Regulation

OCC Backs Banks in Fight Against Illinois Interchange Law

American Banker

"The Office of the Comptroller of the Currency has filed a legal brief supporting the banking industry's challenge to Illinois' prohibition on interchange fees, stating  the law interferes with federal banking authority.  [Subscription Required]"

Tags: OCC

Regulation

Proposed New Rules to Better Protect Customers of Payments Firms

FCA

"The FCA is stepping in to better protect customers when payments and e-money firms go out of business."

Tags: Financial regulators

Regulation

CFPB: Buy Now, Pay Later (BNPL) Products

Consumer Financial Protection Bureau

"On Sept. 18, 2024, the CFPB issued FAQs that provide guidance on applying Regulation Z requirements to Pay-in-Four BNPL products that are accessed through a digital user account."

Tags: CFPB

Regulation

CFPB Takes Action to Stop Banks from Harvesting Overdraft Fees Without Consumers' Consent

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) published guidance to help federal and state consumer protection enforcers stop banks from charging overdraft fees based on phantom opt-in agreements. Phantom opt-ins occur when banks claim they have customers’ consent to charge overdraft fees but there is no proof they actually obtained that consent."

Tags: CFPB

Regulation

FinCEN Issues In-Depth Analysis of Check Fraud Related to Mail Theft

FinCEN

"The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA) on mail theft-related check fraud incidents based on Bank Secrecy Act (BSA) data filed in the six months following FinCEN’s issuance of its 2023 alert on this same topic."

Tags: FinCEN

Regulation

CFPB Report Finds Large Retail Chains Charging Cash-back Fees to Customers Using Debit and Prepaid Cards

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) published a new report finding Americans are paying tens of millions of dollars in fees to access their own money when getting “cash back” at large retail stores when making a purchase with a debit or prepaid card."

Tags: CFPB

Regulation

What Buy Now, Pay Later Lenders Are Doing to Be Upfront With Borrowers

Consumer Financial Protection Bureau

"The CFPB released an interpretive rule in May that explained how some of the existing federal laws and regulations, like the Truth in Lending Act and Regulation Z, apply to Buy Now, Pay Later loans. While not required by law, the public was invited to submit comments on this interpretive rule. The Buy Now, Pay Later industry is responding favorably and constructively."

Tags: CFPB

Regulation

Agencies Roll out Initiative Making It Easier to Click Unsubscribe Button

The Hill

"The Federal Trade Commission is currently reviewing public comments about a proposed rule to require companies to make it as easy to cancel a subscription or service as it was to sign up for it. The Consumer Financial Protection Bureau is taking on a rulemaking process to require companies under its jurisdiction to let consumers talk to a real person by pressing just one button."

Tags: CFPB Federal Trade Commission

Regulation

US Consumer Watchdog Probes Major Us Banks Over Zelle Scam, WSJ Reports

"The Consumer Financial Protection Bureau is investigating major U.S. banks for their handling of customer funds on the peer-to-peer payments platform Zelle Network, the Wall Street Journal reported on Wednesday."

Tags: CFPB

Regulation

CFPB Joins Federal Regulators to Propose Rule to Standardize Data Submitted to Federal Financial Agencies

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau today joined several other federal financial regulatory agencies in announcing a proposed rule to establish data standards for certain information collections submitted to financial regulatory agencies."

Tags: CFPB

Regulation

Britain Will Soon Lay Out New Plans to Regulate ‘Buy Now, Pay Later’ Firms Like Klarna After Delays

CNBC

"Britain’s new Labour government will soon set out updated plans to regulate the “buy now, pay later” industry, a government spokesperson told CNBC."

Regulation

FTC to Study Surveillance Pricing Methods of Mastercard, Chase, Other Companies

The Hill

"The Federal Trade Commission issued orders for eight companies to provide information about pricing as it seeks to study impacts such practices have on privacy, competition and consumer protection. The aim is to understand third-party products that use algorithms and AI with personal information to categorize individuals and set prices."

Tags: Federal Trade Commission

Regulation

CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) today proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act."

Tags: CFPB

Regulation

The Supreme Court Weakens Federal Regulators, Overturning Decades-Old Chevron Decision

AP News

"The Supreme Court on Friday upended a 40-year-old decision that made it easier for the federal government to regulate the environment, public health, workplace safety and consumer protections, delivering a far-reaching and potentially lucrative victory to business interests."

Regulation

FinCEN Issues Proposed Rule to Strengthen and Modernize Financial Institutions’ AML/CFT Programs

FinCEN

"The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a proposed rule to strengthen and modernize financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs."

