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
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
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
Fifteen trade groups have joined in a letter to the CFPB requesting an extension of the comment period on the CFPB’s proposed rulemaking on personal financial data rights. The proposal implements Section 1033 of the...more
11/8/2023
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Data Rights ,
Document Requests ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Proposed Rules ,
SBREFA ,
Time Extensions
As we previously blogged, the Board of Governors of the Federal Reserve (the “Board”) held an open meeting on October 25, 2023 to discuss the debit card interchange fee cap. The debit card interchange fee cap was part of the...more
10/31/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Information ,
Credit Cards ,
Debit and Credit Card Transactions ,
Debit Cards ,
Dodd-Frank ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interchange Fees
The Board of Governors of the Federal Reserve (FRB) is holding an open meeting on October 25, 2023 to discuss proposed revisions to the Board’s debit interchange fee cap contained in Regulation II, which implemented the...more
10/20/2023
/ Administrative Procedure Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit and Credit Card Transactions ,
Debit Cards ,
Durbin Amendment Rules ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FRB ,
Interchange Fees
The Consumer Financial Protection Bureau (“CFPB”) received more than 225 public comments to its credit card late fee proposal (the “Proposed Rule”). As we have discussed, the Proposed Rule would make significant changes to...more
Auriemma Roundtables, a leading provider of business intelligence solutions to the consumer finance industry, together with First National Bank of Omaha and a group of several other premier consumer financial services firms,...more
Nearly two months after it was issued on February 1, the CFPB’s proposal to make significant changes to the Regulation Z rules for credit card late fees was published in today’s Federal Register. The changes include a...more
We suspected something was afoot when December 2022 came and went without the CFPB announcing its annual inflation adjustments to the credit card late fee safe harbor amounts set forth in Regulation Z (which implements the...more
The Treasury Department has released a report entitled “Assessing the Impact of New Entrant Non-bank Firms on Competition in Consumer Finance Markets.” The report was issued in response to President Biden’s July 2021...more
The OCC’s announcement that it will establish an Office of Financial Technology to “bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape” should come as no surprise to those who have...more
The CFPB has taken a significant step towards issuing regulations to implement Section 1033 of the Dodd-Frank Act by releasing an outline of the proposals it is considering in preparation for convening a small business...more
We discuss the FDIC’s final rule on misuse of the FDIC name or logo, advisory to insured banks on deposit insurance and dealings with crypto companies, and cease and desist letters to five crypto companies alleging they made...more
Delivering the keynote address last week at the Consumer Federation of America’s 2022 Consumer Assembly, CFPB Deputy Director Zixta Martinez indicated that the CFPB “is taking a close look” at “’rent-a-bank’ schemes.”...more
Consistent with expectations that the CFPB under Director Chopra’s leadership would take an expansive view of its statutory authorities, the CFPB has announced its intention to use its authority to prohibit unfair, deceptive,...more
President Biden has signed an Executive Order intended to respond to the explosive growth in digital assets, including cryptocurrencies. Titled “Executive Order on Ensuring Responsible Development of Digital Assets,” the...more
The CFPB has issued a compliance bulletin “to reiterate that the compulsory use prohibition in the [Electronic Fund Transfer Act (EFTA)] applies to government benefit accounts, as defined in Regulation E.”...more
The CFPB has published a table that shows the overdraft/NSF practices of the 20 banks with the most overdraft/NSF revenue through the first three quarters of 2021. According to the CFPB, the table reflects over 80% of the...more
Recently, the CFPB issued a “Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services.” Comments on the RFI must be submitted by March 31, 2022....more
The CFPB, Federal Reserve Board, FDIC NCUA, OCC, in conjunction with the state bank and state credit union regulators, jointly issued a statement on managing the transition away from LIBOR (Joint Statement)....more
On Thursday, July 29, the Senate Banking Committee will hold a hearing entitled, “Protecting Americans from Debt Traps by Extending the Military’s 36% Interest Rate Cap to Everyone.” ...more
The Federal Reserve, FDIC, and OCC released on July 13, 2021 proposed guidance for banking organizations on managing risks associated with third-party relationships, including relationships with financial technology-focused...more
The Federal Reserve, FDIC, and OCC have released proposed guidance for banking organizations on managing risks associated with third-party relationships, including relationships with financial technology-focused entities such...more
PayPal has filed a motion for summary judgment in its lawsuit against the CFPB seeking to invalidate the Bureau’s prepaid card rule (“Rule”). The Rule became effective on April 1, 2019....more