Two CBA executives argued that regulation by enforcement means compliant behaviors can change at a moment’s notice and cause confusion for the industry as firms try to interpret enforcement outcomes. Rulemaking and guidance, they believe, is the way to go.
A partner at Alston & Bird said the bureau’s orders to six tech firms operating payment systems may have violated the Paperwork Reduction Act. The rule requires months of public outreach and OMB approval before information collection requests can be sent.
The bureau held a press call last week discussing data on overdraft and NSF fees from two reports and outlining the steps it intends to take to reduce such fees. The reports show banks’ revenue from these fees is relatively stable, save for a significant drop in 2020.
Since a November congressional hearing, evidence that BNPL is here to stay has only grown. Consumer advocates are asking CFPB to step in and regulate the space.
Regulators issue rule mandating outreach in case of computer system breaches; CFPB announces four regulatory threshold adjustments; former CFPB Director Cordray considered for Fed supervision role; CFPB admits violating law in creating task force.
But acquiring that talent is going to be an enormous challenge for the bureau given that it cannot compete with compensation levels in the private sector.
The CFPB said it will apply heightened scrutiny to matters and decisions where a regulated entity has employed or retained the services of a former bureau employee.
The Government Accountability Office said the CFPB’s fiscal 2020 and fiscal 2021 financial statements were in accordance with generally accepted accounting principles.
Federal and state agencies are back to fully enforcing communication timing requirements found in Regulation X. However, they will consider the impact of COVID-19 when deciding supervisory and enforcement actions.
RSS