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
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 Oct. 26, 2023, the U.S. District Court for the Southern District of Texas issued a nationwide injunction prohibiting the Consumer Financial Protection Bureau (CFPB) from implementing or enforcing its Small Business Lending Rule, which was crafted to implement Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
On Oct. 19, 2023, the CFPB released a proposed rule that, if finalized in its present form, would require covered financial institutions to provide consumers and authorized third parties with access and portability options for their financial data. The CFPB’s proposed rule, called the “Personal Financial Data Rights” rule, would implement Section 1033 of Title
On Oct. 7, 2023, California Governor Gavin Newsom signed SB 478 into law. When it becomes effective July 1, 2024, the law will amend the CLRA to generally ban so-called “junk fees.”
California’s effort sits along the Biden administration’s focus on “junk fees,” which multiple federal agencies have now addressed via various advisory opinions, guidance
On Oct. 11, 2023, the FTC released a proposed rule that would, if finalized in its present form, prohibit “misleading” fees and require more prominent disclosures for so-called “junk fees.” The FTC’s proposed rule, called the “Rule on Unfair and Deceptive Fees,” would broadly prohibit businesses subject to FTC jurisdiction from mispresenting the nature and
On Nov. 9, 2022, the New York Department of Financial Services (NYDFS) issued a proposed second amendment to its 2017 cybersecurity regulation for financial service companies.[1] In July 2022, NYDFS issued a draft version of the changes, but the current amendment has significant changes. Most of the proposed changes will take effect 180 days