financial-regulation6.165 min read
SEC Redefines Quorum to Allow Single Commissioner to Rule
7 days ago•Source: Financial Times
Financial Regulation News
The latest financial regulation stories, each synthesized from multiple sources with added background and context.
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5.64 min•2 years ago
"Biden Administration Takes Aim at Excessive Credit Card Late Fees, Caps Average Fee at $8"
The Consumer Financial Protection Bureau (CFPB) has finalized a rule to cut excessive credit card late fees, estimating that American families will save over $10 billion annually by reducing the typical fee from $32 to $8. The rule applies to the largest credit card issuers and aims to end the automatic annual inflation adjustment for late fees, requiring issuers to prove that higher fees are necessary to cover actual collection costs. This effort is part of the CFPB's ongoing work to address issues in the credit card market, including high interest rates and illegal conduct by credit card companies.
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Bank of America Hit with $12 Million Fine for False Mortgage Data Reporting
Consumer Financial Protection Bureau•2 years ago
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Regulators Slap TransUnion with $23 Million Fine for Illegal Rental Background Checks and Credit Reporting
Consumer Financial Protection Bureau•3 years ago
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Bank of America Faces CFPB Action for Fake Accounts, Junk Fees, and Credit Card Rewards Withholding
The Consumer Financial Protection Bureau (CFPB) has ordered Bank of America to pay over $100 million in penalties and redress to customers for illegally charging fees, withholding credit card rewards, and opening unauthorized accounts. Bank of America engaged in a double-dipping scheme, charging customers multiple fees for the same transaction, withheld promised credit card rewards, and misused customer information to open unauthorized accounts. This is not the first enforcement action against Bank of America for illegal practices. The CFPB's orders require the bank to stop these practices, compensate affected consumers, and pay penalties to the CFPB and the Office of the Comptroller of the Currency (OCC).