The CFPB has filed a complaint against Synapse Financial Technologies Inc, alleging that the company engaged in unfair acts and practices in violation of the Section 1036(a)(1)(B) of the CFPA by failing to maintain sufficient...more
8/29/2025
/ Bank Accounts ,
Bankruptcy Code ,
Chapter 11 ,
Civil Monetary Penalty ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
Non-Bank Lenders ,
Recordkeeping Requirements ,
Regulatory Violations ,
Unfair or Deceptive Trade Practices
Contending that the Biden Administration’s investigation of Credova Financial LLC was an instance of politically motivated debanking, the CFPB is dropping its probe of the company....more
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
The FHFA has directed Fannie Mae and Freddie Mac to prepare proposals for consideration of cryptocurrency as an asset for reserves in their single-family risk assessments, without a conversion to dollars....more
8/15/2025
/ Consumer Financial Products ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Fannie Mae ,
FHFA ,
Financial Services Industry ,
Freddie Mac ,
Mortgages ,
New Guidance ,
Regulatory Requirements ,
Risk Assessment ,
Risk Management
President Trump has issued an Executive Order directing banking agencies to adopt policies to ensure that financial institutions do not use reputational risk as a basis for restricting access to banking services—a process...more
8/12/2025
/ Adverse Action ,
Banking Regulators ,
Banks ,
Consumer Financial Products ,
Executive Orders ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
OCC ,
Regulatory Reform ,
Reputation Management ,
Risk Management ,
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
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
At the request of both sides of the lawsuit, a federal judge has voided the CFPB’s credit card late fee rule....more
4/16/2025
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit and Credit Card Transactions ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Judicial Authority ,
Late Fees ,
Regulatory Reform ,
Settlement ,
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
Chairman Kyle S. Hauptman announced that the National Credit Union Administration (NCUA) will no longer publish overdraft and non-sufficient fund (NSF) fee income for individual credit unions with more than $1 billion in...more
The Federal Deposit Insurance Corporation (FDIC) is further postponing the compliance date requirements to display the FDIC official digital sign on an insured depository institution’s (IDI) digital channels, as well as on...more
3/6/2025
/ Banks ,
Compliance Dates ,
Consumer Financial Products ,
Disclosure Requirements ,
FDIC ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Posting Requirements ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements
In the latest edition of its Consumer Compliance Outlook, the Federal Reserve (Fed) identified the four most significant fair lending violations that it found in examining state member banks in 2022. These are violations that...more
3/6/2025
/ Banks ,
Civil Rights Act ,
Consumer Financial Products ,
Consumer Lenders ,
Fair Lending ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Requirements ,
Regulatory Violations ,
Risk Management
In a significant ruling on February 18, 2025, the Wisconsin Court of Appeals determined that National Bank Act (NBA) does not preempt the procedural “right to cure” notice requirements mandated by the Wisconsin Consumer Act...more
Oregon may become the latest state attempting to stop out-of-state banks from “exporting” home-state interest rates on loans made to Oregon consumers. Like similar legislation adopted by Colorado in 2023, House Bill 2561...more
2/25/2025
/ Consumer Financial Products ,
Depository Institutions ,
DIDMCA ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Loans ,
Oregon ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
Usury
Chief Judge Virginia Kendall of the Northern District of Illinois has extended her preliminary injunction prohibiting Illinois from enforcing the Illinois Interchange Fee Prohibition Act (the “IFPA”) to cover out-of-state...more
2/20/2025
/ Banks ,
Consumer Financial Products ,
Federal Credit Unions ,
Financial Institutions ,
Financial Services Industry ,
Illinois ,
Interchange Fees ,
Out-of-State Companies ,
Preemption ,
Preliminary Injunctions ,
Regulatory Requirements ,
State Attorneys General
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
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
In an effort to foster innovation in financial services, the CFPB is reinstituting its programs that allow companies to obtain regulatory safe harbors through no-action letters and sandboxes to test new products and services....more
The Justice Department is asking a federal court to issue a permanent injunction against cash advance firm Dave Inc. and its CEO Jason Wilk, alleging that the company uses misleading marketing tactics to deceive consumers...more
1/7/2025
/ Department of Justice (DOJ) ,
Deposit Advances ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Hidden Fees ,
Marketing ,
Misleading Impressions ,
Mobile Apps ,
Permanent Injunctions ,
Unfair or Deceptive Trade Practices
Some credit card companies operating rewards programs may be violating the law by failing to provide promised rewards, the CFPB said, in a circular to law enforcement agencies....more
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 FTC filed a complaint in the U.S. District Court for the Central District of California against Seek Capital and its CEO, Roy Ferman, alleging that the company operated a bogus business finance scheme that cost small...more