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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

CFPB on track to issue Section 1071 final rule by March 31, 2023

Yesterday, the CFPB filed its tenth status report with the California federal district court hearing the lawsuit brought to force the CFPB to move forward with rulemaking to implement the small business data requirements of...more

CFPB considering changes to semi-annual credit card survey

The CFPB is seeking comments on changes to its semi-annual Terms of Credit Card Plans (TCCP) Survey. Comments must be submitted by October 17, 2022....more

CFPB addresses application of CFPA to digital marketing providers in new interpretive rule

The CFPB has issued an interpretive rule that addresses when digital marketing providers are “service providers” subject to the Consumer Financial Protection Act, including the CFPA’s prohibition on unfair, deceptive, or...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 announces settlement with Hyundai to resolve alleged FCRA violations

The CFPB announced last week that it has entered into a settlement with Hyundai Capital America (Hyundai) to resolve alleged violations of the Fair Credit Reporting Act and Regulation V arising from Hyundai’s reporting of...more

CFPB adds new debt collection rule FAQs

Last week, the CFPB published additional frequently asked questions on Regulation F, its debt collection rule.   The new FAQs address third-party communications, electronic communications, and unusual or inconvenient time and...more

Director Chopra goes on the record with media

Director Chopra gave interviews this week to several news reporting outlets including American Banker, Law 360, Politico, and Bloomberg.  Below are some of highlights of the interviews as reported by those outlets, several of...more

Delaware federal district court holds use of overdraft notice template did not shield credit union from Regulation E or state law...

A Delaware federal court has refused to dismiss a class action complaint filed against a credit union that alleges the credit union violated Regulation E and the Delaware Consumer Fraud Act (CFA) even though the credit...more

Federal Reserve Board issues proposal on benchmark replacements for contracts that use LIBOR

The Federal Reserve Board issued a proposal last week that would establish default rules for benchmark replacements in certain contracts that use as a reference rate the London Interbank Offered Rate (LIBOR), which will be...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

CFPB expected to issue new guidance requiring banks to repay more fraud victims

According to a WSJ report, the CFPB is preparing to release new guidance that would require banks to make refunds to victims of scammers who defraud consumers into sending money to a third party using an online money-transfer...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

CFPB agrees to March 31, 2023 deadline for Section 1071 final rule

The CFPB has agreed to a March 31, 2023 deadline for issuing a final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank Act. Section 1071 amended the ECOA, subject to rules adopted by the...more

CFPB issues advisory opinion on FCRA permissible purpose requirement

In a new advisory opinion, the CFPB addresses the Fair Credit Reporting Act’s permissible purpose requirement as it applies to both consumer reporting agencies and users of consumer reports....more

Department of Education Anti-Arbitration Regulation Fails Supreme Court Tests

The U.S. Department of Education recently announced proposed regulations designed to expand and improve the major student loan discharge programs authorized by the Higher Education Act. Among other things, the proposed...more

GAO issues report on OCC fair lending oversight

In response to a request from three Democratic House members, the GAO recently issued a report on its review of fair lending oversight conducted by the Office of the Comptroller of the Currency. According to a Law360 report,...more

CFPB takes first formal step toward new rulemaking on credit card late fees

The CFPB has taken the first formal step towards a new rulemaking on credit card late fees by issuing an Advance Notice of Proposed Rulemaking (ANPR).  Comments on the ANPR must be received by July 22, 2022....more

CFPB issues advisory opinion on permissibility of “convenience fees” charged by debt collectors subject to the FDCPA

The CFPB has issued an advisory opinion that addresses when the Fair Debt Collection Practices Act permits a debt collector to charge “pay-to-pay” or “convenience fees,” such as fees imposed for making a payment online or by...more

CFPB issues interpretive rule on FCRA preemption

The CFPB has issued an interpretive rule on the scope of the Fair Credit Reporting Act’s preemption provisions.  The rule’s narrow reading of those provisions appears intended to encourage and support state legislative...more

Justice Department announces settlement with Meta (formerly Facebook) to resolve alleged FHA violations arising from Meta’s...

The Department of Justice announced that it has entered into a settlement with Meta Platforms Inc., formerly known as Facebook Inc., to resolve allegations that Meta engaged in discriminatory advertising in violation of the...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

CFPB issues request for information on relationship banking and customer service

The CFPB has issued a request for information (RFI) that seeks comments from the public “on what customer service obstacles consumers face in the banking market, and specifically what information would be helpful for...more

CA Supreme Court rules FTC Holder Rule’s recovery limit does not include attorney’s fees when state law provides for attorney’s...

The California Supreme Court has ruled in Pulliam v. HNL Automotive Inc. that the FTC Holder Rule’s limit on a consumer’s “recovery” to the “amounts paid by the debtor” under the contract does include the consumer’s...more

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