On May 17, 2024, the CFPB announced it will issue an interim final rule to extend the compliance deadlines for its Small Business Lending Rule. When it takes effect, the CFPB’s Small Business Lending Rule will implement Section 1071 of the Dodd-Frank Act by requiring covered financial institutions to collect and submit data regarding their
On May 16, 2024, the U.S. Supreme Court held 7-2 in Consumer Financial Protection Bureau v. Community Financial Services Association of America (CFSA) (Docket No. 22-448) that the CFPB’s funding structure is constitutional. With the Court’s decision, uncertainty over the CFPB’s rulemaking authority tied to the constitutionality of the CFPB’s funding has been removed, clearing
On April 4, 2024, the CFPB issued a report titled “Banking in Video Games and Virtual Worlds” that examines the financial and privacy risks to consumers in online video gaming marketplaces.
The CFPB’s report explains that gaming platforms facilitate the storage and exchange of valuable assets while collecting large amounts of data from their users.
On April 16, 2024, the CFPB issued a revised rule aimed at streamlining its procedures for designating nonbank covered entities for supervision. The CFPB said the revised procedures “reflect changes to the CFPB’s organizational structure,” but also noted that the revised procedures would lead to a “reduction in time and general streamlining of the decisional
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On April 2, 2024, CFPB Director Rohit Chopra delivered prepared remarks at a gathering hosted by the White House Office of Science and Technology Policy. Director Chopra’s remarks centered on the evolving landscape of data brokerage and its implications for individual privacy and national security and the CFPB’s plans to protect the public “from harmful
On March 27, 2024, the CFPB issued a circular warning remittance transfer providers that false advertising about the cost or speed of sending remittance transfers may violate federal law, including the CFPA, which prohibits UDAAPs.
On March 13, at the Financial Data Exchange Global Summit, CFPB Director Rohit Chopra delivered a keynote address that focused on “the role of standard setters and standard-setting” as the CFPB pushes towards finalizing is its proposed Personal Financial Data Rights Rule.
Continue Reading Setting the Standard: CFPB to Codify Attributes for Standard-Setters Before Finalizing Personal Financial Data Rights Rule
On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule intended to limit late payment fees on credit cards issued by the largest credit card issuers. The final rule amends Regulation Z, reducing safe harbor late fee amounts for large card issuers from $30 to $8 and eliminating automatic annual inflation adjustments.
On Jan. 24, 2024, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would, if finalized in its present form, prohibit financial institutions from charging non-sufficient funds (NSF) fees when consumers initiate transactions that are instantaneously or near-instantaneously declined. Under the proposed “Fees for Instantaneously Declined Transactions rule (the “NSF Fee Rule”), charging
On Nov. 7, 2023, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would, if finalized in its present form, establish the CFPB’s supervisory authority over certain “larger participant” nonbank companies that provide digital wallets and payment applications. The proposed rule, called the “Defining Larger Participants of a Market for General-Use Digital Consumer