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Trustmark Redlining Consent Order Terminated

A federal district court recently granted the unopposed motion of the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) to terminate their October 2021 consent order with Trustmark National Bank...more

Consumer Finance Monitor Podcast Episode: Regulators Escalate Focus on the Risks of Bank Relationships with Fintechs and Other... [Video]

On July 25, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) issued a “Joint Statement on Banks’...more

CFPB Issues Semi-Annual Regulatory Agenda; Registry of Supervised Non-Banks to Be Finalized This Month

The CFPB soon plans to issue a final rule that would require certain supervised nonbank entities to register with it and provide information about their use of certain terms and conditions in standard-form contracts for...more

CFPB Releases Summer 2024 Supervisory Highlights

The CFPB has released its Summer, 2024 Supervisory Highlights, covering issues ranging from student loan servicing to financial institution supervision of medical providers offering payment products. The report covers the...more

Consumer Finance Monitor Podcast Episode: What the Recent Developments in Federal Preemption for National and State Banks Mean for... [Video]

Providers of consumer financial services that rely on federal preemption to charge customers uniform interest rates and fees on a nationwide basis are currently facing a series of legislative and litigation challenges. In...more

CFPB Spring 2023 rulemaking agenda includes proposed larger participant rule for nonbanks in consumer payments market

The CFPB has released its Spring 2023 rulemaking agenda as part of the Spring 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions.  The agenda’s preamble indicates that “[t]he Bureau reasonably anticipates...more

CFPB report and consumer advisory highlight consumer risk resulting from lack of deposit insurance coverage for funds stored on...

The CFPB has issued an “Issue Spotlight” titled “Analysis of Deposit Insurance Coverage on Funds Stored Through Payment Apps.”   The report was accompanied by a consumer advisory on payment apps....more

FDIC consent order with Cross River Bank indicates heightened scrutiny of bank-fintech partnerships

The FDIC recently announced that it has entered into a Consent Order with Cross River Bank (CRB or Bank) to resolve FDIC charges that the Bank engaged in unsafe or unsound practices related to its fair lending compliance. ...more

5/5/2023  /  Banking Sector , Banks , FDIC , FinTech

CFPB Supervisory Highlights Special Edition looks at “junk fees” charged in connection with deposits, auto servicing, mortgage...

Continuing its (and the White House’s) “junk fees” rhetoric, the CFPB has released a new issue of Supervisory Highlights that carries the title “Junk Fees Special Edition.” The report discusses the Bureau’s examinations...more

Democratic Senators send letter to federal banking agencies raising concerns about fraudulent transactions

A group of five Democratic Senators have sent a letter to the Federal Reserve, OCC, FDIC, and NCUA asking them to take several steps to protect consumers from scams when using Zelle to transfer money....more

CFPB report of decline in bank revenues from overdraft and NSF fees follows President Biden’s targeting of “junk fees” State of...

In a new report published last week titled “Banks’ overdraft/NSF fee revenue declines significantly compared to pre-pandemic levels,” the CFPB reported that its most recent analysis found that bank overdraft/NSF fee revenue...more

CFPB adds six new items to Fall 2022 rulemaking agenda, including overdraft fees, fees for insufficient funds, and credit card...

The CFPB has published its Fall 2022 rulemaking agenda as part of the Fall 2022 Unified Agenda of Federal Regulatory and Deregulatory Actions.  The agenda’s preamble indicates that “[t]he Bureau reasonably anticipates having...more

Trade group urges CFPB not to impose liability on banks for fraudulent P2P payments

The American Bankers Association has sent a letter to CFPB Director Chopra in which it urges the CFPB not to shift liability to banks for peer to peer (P2P) payments using an online-money transfer platform in which the...more

New requirements for live checks now effective in New York

On September 2, 2022, new requirements for “live checks” became effective in New York.  The new requirements were created by SB 4894 which New York Governor Hochul signed into law on May 5, 2022....more

CFPB turns attention to college banking agreements in annual report on college credit card agreements

Last week, the CFPB released its eleventh annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act....more

More on CFPB next steps in wake of buy-now-pay-later report

Last week, the CFPB issued its long-awaited report on buy-now-pay-later (BNPL) products. While the report identifies consumer risk and harms arising from BNPL products, it does not discuss any actions that the CFPB plans to...more

Banking trade groups challenge CFPB’s authority to regulate customer service

In response to the CFPB’s Request for Information Regarding Relationship Banking and Customer Service (RFI), three leading banking trade groups have submitted a comment letter  in which they challenge the CFPB’s legal...more

FDIC issues guidance on multiple re-presentment NSF fees

The FDIC has issued new supervisory guidance (FIL-40-2022) on multiple non-sufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction. The guidance directly applies only to state-chartered...more

Trade groups petition CFPB to adopt larger participant rule for data aggregators

Eight national trade groups have filed a petition with the CFPB that urges the Bureau to engage in rulemaking to define larger participants in the market for data aggregation services. The trade groups are the American...more

CFPB provides data on overdraft/NSF fee revenues; NY enacts law requiring DFS to study overdraft fees

Overdraft and NSF fees remain very much on the radar of the CFPB, the federal banking agencies, and certain state banking agencies. The very fact that the CFPB continues to closely monitor bank call reports with respect to...more

NY Dept. of Financial Services issues overdraft/NSF fee guidance

The New York State Department of Financial Services (DFS) has issued an Industry Letter providing guidance on overdraft and non-sufficient funds (NSF) fees to depository institutions that it supervises....more

Simplification and possible registration of nonbanks on CFPB rulemaking table

CFPB rulemaking was the subject of a new blog post by Director Chopra published last week titled “Rethinking the approach to regulations.”...more

CFPB continues focus on overdraft practices

In a blog post published last week, the CFPB reported that since the beginning of 2022, it has been collecting data from supervised institutions on their overdraft and non-sufficient fund (NSF) practices and intends to use...more

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