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July 1, 2024

Top Post

On the web

June 25, 2024

On the wires

June 13, 2024

On the web

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."

June 6, 2024

Top Post

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."

June 4, 2024

On the web

May 22, 2024

Top Post

May 17, 2024

On the web

May 16, 2024

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May 15, 2024

On the web

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."

May 14, 2024

On the web

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.

May 10, 2024

On the web

May 7, 2024

On the web

April 23, 2024

On the web

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."

April 4, 2024

On the web

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."

March 28, 2024

On the wires

March 27, 2024

On the web

CFPB Takes Action to Halt False Claims of 'Free' International Money Transfers

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) issued a new circular warning remittance transfer providers that false advertising about the cost or speed of sending a remittance transfer can violate federal law. Companies in the marketplace are charging junk fees on international money transfers and making false claims about the speed of transfers."

March 14, 2024

On the web

CFPB Clarifies Plans to Recognize Standard-Setting Organizations

ABA Banking Journal

"Before the Consumer Financial Protection Bureau finalizes its proposed rulemaking on personal financial data this fall, it will first codify what attributes an organization must have to be recognized under the rule as an issuer of qualified industry standards, CFPB Director Rohit Chopra said Wednesday."

March 5, 2024

Top Post

Banks Prepare Legal Assault on CFPB Credit Card Late Fee Rule

Bloomberg Law

"The Consumer Financial Protection Bureau’s landmark rule capping credit card late fees at $8 faces a bumpy path ahead, as industry groups eye legal challenges to block it from taking effect. Banks have already blasted the regulation released Tuesday, arguing the CFPB used a shoddy process and incorrect math."

February 26, 2024

On the web

EU Adopts Euro Instant Payments Rules to Take on Visa, Mastercard

Reuters

"The European Union Council on Monday adopted rules to make instant payments in the euro currency fully available round-the-clock in a move it expected to help European payments companies compete against U.S. firms Visa and Mastercard. The new regulation will allow customers to transfer euro-denominated money within 10 seconds at any time, including outside business hours, not only within the same country but also to another EU member state, the EU Council said."

February 21, 2024

On the wires

February 16, 2024

On the web

February 9, 2024

On the web

On the wires

Ensuring Euro Money Transfers Arrive Within Ten Seconds

European Parliament

On Wednesday, MEPs adopted new rules to ensure transferred funds arrive immediately into the bank accounts of retail customers and businesses across the EU. The new regulation aims to make sure that retail clients and businesses, especially SMEs, will not have to wait for their money, as well as to enhance the safety of transfers.

January 24, 2024

On the web

CFPB Proposes Rule to Stop New Junk Fees on Bank Accounts

Consumer Financial Protection Bureau

"The CFPB proposed to block banks and other financial institutions from one potential source of new junk fee revenue – fees on transactions declined right at the swipe, tap, or click including prohibiting non-sufficient funds (NSF) fees on transactions that financial institutions decline in real time."

January 11, 2024

On the web

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