CFPB Slaps Navy Federal Credit Union with $95 Million “Junk Fees” Penalty
The Consumer Protection Financial Bureau announced it had agreed with Navy Federal Credit Union on a penalty totaling $95 million for authorize positive, settle negative overdraft protection practices spanning years; CUSO Magazine’s Esteban Camargo reports.
Supreme Court’s Rules in Favor of CFPB; Director Chopra Ramps Up Activity
Now that the Supreme Court has found the Consumer Financial Protection Bureau’s funding mechanism constitutional, Director Rohit Chopra is revving up the agency’s engines, reports David Baumann.
Texas Judge Issues Injunction on CFPB’s Credit Card Late Fee Rule
In the ongoing case of financial institutions vs the CFPB, a Federal Judge in Texas has issued an injunction of the CFPB’s credit card late fee ruling, reports Emily Claus.
CFPB and Credit Unions Clash on Fee Income Reporting and Protections
In recent news on the never-ending clash between credit unions and the Consumer Financial Protection Bureau regarding fee income, credit unions are speaking out against new requirements making fee income public information, reports Emily Claus.
CFPB’s Credit Card Late Fee Rule Change Still Slated for May 2024 Despite Staunch Opposition
Opponents of the CFPB’s credit card late fee proposal are trying to shoot it down everywhere. So far, they are failing. The rule still is slated to go into effect next month. David Baumann reports on the latest developments.
The Fight Against the CFPB’s Late Fee Rule Continues, But Not In Texas
In the latest update on pushback against the CFBP’s credit card late fee ruling, a Texas judge has rejected trade groups’ request for the suit to be filed in the lone star state—where the conditions are more favorable—instead of Washington D.C. Emily Claus reports.
CFPB’s Contentious Credit Card Rule Will Face Stiff Challenge
On March 5, the CFPB issued its final rule governing credit card late fees, reports David Baumann.
CFPB and Open Banking: Searching for a Solution While Creating New Problems
The Consumer Financial Protection Bureau has released a new rule on open banking, a system which in theory is meant to help members, but in reality places undue burdens on financial institutions. Patrick Sickels and Jim Vilker cover the requirements of the rule and where it falls short.
CFPB’s Proposed Overdraft Fees Rule Lauded by Some, Condemned by Others
The CFPB’s proposed overdraft rule, which would affect the largest credit unions and banks, is praise from consumer rights advocates. Banks and credit unions, however, are standing united in opposing the rule, reports David Baumann.
Economic Liberties Project: Junk Fees Create Unlevel Playing Field
Arguing that junk fees are not just annoying, but also create an unlevel playing field, the American Economic Liberties Project on Monday released model legislation that would provide Congress and state legislatures tools to tackle the issue, reports David Baumann of CUCollaborate.
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