Compliance & Legal Updates
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CFPB Issues Guidance on "Junk Fees"

10/27/2022
The Consumer Financial Protection Bureau (CFPB) issued guidance about two "junk fee" practices that it deems "unfair and unlawful" under existing law.

Fifth Circuit Court of Appeals Rules CFPB Funding Mechanism is Unconstitutional

10/20/2022
The Fifth Circuit Court of Appeals ruled that the Consumer Financial Protection Bureau (CFPB) is funded through an unconstitutional method and vacated the CFPB’s 2017 Payday Lending Rule. The decision by a three-judge panel found the CFPB’s funding structure violated the Constitution’s doctrine of separation of powers, which sets the authority of the three branches of government.

FDIC Increases Deposit Insurance Rates

10/19/2022
The Federal Deposit Insurance Corporation (FDIC) adopted a final rule to increase initial base deposit insurance assessment rate schedules uniformly by 2 basis points beginning in the first quarterly assessment period of 2023.

FSB Drafts Guidelines for Cyber Incident Reporting

10/18/2022
Due to cyber incidents rapidly growing in frequency and sophistication, the Financial Stability Board (FSB) issued recommendations “to promote convergence among cyber incident reporting (CIR) frameworks, while recognizing that a one-size-fits-all approach is not feasible or preferable.

Federal Regulators Increase Exempt Transaction Thresholds - Corrected

10/17/2022
Financial Regulators announced that the dollar threshold for high-priced mortgage loans being subject to special appraisal requirements will increase from $28,500 to $31,000 in 2023

U.S. District Court Overturns CFPB Closed-End HMDA Reporting Exemptions

10/17/2022
The District Court allowed the threshold of two hundred (200) open-end lines of credit in each of the preceding two years to stand.

Federal Reserve Finalizes Durbin Rule on Credit Cards

10/04/2022
The Federal Reserve Board on Monday finalized updates to the Board's rule concerning debit card transactions. The updates specify that debit card issuers should enable at least two payment card networks to process all debit card transactions, including "card-not-present" transactions, such as online payments. The final rule is substantially similar to the proposal issued last year.

CFPB Orders Regions Bank to Pay $191 Million for Alleged Overdraft Violations

09/28/2022
Today, the Consumer Financial Protection Bureau (CFPB) is ordering Regions Bank to pay $50 million into the CFPB’s victims relief fund and to refund at least $141 million to customers harmed by its alleged illegal surprise overdraft fees.

CFPB and other Regulators Continue to Attack Industry

09/28/2022
We have sent out many emails over the last few weeks regarding the CFPB's focus on what they consider "junk" fees. As we all know this guidance flows downhill to the other regulators and ends up making its way to every bank in the country.