,
Late Fees ,
Overdraft Fees ,
Popular ,
Proposed Rules ,
Regulation Z ,
SBREFA ,
Truth in Lending Act (TILA)
This New Year is setting up to be a momentous one for the consumer financial services industry in the United States Supreme Court. In 2024, the Supreme Court is expected to decide four impactful cases that may hold that the...more
1/3/2024
/ Amicus Briefs ,
Chevron Deference ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Department of Justice (DOJ) ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
National Bank Act ,
OCC ,
Oral Argument ,
Regulatory Agencies ,
Regulatory Authority ,
SCOTUS
The Chairman of the House Financial Services Committee, Patrick McHenry (R-NC), sent a comment letter to CFPB Director Rohit Chopra in response to the CFPB’s notice of proposed rulemaking that would implement Section 1033 of...more
12/27/2023
/ Anti-Money Laundering ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Data Management ,
Data Protection ,
Dodd-Frank ,
Financial Services Committee ,
Financial Services Industry ,
Fraud ,
Innovation ,
Notice of Proposed Rulemaking (NOPR)
As we await the CFPB’s proposed overdraft and nonsufficient funds (NSF) fee rule, the CFPB issued another report, Overdraft and Nonsufficient Fund Fees: Insights from the Making Ends Meet Survey and Consumer Credit Panel. It...more
On December 13, 2023, New York Governor Hochul signed two laws, which aim to protect consumers from (1) unwanted subscriptions by requiring notice to consumers for upcoming automatic renewals with clear instructions for...more
12/21/2023
/ Auto-Renewal ,
Banks ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
Credit Cards ,
Federal Trade Commission (FTC) ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Legislation ,
New York ,
State and Local Government ,
Subscription Services
The Consumer Bankers Association has issued the third and fourth blog posts in its four-part “Facts Matter” blog series on how the CFPB’s public statements can mislead market observers by painting a picture of the credit...more
The CFPB announced last week that it has entered into a consent order with Commonwealth Financial Systems, Inc. (Commonwealth), a third-party debt collection company that collects past-due medical debts and furnishes...more
12/20/2023
/ Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Credit Reports ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Regulatory Reform ,
Financial Services Industry ,
Medical Debt ,
Regulation V
This two-part podcast repurposes our most recent webinar on the latest salvo of actions in the Biden Administration’s initiative directed at combatting so-called “junk fees.” Launched in January 2022, the initiative shows no...more
On December 7, 2023, Atlantic Union Bank (the “Bank”) entered into a consent order with the Consumer Financial Protections Bureau (CFPB) related to its in-person and telephone overdraft opt-in sales practices during...more
12/11/2023
/ Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Disclosure Requirements ,
EFTA ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Late Fees ,
Opt-In ,
Overdraft Fees ,
Overdraft Rule ,
Popular ,
Proposed Rules ,
Regulation E ,
Rulemaking Process ,
SBREFA ,
Terms and Conditions ,
Unfair or Deceptive Trade Practices
This two-part podcast repurposes our most recent webinar on the latest salvo of actions in the Biden Administration’s initiative directed at combatting so-called “junk fees.” Launched in January 2022, the initiative shows no...more
Last week, Bloomberg Law reported that “Consumer Financial Protection Bureau officials have privately told industry executives that the regulator will likely unveil its long-awaited plan to crack down [on overdraft fees] in...more
12/6/2023
/ Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Finance Charges ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Insufficient Funds ,
Overdraft Fees ,
Overdraft Rule ,
Regulation DD ,
Regulation E ,
Regulation Z
In September 2023, the CFPB announced that it was launching a Fair Credit Reporting Act rulemaking and issued an outline of the proposals it is considering in preparation for convening a Small Business Advisory Review Panel. ...more
12/5/2023
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Notice of Proposed Rulemaking (NOPR) ,
Proposed Rules ,
Rulemaking Process ,
SBREFA
The Consumer Bankers Association has issued the second blog post of its four-part “Facts Matter” blog series. In the second blog post, CBA “explains how the [CFPB’s] public statements can mislead market observers by painting...more
The CFPB has issued its annual Fair Debt Collection Practices Act report covering the CFPB’s debt collection activities in 2022. The report incorporates information from the FTC’s most recent annual letter to the CFPB...more
11/21/2023
/ Annual Reports ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Debt Collection ,
Debt Collectors ,
Debtors ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
No Surprises Act (NSA) ,
Regulatory Reform ,
UDAAP
The Consumer Bankers Association has launched a four-part blog series “Facts Matter” to counter what it calls “misinformation conveyed by the CFPB” in its press release about the CFPB’s October 2023 report (Report) under the...more
Last year, we blogged that Zelle was considering possible solutions for P2P customers on the Zelle Network who were the victims of scams. In an August 30, 2023 press release, Zelle announced that it was initiating new safety...more
11/15/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Customers ,
Electronic Fund Transfer Act ,
FDIC ,
Financial Fraud ,
Financial Institutions ,
Financial Services Industry ,
Money Transmitter ,
p2p ,
Payment Processors ,
Peer-to-Peer ,
Regulation E ,
Regulatory Requirements ,
Scams ,
Zelle
The CFPB has issued a proposed rule to supervise nonbank companies that qualify as larger participants in a market for “general-use digital consumer payment applications.” Comments on the proposal are due by January 8, 2024...more
11/9/2023
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Digital Assets ,
Digital Wallets ,
EFTs ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mobile Payments ,
Money Transfer ,
Nonbank Firms ,
Payment Systems ,
Proposed Rules ,
Regulation E ,
Small Business