Currently, banks charge an average of $35 for overdraft loans, raking in billions of dollars per year. The CFPB proposed a safe harbor for overdraft loans that would be as low as $3.

The settlement addresses charges that the Memphis, TN-based bank engaged in mortgage lending discrimination in majority-Black and Hispanic neighborhoods.

The Supreme Court appears poised to overturn the legal theory of “Chevron deference.” If it does, what the court chooses to replace the standard with will have an impact on the CFPB going forward.

CFPB proposes rule aimed at a fee rarely charged by banks; Connecticut regulator alleges unlicensed mortgage origination activity by LoanSnap; the CFPB and seven state AGs partner on a lawsuit against a debt-relief company; CFPB warns of scam targeting elderly.

Laws in a number of states require mortgage servicers to make interest payments to borrowers on funds held in escrow. The Supreme Court will hear oral arguments on the matter in February, helping to clarify the OCC’s stance on federal preemption.

Industry participants and consumer advocates separately applauded the CFPB’s Section 1033 proposal on open banking. There were also plenty of suggestions for adjustments among the thousands of comment letters submitted.

The CFPB has a goal to close 65% of its enforcement investigations within two years of the start of an investigation. The agency has been nowhere near that goal in recent years.

The Fair Debt Collection Practices Act’s prohibition on false, deceptive or misleading representations applies even if such representations are made unintentionally and unknowingly, the CFPB said in an amicus brief filed with the U.S. Court of Appeals.

The CFPB estimated that its proposal to establish oversight of payments providers would apply to 17 companies. Companies subject to the proposal are seeking exemptions while consumer advocates called for more expansive protections.

The challenges borrowers of student loans face include long hold times on phone calls, delays in application processing and inaccurate billing statements.