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Compliance

The new proposal forms part of CFPB’s work to prohibit all junk fees
Proposed rule to ban junk fees aims to remedy widespread concerns
The new rules could save consumers over $3.5 billion in fees per year
The BPI and ABA also released a statement saying the “changes would inflict serious harm”
President and CEO Rob Nichols said proposed rules threaten affordable deposit account products
The proposals will impact the relationship between large banks and minority depository institutions, says the association
The associations argued the CFPB’s proposal does not go far enough
Federal Reserve Governor Michelle Bowman stressed the importance of tailoring banking regulations to institutional size to avoid adverse incentives
The banking organizations wrote to the CFPB about the proposed redefinition of digital assets
The regulator also published guidance on ‘Buy Now, Pay Later’ lending
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