CFPB, in Major Turnabout, to Revisit Credit-Card Late Fees
Kate Berry, American Banker
The Consumer Financial Protection Bureau has submitted a formal request for information from credit-card issuers about late fees, a stunning move given that the Trump administration helped kill a Biden-era rule that would have dropped late fees to $8.
The request for information was submitted Monday for regulatory review to the Office of Information and Regulatory Affairs. While the document is not yet public, it technically marks the first step toward an official rulemaking. But several analysts said the request doesn’t mean the CFPB plans to issue its own rule. The push to reduce late fees was a policy centerpiece of the Biden administration and former CFPB Director Rohit Chopra…
Read moreFederal Reserve Proposes Strategic Update to Anti Money Laundering Standards
Published in FinCrime Central
The Federal Reserve Board has initiated a request for public commentary regarding a proposed regulatory overhaul aimed at modernizing how banking institutions maintain their safeguards against illicit financial activities.
This proposal reflects a concerted effort by federal regulators to transition from rigid, administrative compliance checklists to a more flexible model that prioritizes the actual threat landscape faced by each individual institution. By shifting the focus toward a more tailored approach, the central bank aims to enable banks to allocate their limited resources toward the highest risks…
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FDIC, OCC End Appeal in Bank Suit Over Biden Anti-Redlining Rule
Evan Weinberger, Bloomberg Law
The FDIC and OCC are dropping their appeal in an industry lawsuit that prompted a federal judge in Texas to block a Biden-era anti-redlining rule, while the agencies under Trump-appointed leaders work to rescind it.
In a motion filed Wednesday in the US Court of Appeals for the Fifth Circuit, the two federal banking regulators said that they “no longer wish to pursue” their appeal of a March 2024 decision halting the Biden administration’s rewrite of the Community Reinvestment Act’s implementing rule…
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