News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Banking Sector Deposit Accounts

Nutter McClennen & Fish LLP

Nutter Bank Report: September 2024

The FDIC, OCC, and U.S. Department of Justice (DOJ) have coordinated the release of new policies that will govern each agency’s consideration of bank merger transactions. The FDIC and OCC each published final statements of...more

Goodwin

CFPB Files Proposed Judgment in Bank Suit Regarding the Opening of Unauthorized Accounts

Goodwin on

​On July 9, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it filed a proposed stipulated final judgment and ​order in its suit against a national bank accused of allegedly opening unauthorized accounts...more

Hudson Cook, LLP

New York Moves to Vest DFS With Control Over Certain Deposit Charges

Hudson Cook, LLP on

Over the past year, there have been numerous efforts by federal regulators - in particular the Consumer Financial Protection Bureau - to rein in "junk fees." The CFPB defines a "junk fee" to be an unnecessary and unavoidable...more

Nutter McClennen & Fish LLP

Nutter Bank Report: May 2023

FDIC Announces Special Assessments to Recover Losses from Recent Bank Failures The FDIC has issued a proposed rule that would impose special assessments to recover the loss to the Deposit Insurance Fund (Fund) arising from...more

Goodwin

CFPB Affirms Banks Risk UDAAP for Unilaterally Re-Opening Consumer Accounts After Account Closure

Goodwin on

The Consumer Financial Protection Bureau (CFPB) warned banks that unilaterally re-opening consumer accounts after account closure could constitute an unfair act or practice and the Securities and Exchange Commission’s (SEC)...more

Sheppard Mullin Richter & Hampton LLP

Junk Fees Continue to be Focus of CFPB, Biden Administration

On March 8, the CFPB released a special edition of its Supervisory Highlights reporting on unlawful junk fees that were uncovered in a variety of servicing markets, including bank account deposits, auto loan servicing,...more

Ballard Spahr LLP

CFPB August 2016 complaint report highlights bank account or service complaints, complaints from Ohio consumers

Ballard Spahr LLP on

The CFPB has issued its August 2016 complaint report which highlights complaints about bank accounts or services and complaints from consumers in Ohio and the Columbus metro area.  The CFPB began taking bank account or...more

Nutter McClennen & Fish LLP

Nutter Bank Report, May 2016

Headlines - 1. FinCEN Rule Requires Banks to Identify Beneficial Owners of Business Entity Customers 2. Federal Banking Agencies Issue New Guidance on Reconciling Credit Discrepancies 3. CFPB Publishes...more

Stinson LLP

Financial Regulators Explain Their Expectations for Deposit Reconciliation

Stinson LLP on

This week, the Federal Reserve Board, CFPB, FDIC, NCUA and OCC issued guidance regarding the agencies' supervisory expectations for deposit reconciliation on consumer accounts. The agencies summarized their observations on...more

Ballard Spahr LLP

CFPB issues guidance on deposit reconciliation practices

Ballard Spahr LLP on

The CFPB and four other agencies have issued “Interagency Guidance Regarding Deposit Reconciliation Practices.”  The other agencies are the OCC, Fed, FDIC, and NCUA.  The guidance is intended to set forth the agencies’...more

Katten Muchin Rosenman LLP

CFPB Urges 25 Largest Banks To Do More To Create or Promote Deposit Accounts

On February 3, the Consumer Financial Protection Bureau (CFPB) sent a letter to the nation’s top 25 retail banking companies urging them to do more to create or promote deposit accounts designed to meet consumers’ financial...more

Morrison & Foerster LLP

Bureau Tells Banks to Offer Overdraft-Free Accounts, Sends Warning on Reporting

On February 3, 2016, the Consumer Financial Protection Bureau (CFPB or “Bureau”) announced a series of steps designed to improve consumer access to checking accounts by (a) encouraging banks and credit unions to make...more

Ballard Spahr LLP

CFPB announces steps to improve checking account access

Ballard Spahr LLP on

As anticipated, in conjunction with its field hearing today, the CFPB announced several steps it has taken to improve consumer access to checking accounts. These steps consist of a sending a letter to the 25 largest retail...more

MoFo Reenforcement

Deposit Processing Is Subject of New UDAAP Enforcement

MoFo Reenforcement on

The CFPB, OCC and FDIC (“the regulators”) took action on August 12, 2015 against three banks in the Citizens Bank corporate family, resulting in $11 million in required restitution and a total of $20.5 million in federal...more

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