Tags: FinCEN

Regulation

Banks Stand to Benefit From the Supreme Court Decision on the Chevron Doctrine

The New York Times

"The end of Chevron deference is a boon for banking lobbyists, who have in recent years intensified their pushback against the agencies that oversee them — especially the Consumer Financial Protection Bureau, one of the industry’s most aggressive regulators."

Regulation

Central Banks Must Prepare for AI's Profound Impact on Economy and Financial System: BIS

BIS

"The rapid adoption of AI requires central banks to embrace the new technology, the Bank for International Settlements said today, urging policymakers to anticipate the transformative effects of AI on the economy and to use it to sharpen their own analytical tools in pursuit of financial and price stability."

Regulation

CFPB Proposes to Ban Medical Bills from Credit Reports

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) proposed a rule that would remove medical bills from most credit reports, increase privacy protections, help to increase credit scores and loan approvals, and prevent debt collectors from using the credit reporting system to coerce people to pay."

Tags: CFPB

Regulation

CFPB Launches Process to Recognize Open Banking Standards

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial Data Rights Rule."

Tags: CFPB

Regulation

CFPB Creates Registry to Detect Corporate Repeat Offenders

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) finalized a rule to establish a registry to detect and deter corporate offenders that have broken consumer laws and are subject to federal, state, or local government or court orders."

Tags: CFPB

Regulation

CFPB Takes Action to Ensure Consumers Can Dispute Charges and Obtain Refunds on Buy Now, Pay Later Loans

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. Accordingly, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to conventional credit cards."

Tags: CFPB

Regulation

A Bill That Would Cut the Number of Banks Covered by Durbin Advances Out of Committee

Digital Transactions

"A bill containing a provision that would raise the asset threshold for debit card issuers covered by the Durbin Amendment narrowly passed in a vote late Thursday by the House Financial Services Committee. The committee voted 24-22 in favor of advancing the bill, called the Bank Resilience and Regulatory Improvement Act."

Regulation

Statement on Supreme Court Decision in CFPB v. CFSA

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau issued a statement regarding the Supreme Court’s decision in CFPB v. Community Financial Services Association of America."

Tags: CFPB

Regulation

Supreme Court Rules Consumer Financial Protection Bureau Funding Structure Is Legal

CNBC

"The Supreme Court ruled Thursday that the funding structure of the Consumer Financial Protection Bureau is legal. The court in a 7-2 decision rejected an argument that the CFPB’s funding method violated the U.S. Constitution’s Appropriations Clause because Congress had not annually authorized money for the agency."

Tags: CFPB

Regulation

How the U.S. Chamber Halted the CFPB's Credit Card Late Fees Rule

US Chamber

"On May 10, the U.S. Chamber scored a major win for the business community against federal agencies’ micromanagement of business decisions. The Northern District of Texas granted the Chamber's motion for a preliminary injunction and stayed the Consumer Financial Protection Bureau's (CFPB) credit card late fees rule."

Companies Regulation

Agencies Announce Inflation-Adjusted Dollar Thresholds for Regulation CC Funds Availability

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau and the Federal Reserve Board jointly adjusted for inflation dollar amounts relating to the availability of customer funds. These changes in Regulation CC include the minimum amount of deposited funds that banks must make available for withdrawal by opening of business on the next day for certain check deposits as well as the amount of funds deposited by certain checks in a new account that are subject to next-day availability.

Tags: CFPB Federal Reserve

Regulation

CFPB Report Highlights Consumer Frustrations with Credit Card Rewards Programs

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau issued a new report finding consumers encounter numerous problems with credit card rewards programs."

Tags: CFPB

Companies Regulation

CFPB Takes Action Against Chime Financial for Illegally Delaying Consumer Refunds

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) took action against Chime Financial for failing to give consumers timely refunds when their accounts were closed."

Tags: CFPB

Regulation

Banking in Video Games and Virtual Worlds

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) is monitoring markets—regardless of the infrastructure used—where financial products and services may be offered, including video games and virtual worlds."

Tags: CFPB

Regulation

OCC’s HSU Suggests Requiring Banks, AI Companies to Reimburse Customers for Fraud

ABA Banking Journal

"A new U.K. regulation requiring banks to reimburse customers for losses resulting from push payment fraud “deserves greater discussion and debate” in the U.S., particularly when the fraud is powered by artificial intelligence, Acting Comptroller of the Currency Michael Hsu said...Hsu pointed to the U.K.’s Payment Systems Regulator, which recently issued a rule requiring banks to reimburse customers when criminals trick them to send money to a fraudulent account."

Tags: OCC