Jun 15, 2023 | Congressional Legislation, Federal Regulation, News
CFPB Director Rohit Chopra Testifies Before House, Senate Committees Last week, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified at hearings before the House Financial Services Committee and Senate Banking Committee to present the CFPB’s...
Jun 7, 2023 | Federal Regulation, News
CFPB Orders OneMain to Pay $20 Million in Penalties and Redress Last week, the Consumer Financial Protection Bureau (CFPB) ordered installment lender OneMain Financial to pay $20 million in penalties and redress due to a failure to refund interest that was charged to...
May 31, 2023 | Banks & Credit Unions, Federal Regulation, News
CFPB Report Finds Overdraft and NSF Fee Revenue Dropped by Nearly 50% in Q4 2022 The Consumer Financial Protection Bureau (CFPB) recently released a report highlighting overdraft and non-sufficient funds (NSF) fee revenue, finding that revenue for the fourth quarter...
May 17, 2023 | Federal Regulation, News
NY AG James Releases Draft Legislation to Regulate Crypto New York Attorney General Letitia James, recently proposed a state law entitled The Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act, which would require independent audits of crypto...
May 5, 2023 | Banks & Credit Unions, Federal Regulation, News
FDIC and OCC Take Aim at Certain Overdraft Practices Last month, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC) warned financial institutions about overdraft practices that they consider unfair or deceptive, saying...
Apr 24, 2023 | Federal Regulation, News
Yellen Warns of Tougher Lending Environment in Aftermath of Bank Failures Following the recent failures of Silicon Valley Bank and Signature Bank, U.S. Treasury secretary Janet Yellen warned that a tougher lending environment could affect the Federal Reserve’s...
