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May 22, 2024

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May 17, 2024

On the web

May 16, 2024

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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."

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

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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 16, 2024

On the web

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."

December 18, 2023

On the web

November 17, 2023

On the wires

November 7, 2023

On the web

November 1, 2023

On the web

October 27, 2023

On the web

CFPB Issues Biennial CARD Act Report to Congress

Consumer Finance Monitor

"On October 25, 2023, the Consumer Financial Protection Bureau (CFPB) released its sixth consumer credit card market biennial report to Congress as required under the Credit Card Accountability Responsibility and Disclosure Act (CARD Act)."

October 25, 2023

On the web

October 20, 2023

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October 19, 2023

On the web

October 17, 2023

On the web

October 16, 2023

On the web

CFPB and Justice Department Issue Joint Statement Cautioning that Financial Institutions May Not Use Immigration Status to Illegally Discriminate Against Credit Applicants

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau and Justice Department today issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics covered by the Equal Credit Opportunity Act, regardless of their immigration status."

October 6, 2023

On the web

Credit Card Reward ‘Bait and Switch’ Tactics Face CFPB Scrutiny

Bloomberg Law

"The Consumer Financial Protection Bureau is preparing to take a closer look at credit card rewards programs, the agency’s director said. CFPB Director Rohit Chopra on Friday said his agency is eyeing new guidance for how the Electronic Fund Transfer Act, a 1978 law governing electronic payments, applies to what he called “private digital dollars” and other digital currencies, including crypto."

On the wires

October 2, 2023

On the wires

September 21, 2023

On the web

September 13, 2023

On the web

Big Tech's Role in Contactless Payments: Analysis of Mobile Device Operating Systems and Tap-to-Pay Practices

Consumer Financial Protection Bureau

"In jurisdictions around the world, consumers, small businesses, financial institutions, and policymakers are recognizing the benefits of open ecosystems in the digital world...Given the agency’s mandate to ensure fair, transparent, and competitive markets, as well as the CFPB’s plans to issue rules that will accelerate the shift to open banking in the United States, the CFPB analyzed POS payments in the context of mobile operating systems to better understand the state of platform interoperability in payments, a critical open banking use case."

September 7, 2023

On the web

June 15, 2023

On the web