U.S. Sen. Cynthia Lummis (R-WY) and Reps. Wiley Nickel (D-NC) and Mike Flood (R-NE) are working to overturn a controversial Securities and Exchange Commission (SEC) staff accounting bulletin, SAB 121, that places restrictions on the custody of digital assets
Financial Services Observer
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CFPB Issues Proposed Rule to Stop ‘Junk Fees’ on Bank Accounts
On Jan. 24, 2024, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would, if finalized in its present form, prohibit financial institutions from charging non-sufficient funds (NSF) fees when consumers initiate transactions that are instantaneously or near-instantaneously…
CFPB Issues Proposed Rule to Stop ‘Junk Fees’ on Bank Accounts
On Jan. 24, 2024, the CFPB released a proposed rule that would, if finalized in its present form, prohibit financial institutions from charging NSF fees when consumers initiate transactions that are instantaneously or near-instantaneously declined. Under the proposed “Fees for…
Montana Attorney General Confirms Certain Earned Wage Access Products Are Not Loans
On Dec. 22, 2023, Montana Attorney General Austin Knudsen issued an opinion clarifying that certain Earned Wage Access products are not loans under either the Montana Consumer Loan Act or the Montana Deferred Deposit Loan Act.…
5 Trends to Watch: 2024 UK Financial Services Regulation
This 5 Trends piece covers non-financial misconduct, the Senior Managers and Certification Regime, FCA investigations and Upper Tribunal proceedings, motor finance, and FCA Sustainability Disclosure Requirements.…
5 Trends to Watch: 2024 Financial Services Litigation
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FDIC Issues Cease and Desist Letters to 5 Entities for Making False or Misleading Representations Regarding Deposit Insurance
On Jan. 19, 2024, the Federal Deposit Insurance Corporation (FDIC) issued letters demanding five entities and certain associated parties cease and desist from making false and misleading statements about FDIC deposit insurance. According to the FDIC, the companies made false…
CFPB Proposes Rule to Reclassify Overdraft Fees Under TILA
In a move that could reshape the landscape of consumer finance, on Jan. 17, 2024, the Consumer Financial Protection Bureau (CFPB) proposed a new rule that aims to redefine overdraft fees as credit products subject to TILA. This proposal is…
FinCEN Publishes Final Rule on Access to Beneficial Ownership Information
On Dec. 22, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a final rule (Access Rule) establishing the parameters for authorized access to BOI reported to FinCEN. The Access Rule is the second of three…
Corporate Transparency Act Takes Effect with Beneficial Ownership Reporting Requirements
Starting Jan. 1, 2024, the Corporate Transparency Act and its implementing regulations mandate that certain U.S. legal entities and foreign entities registered to do business in the United States (collectively, Reporting Companies) report certain BOI to the U.S. Department of…