Mar 7, 2024 | Federal Regulation, News
CFPB Finalizes Rule Cutting Credit Card Late Fees to $8 Earlier this week, the Consumer Financial Protection Bureau (CFPB) finalized a rule cutting credit card late fees from an average of $32 to $8, which the Bureau says will curb fees that cost American families...
Feb 14, 2024 | Federal Regulation, News
Chamber of Commerce, Industry Groups Warn FTC that Junk Fee Ban Faces Likely Legal Challenge The U.S. Chamber of Commerce and other industry groups recently warned the Federal Trade Commission (FTC) that its push to ban junk fees will likely face a legal challenge,...
Feb 8, 2024 | Congressional Legislation, Federal Regulation, News
Republican Reps Say FDIC has “Moved Innovation Backwards” Representatives Patrick McHenry, chairman of the House Financial Services Committee; Andy Barr, chairman of the Financial Institutions and Monetary Policy Subcommittee; and French Hill, chairman of the Digital...
Jan 31, 2024 | Federal Regulation, News
CFPB Proposes Rule Limiting Banks’ Ability to Charge NSF Fees on Instantaneously-Declined Transactions The Consumer Financial Protection Bureau (CFPB) recently proposed a new rule to prevent banks and financial institutions from charging non-sufficient funds (NSF)...
Jan 25, 2024 | Federal Regulation, Litigation, News
Supreme Court Signals It Will Claw Back Federal Agency Power Last week, the Supreme Court signaled that it will likely cut back the regulatory power of federal agencies when several justices indicated during a pair of arguments they were ready to overrule a legal...
Jan 23, 2024 | Federal Regulation, News
CFPB Proposes Rule to Crack Down on Overdraft Fees Last week, the Consumer Financial Protection Bureau (CFPB) proposed a rule to rein in excessive overdraft fees that would close a loophole exempting overdraft lending services from provisions of the Truth in Lending...