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Goodwin

The CFPB’s “Junk Fees” Initiative: Recent Developments and Trends

Goodwin on

The term “junk fee” is not defined under federal law, but the CFPB has focused on factors such as whether the fee would be unexpected to or take advantage of a reasonable consumer, the amount of the fee compared to the cost...more

Ballard Spahr LLP

Texas federal district court rules in favor of CFPB in challenge to its Payments Rule and extends compliance-date stay for 286...

Ballard Spahr LLP on

More than eight months after the close of briefing, the Texas federal district court has finally ruled in the challenge by two industry trade groups to the CFPB’s Payments Rule. The court’s award of summary judgment to the...more

Goodwin

Supreme Court Decision Empowers President Biden to Replace Director of FHFA

Goodwin on

In This Issue. In a move that gives him the opportunity to put his stamp on housing policy and the potential overhaul of Fannie Mae and Freddie Mac, President Biden replaced the Director of the Federal Housing Finance Agency...more

Faegre Drinker Biddle & Reath LLP

Overdraft Protection Developments: Citing New Study, CFPB Issues Prototype Overdraft Disclosures

On August 4, 2017, the Consumer Financial Protection Bureau (CFPB) unveiled four prototype overdraft disclosure forms currently being tested to replace the existing model form. The CFPB developed the prototype forms based on...more

BakerHostetler

CFPB Unveils Disclosure Forms in Response to Overutilization of Overdraft Fees

BakerHostetler on

On Aug. 4, the Consumer Financial Protection Bureau (CFPB) released the results of its study into frequent overdrafters and four overdraft disclosure model forms as part of its Know Before You Owe initiative. The CFPB...more

Stinson - Corporate & Securities Law Blog

CFPB Week in Review

The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation - Enforcement Action Against Santander Bank - ...more

Ballard Spahr LLP

CFPB issues financial guides for new immigrants

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The CFPB recently announced that it has developed “the Newcomer’s Guides to Managing Money to provide recent immigrants with straightforward information about basic money decisions.” According to the CFPB, each guide...more

Ballard Spahr LLP

CFPB settles first overdraft opt-in rule enforcement action

Ballard Spahr LLP on

The CFPB announced yesterday that it had reached a settlement with Regions Bank regarding claims that the bank unlawfully charged overdraft fees to customers who had not opted-in for overdraft coverage. The matter is the...more

Ballard Spahr LLP

Rep. Maloney urges CFPB to limit overdraft fees and expand opt-in rules

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Democratic Congresswoman Carolyn Maloney of New York sent a letter to Director Cordray yesterday urging the CFPB to limit overdraft fees and expand opt-in requirements as part of a proposed overdraft rule. In calling...more

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