News & Analysis as of

Fees Financial Regulatory Reform

Ballard Spahr LLP

CFPB Takes Aim at Cash Back Fees

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Some dollar store chains and other retailers now are charging consumers for obtaining cash back on debt or prepaid card purchases—transactions that generally have been free in the past–the CFPB reported....more

Alston & Bird

Structured Finance Spectrum - Summer 2024

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Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features the new UK securitization regime, eHELOCs, and climate risk disclosures....more

Ballard Spahr LLP

CFPB: Families Forced to Pay ‘Junk’ Fees for School Lunches

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The CFPB’s latest focus on consumer fees is targeting payment processors for school lunches. The CFPB says that families who choose to purchase school lunches are being forced to pay fees to companies that process their...more

A&O Shearman

UK Financial Conduct Authority Policy Statement on Regulated Fees and Levies 2024/25

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The U.K. Financial Conduct Authority has finalized its regulated fees and levies 2024/25. These include the FCA periodic fees, the Financial Ombudsman Service general levy, Money and Pensions Service levies, Devolved...more

Ballard Spahr LLP

Chopra Delivers Testimony to Congress on Semi-Annual Report

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On June 4, 2024, the CFPB issued its Semi-Annual Report to Congress covering the period beginning April 1, 2023 and ending September 30, 2023. On June 12, 2024, CFPB Director Chopra appeared before the Senate Banking...more

Troutman Pepper

CFPB Probing Alleged “Junk Fees” in Mortgage Closing Costs

Troutman Pepper on

On May 30, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a request for information (Request) regarding alleged “junk fees” in closing costs charged by mortgage lenders and related settlement service...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: A Close Look at the Consumer Financial Protection Bureau’s Proposed Rules on Overdraft...

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Our special guest is David Pommerehn, SVP, General Counsel, Head of Regulatory Affairs at the Consumer Bankers Association. In January 2024, the CFPB proposed two new rules: one restricting overdraft fees and the other...more

Mayer Brown

CFPB Finalizes Rule Significantly Restricting Credit Card Late Fees—Litigation Immediately Follows

Mayer Brown on

On March 5, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a Final Rule that would significantly restrict late fees that consumer credit card issuers may charge from $30 or $41, in most cases, to a mere...more

A&O Shearman

Key Regulatory Topics: Weekly Update 8 - 14 Mar 2024

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There were some key publications this week in relation to financial crime, including a Commission request for the EBA to advise on standards and guidelines under the future AML/CFT framework in Europe and, in the UK, an HMT...more

Ballard Spahr LLP

CFPB proposed rule would makes certain overdraft program’s credit subject to Regulation Z disclosure requirements and could cap...

Ballard Spahr LLP on

In furtherance of the Biden Administration’s “junk fee” agenda, on January 17, 2024, the Consumer Financial Protection Bureau issued its proposed rule to amend Regulations E and Z to regulate overdraft services provided by...more

Troutman Pepper

New Year Same Focus on Fees: CFPB Proposes to Amend Regulation Z to Raise New Barriers to Overdraft Charges

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On January 17, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule with request for public comment to amend exemptions to Regulation Z so the Truth in Lending Act (TILA)/Regulation Z would apply...more

Ballard Spahr LLP

FTC extends comment deadline for “junk fees” proposal

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The FTC has extended by 30 days the deadline for submitting comments on its proposed “Rule on Unfair or Deceptive Fees” targeting what the FTC refers to as “junk fees.”  The new comment deadline is February 7, 2024....more

Manatt, Phelps & Phillips, LLP

Massachusetts AG Proposes Rule Regulating “Junk Fees” and Subscriptions

On November 30, Massachusetts Attorney General Andrea Campbell (the “AGO”) unveiled a new proposed rule regulating “junk fees” and consumer subscriptions (the “Proposed Rule”). The Proposed Rule in large part mimics, and in...more

Allen Matkins

The Nebulous Meaning Of "Small Business" In New Ban On Commercial Loan Fees

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Beginning in January, "covered entities" will be prohibited from charging specified fees in connection with a commercial financing transaction with a "small business" or "small business" owner.  Cal. Stat. ch. 881 (SB 666). ...more

Troutman Pepper

California Joins War on Fees With Passage of S.B. 666

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On October 13, California Governor Gavin Newsom signed into law Senate Bill 666, which amends the California Financing Law to prohibit a covered entity from charging certain fees in connection with a commercial financing...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 3, Issue 8, November 2023

FTC Amends Safeguards Rule to Require Non-Banking Financial Institutions to Report Data Security Breaches - “Amendment will require non-bank financial institutions to report when they discover that information affecting...more

Ballard Spahr LLP

White House, CFPB, FTC continue assault on “junk fees”

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Last Wednesday, we published three blog posts about new actions taken by the CFPB and FTC related to the Biden Administration’s war on “junk fees”...more

Moore & Van Allen PLLC

Suit Alleging FDIC Overdraft Overreach May Not Make Waves

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When following supervisory scrutiny of fees charged to bank customers, the activities of the Consumer Financial Protection Bureau, or CFPB, are often the focus. The Minnesota Bankers Association and Lake Central Bank of...more

Orrick, Herrington & Sutcliffe LLP

House Republicans question CFPB’s card late-fee proposal

On March 1, several Republican House Financial Services Committee members sent a letter to CFPB Director Rohit Chopra expressing concerns over the Bureau’s credit card late fee proposal. ...more

Orrick, Herrington & Sutcliffe LLP

New York FY 2024 budget proposes to end unfair overdraft practices

On February 1, the New York governor released the state’s FY 2024 budget proposal, which includes measures for ending certain bank overdraft and insufficient fee practices. ...more

Orrick, Herrington & Sutcliffe LLP

NYDFS issues check-cashing fee regulations

On January 18, NYDFS announced that it has adopted an updated check cashing regulation. As previously covered by InfoBytes, NYDFS issued a proposed check cashing regulation in June 2022, following an emergency regulation...more

Orrick, Herrington & Sutcliffe LLP

CFPB releases regulatory agenda

Recently, the Office of Information and Regulatory Affairs released the CFPB’s fall 2022 regulatory agenda. Key rulemaking initiatives that the agency expects to initiate or continue include...more

Brownstein Hyatt Farber Schreck

White House, CFPB and FTC Continue Down Path to Eliminate “Junk Fees”

In late October, the Consumer Financial Protection Bureau (CFPB), in conjunction with the White House, announced more actions in regard to limiting what they have collectively negatively labeled as “junk fees” as well as...more

Proskauer - The Capital Commitment

SEC Is Exploring Reforms Regarding Private Fund Disclosure Of Conflicts Of Interest And Fees and Expenses

On September 14, 2021, U.S. Securities and Exchange Commission Chair Gary Gensler testified before the Senate Committee on Banking, Housing, and Urban Affairs. During his testimony, he stated that the SEC is exploring...more

DailyPay, Inc.

Unfair and Deceptive Acts and Practices: Tips

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If I told you I was going to give you money now and forcibly take it back from you a few days from now, that is a loan. If you paid me a fee for this, you’d probably presume this to be interest on your loan. But what if...more

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