News & Analysis as of

Final Rules Banks Consumer Financial Products

Troutman Pepper Locke

Federal Banking Agencies Propose Rescission of 2023 CRA Final Rule and Reinstatement of 1995 CRA Regulations

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On July 16, the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the federal banking agencies) jointly published a proposed rule...more

Ballard Spahr LLP

CFPB states the Section 1033 Open Banking rule exceeds its authority

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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

Ballard Spahr LLP

CFPB will kill Section 1033 Open Banking Rule

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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

Ballard Spahr LLP

FDIC Further Delays FDIC Insurance Sign Compliance Date for ATMs and Digital Channels

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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

Nutter McClennen & Fish LLP

Nutter Bank Report: December 2024

CFPB Imposes $5 Cap on Overdraft Fees Charged by Large Banks - The CFPB has adopted a final rule capping overdraft fees at $5 for banks and other depository institutions with more than $10 billion in assets (covered...more

Ballard Spahr LLP

CFPB Adjusts HMDA Asset Exemption Threshold

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The CFPB recently issued a final rule increasing the asset exemption threshold under the Home Mortgage Disclosure Act (HMDA)....more

Miller Nash LLP

Regulatory Update: Final Rule on Courtesy Overdraft Services

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We previously posted an article about a proposed rule that could drastically affect the courtesy overdraft services offered by many financial institutions (you can refresh your memory here). Well, the time has come. The...more

Clark Hill PLC

Navigating the New CFPB Overdraft Rule: Implications for Financial Institutions

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The Consumer Financial Protection Bureau (CFPB) recently finalized its “Overdraft Lending: Very Large Financial Institutions Rule,” introducing sweeping changes to how overdraft credit is structured and regulated for the...more

Orrick, Herrington & Sutcliffe LLP

CFPB finalizes overdraft lending rule for “very large financial institutions”

On December 12, the CFPB issued a final rule, restricting the amount that certain financial institutions can charge for their overdraft service. As previously covered by InfoBytes, historically, the Fed exempted banks from...more

Saul Ewing LLP

Big Banks, Beware – CFPB Issues Final Rule to Cap Overdraft Fees

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After nearly a year of speculation, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule (the “Rule”) to cap overdraft fees that financial institutions with at least $10 billion in assets can assess to...more

Hinshaw & Culbertson - Privacy, Cyber & AI...

CFPB Finalizes Open Banking Rule to Boost Competition, Protect Privacy, and Enhance Consumer Choice

On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited Final Rule implementing Section 1033 of the Dodd-Frank Act ("Final Rule") with the intention of giving consumers greater rights,...more

Ballard Spahr LLP

Trade Associations Sue CFPB on Same Day as it Issues Final Open Banking Rule Under Section 1033 of Dodd-Frank

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On October 22, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final rule implementing Section 1033 of the Dodd-Frank Act (the “Final Rule” or the “Open Banking Rule”), granting consumers greater access...more

Troutman Pepper Locke

CFPB Issues Final Section 1033 Open Banking Rule: Legal Challenge Filed Immediately

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This week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its final rule on personal financial data rights, purportedly aimed at enhancing consumer control over their financial data and promoting competition...more

GeoDataVision

Have Regulators Already “Raised the Bar” for CRA Exams?

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When the new 2023 CRA Rule was approved by regulators FDIC Chairman Martin Gruenberg indicated one of the goals was to “raise the bar” for CRA performance ratings. Now that the final 2023 CRA performance ratings are in it...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2024 # 4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week... ...more

Ballard Spahr LLP

Banking Regulators Ask Fifth Circuit to Lift Injunction Blocking CRA Rules

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Federal banking regulators are asking the Fifth Circuit Court of Appeals to lift a Texas court injunction barring implementation of new Community Reinvestment Act (CRA) rules....more

Ballard Spahr LLP

Was it a pyrrhic victory for the CFPB in the Supreme Court in CFSA v. CFPB?

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On May 16, Justice Thomas issued the majority opinion in which the Supreme Court held, by a 7-2 vote, that the CFPB’s funding mechanism comported with the Appropriations Clause of the Constitution which states, in relevant...more

Troutman Pepper Locke

On Heels of Supreme Court Decision, CFPB Announces Updated Compliance Dates for its 1071 Rule

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As discussed here, last week the U.S. Supreme Court issued its long-awaited decision in Community Financial Services Association of America, Limited (CFSA) v. Consumer Financial Protection Bureau (CFPB or Bureau) holding that...more

Ballard Spahr LLP

FDIC Chairman Gruenberg issues remarks at National Community Reinvestment Coalition on FDIC’s economic inclusion strategy

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FDIC’s Chairman Martin J. Gruenberg recently gave remarks at the National Community Reinvestment Coalition on the FDIC’s economic inclusion strategy.  ...more

Ballard Spahr LLP

FDIC final Signage and False Advertising Rule will be effective April 1, 2024, with an extended full compliance date of January 1,...

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The final rule issued in December 2023 by the Federal Deposit Insurance Corporation (FDIC) amending its regulations at 12 CFR Part 328 (“Final Rule“), which address use of the official FDIC sign and banks’ advertising...more

Ballard Spahr LLP

Trade groups file lawsuit in Texas federal court challenging final OCC/FDIC/Federal Reserve Community Reinvestment Act rules

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Several national and Texas banking and business trade groups have filed a lawsuit in the U.S. District Court for the Northern District of Texas challenging the final regulations (Final Rules) implementing the Community...more

Ballard Spahr LLP

CFPB issues Semi-Annual Report to Congress; CFPB Director Chopra to appear before House and Senate Committees this week (UPDATED)

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Last week, the CFPB issued its Semi-Annual Report to Congress covering the period beginning October 1, 2022 and ending March 31, 2023. ...more

Ballard Spahr LLP

The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks #1

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On October 24, 2023, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a final rule amending their regulations...more

Ballard Spahr LLP

Texas federal court grants motion of community bank and community bank trade groups for leave to intervene in lawsuit challenging...

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Two new developments occurred recently in the Texas lawsuit challenging the CFPB’s final small business lending rule (Rule)....more

Troutman Pepper Locke

Credit Union Trade Associations Move to Intervene in Case Challenging CFPB’s Enforcement of its Section 1071 Rule

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On August 10, two credit union trade associations — Credit Union National Association (CUNA) and Cornerstone Credit Union League — and Rally Credit Union (collectively, Proposed Intervenors) filed an Unopposed Emergency...more

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