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CFPB Challenges Financial Institutions to Produce Evidence of Affirmative Consent to Overdraft Fees

On September 17, 2024, the Consumer Financial Protection Bureau (CFPB) issued a circular explaining that financial institutions may violate the Electronic Fund Transfer Act (EFTA) and its implementing regulation, Regulation...more

FDIC’s Proposed Brokered Deposit Rule Could Adversely Impact Fintech-Bank Partnerships

In late July 2024, the Federal Deposit Insurance Corporation (FDIC) board of directors proposed a rule that would revise its standards on banks accepting brokered deposits. The proposed rule would expand the definition of...more

CFPB Reports on Potential ‘Junk Fees’ From School Lunch Payment Platforms

On July 25, 2024, the Consumer Financial Protection Bureau (CFPB) released a report on the costs and potential risks to families using electronic payment platforms to load money to their children’s school lunch accounts. The...more

CFPB Study Finds Consumers Pay More When Pricing Is Complex

On April 30, 2024, the Consumer Financial Protection Bureau (CFPB) published a report on a study investigating the effects of complex pricing structures and increased competition on consumer choices. The CFPB found that...more

CFPB Highlights Financial, Privacy Risks of Consumer Transactions on Gaming Platforms

On April 4, 2024, the Consumer Financial Protection Bureau (CFPB) issued a report examining the growth and privacy risks of financial transactions in online video games and virtual worlds, noting that Americans spent...more

CFPB Issues Proposal to Eliminate Fees on Instantaneously Declined Transactions

On January 24, 2024, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking that would prohibit financial institutions from charging fees on transactions that are declined instantaneously or...more

CFPB Signals Desire to Expand Supervision of Nonbank Payments Firms

During remarks at a payments-focused event on October 6, 2023, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra signaled that the bureau intends to expand its oversight of digital payments and the companies...more

Banking Regulators Release Guidance on Third Party Partnerships

On June 6, 2023, the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (OCC) issued final joint guidance on managing risks...more

Recent Developments: Silicon Valley Bank and Signature Bank

After depositors rushed to withdraw funds from Silicon Valley Bank (SVB), on Friday, March 10, 2023, the US bank was closed by the California Department of Financial Protection and Innovation (DFPI), and the Federal Deposit...more

Common Questions Regarding Access to Funds After Failure of an FDIC-Insured Bank

Background On Friday, March 10, 2023, Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection and Innovation (DFPI). The Federal Deposit Insurance Corporation (FDIC) was named Receiver and...more

Arizona Embraces CSBS Model Money Transmission Law; West Virginia Incorporates Some Key Provisions

On May 20, 2022, Arizona Gov. Doug Ducey signed Senate Bill 1580, which effectively replaces Arizona’s current money transmission law with the Model Money Transmission Modernization Act (the Model Act) announced by the...more

Federal Reserve Seeks Comments on a US Central Bank Digital Currency

The Federal Reserve Board recently released a discussion paper and is seeking public comments on the potential benefits and risks, and related policy considerations, of introducing a central bank digital currency (CBDC) in...more

CFPB Requests Information on Consumer Financial Products or Services Fees

On January 26, 2022, the Consumer Financial Protection Bureau announced a request for information seeking comments related to fees charged to consumers in connection with selected products or services. The CFPB expressed...more

36-Hour Breach Notification Rule to Go into Effect for Banking Organizations

On November 18, 2021, three US agencies – the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB) and the Federal Deposit Insurance Corporation (FDIC) – issued a joint rule concerning...more

Alert: Biden Signs Law Overturning True Lender Rule

On June 30, 2021, President Joe Biden signed a joint resolution to revoke the Office of the Comptroller of the Currency’s (OCC) “true lender” rule (the “Rule”). Passed in October 2020, the Rule clarified that a national bank...more

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