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. |
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. |
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. |
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. |
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 |
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. |
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. |
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. |
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. |