CFPB issues report on credit card late fees
The CFPB has issued a report titled “Credit card late fees” that discusses the consumer impact of late fees by card type, credit score, and geography, and market reliance on late fees. (Late fees are...
View ArticleOppFi files complaint to block “true lender” challenge by California...
Opportunity Financial, LLC (OppFi) has filed a Complaint for Declaratory and Injunctive Relief in a California state court against the California Department of Financial Protection and Innovation...
View ArticleCalifornia Federal District Court Upholds OCC and FDIC ‘Madden-fix’ Rules
A California federal district court judge rejected challenges to the OCC’s and FDIC’s Madden-fix rules brought in two separate lawsuits by state attorneys general. The OCC rule is codified at 12 C.F.R....
View ArticleCFPB issues compliance bulletin on application of EFTA compulsory use...
The CFPB has issued a compliance bulletin “to reiterate that the compulsory use prohibition in the [Electronic Fund Transfer Act (EFTA)] applies to government benefit accounts, as defined in Regulation...
View ArticleCFPB spotlights overdraft/NSF practices of banks with the highest...
The CFPB has published a table that shows the overdraft/NSF practices of the 20 banks with the most overdraft/NSF revenue through the first three quarters of 2021. According to the CFPB, the table...
View ArticleCalifornia federal district court upholds OCC and FDIC “Madden-fix” rules
A California federal district court judge has rejected challenges to the OCC’s and FDIC’s Madden-fix rules brought in two separate lawsuits by state attorneys general. The OCC rule is codified at 12...
View ArticleActing Comptroller Hsu calls for new rules and enforcement to address bank...
In remarks last week to the Consumer Federation of America’s 34th Annual Financial Services Conference, Acting Comptroller of the Currency Michael Hsu took banks to task for contributing to income and...
View ArticleCFPB, federal and state bank and credit union regulators warn of increased...
The CFPB, Federal Reserve Board, FDIC NCUA, OCC, in conjunction with the state bank and state credit union regulators, jointly issued a statement on managing the transition away from LIBOR (Joint...
View ArticlePresident Biden nominates Saule Omarova for Comptroller of the Currency
The White House announced this past Thursday that President Biden has nominated Saule Omarova to serve as Comptroller of the Currency....By:
View ArticleFederal Reserve publishes paper on bank/fintech partnerships
Last week, the Federal Reserve Board published a paper on partnerships between community banks and fintech companies, “Community Bank Access to Innovation through Partnerships.” The Fed’s publication...
View ArticleFederal banking agencies issue guide for community banks on conducting due...
The OCC, FDIC, and Federal Reserve Board have issued a guide that is intended to assist community banks in conducting due diligence when considering relationships with financial technology (fintech)...
View ArticleFederal Banking Agencies Issue Proposed Guidance on Risk Management for...
The Federal Reserve, FDIC, and OCC released on July 13, 2021 proposed guidance for banking organizations on managing risks associated with third-party relationships, including relationships with...
View ArticleFederal banking agencies issued proposed guidance on risk management for...
The Federal Reserve, FDIC, and OCC have released proposed guidance for banking organizations on managing risks associated with third-party relationships, including relationships with financial...
View ArticleSenate passes CRA resolution to override OCC true lender rule
Yesterday, by a vote of 52-47, the Senate passed the resolution introduced by Democratic Senators under the Congressional Review Act (CRA) to overturn the OCC’s “true lender” final rule. The rule...
View Article11th Cir. rules FDCPA restriction on third-party communications applies to...
In a very troubling decision of first impression, a unanimous panel of the U.S. Court of Appeals for the Eleventh Circuit has ruled that a debt collector’s transmittal of the plaintiff’s personal...
View ArticleCFPB and Colorado Attorney General announce joint virtual office hours as...
The CFPB and the Colorado AG’s Office have announced they will hold joint virtual office hours as part of the American Consumer Financial Innovation Network (ACFIN). The joint virtual office hours...
View ArticleOCC issues proposed “true lender” rule
Less than two months after issuing its final “Madden fix” rule, the OCC has now issued a proposed rule to address when a national bank or federal savings association should be considered the “true...
View ArticleFDIC Issues “Madden fix” Rule Addressing State Bank Loan Interest Rates After...
The FDIC has issued its widely anticipated final rule resolving the uncertainty caused by the Second Circuit’s Madden v. Midland Funding decision. Madden held that a non-bank entity that purchased...
View ArticleFederal Reserve issues interim final rule allowing depository institutions to...
Effective April 24, 2020, the Federal Reserve amended Regulation D to remove the six-per-month limit on transfers or withdrawals from the definition of a “savings deposit.” The amendment is set forth...
View ArticleFDIC Issues Guidance on Service Technology Service Provider Contracts
On April 2, 2019, the FDIC issued Financial Institution Letter FIL-19-2019 (the “Letter”) to remind financial institutions about certain contractual provisions and other requirements pertaining to...
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