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1 month ago | 
openlegalblogarchive.org | Kristen Larson |Ronald K. Vaske
Using the Congressional Review Act, the Senate has voted to nullify a CFPB final rule that would subject large cash apps to the bureau’s supervision. The Senate voted 51-47 to adopt S.J. Res 28, a resolution that under the CRA, was not subject to a filibuster. The House has not yet considered a companion resolution. If the House adopts that resolution, it would go to President Trump for his signature. The CFPB issued the rule in December.
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1 month ago | 
jdsupra.com | Kristen Larson |Ronald K. Vaske
Using the Congressional Review Act, the Senate has voted to nullify a CFPB final rule that would subject large cash apps to the bureau’s supervision. The Senate voted 51-47 to adopt S.J. Res 28, a resolution that under the CRA, was not subject to a filibuster. The House has not yet considered a companion resolution. If the House adopts that resolution, it would go to President Trump for his signature. The CFPB issued the rule in December.
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1 month ago | 
jdsupra.com | Kristen Larson |Ronald K. Vaske
Chairman Kyle S. Hauptman announced that the National Credit Union Administration (NCUA) will no longer publish overdraft and non-sufficient fund (NSF) fee income for individual credit unions with more than $1 billion in assets. Instead, under the new policy effective with the March 31, 2025 call reporting, the NCUA will collect the data during supervisory examinations.
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1 month ago | 
jdsupra.com | Kristen Larson |Ronald K. Vaske
The Federal Deposit Insurance Corporation (FDIC) is further postponing the compliance date requirements to display the FDIC official digital sign on an insured depository institution’s (IDI) digital channels, as well as on the screen of an IDI’s automated teller machine (ATM) and like devices. The new mandatory compliance date for these requirements is March 1, 2026.
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2 months ago | 
jdsupra.com | John Culhane Jr. |Kristen Larson |Ronald K. Vaske
Chief Judge Virginia Kendall of the Northern District of Illinois has extended her preliminary injunction prohibiting Illinois from enforcing the Illinois Interchange Fee Prohibition Act (the “IFPA”) to cover out-of-state banks conducting business in the state. Judge Kendall already had ruled that Illinois could not enforce the IFPA on nationally chartered banks and federal savings associations but requested additional briefing with respect to federal credit unions and out-of-state banks.
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2 months ago | 
jdsupra.com | John Culhane Jr. |Alan Kaplinsky |Kristen Larson
Sens. Bernie Sanders, I-Vt. and Josh Hawley, R-Mo. have introduced bipartisan legislation that could cap credit card interest rates at 10%. The Senators said their bill, S. 381, would fulfill a commitment made by President Trump when he campaigned for president last year. The legislation—which has been proposed in past Congresses—would impose the cap through a change in the Truth in Lending Act.
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2 months ago | 
jdsupra.com | Kristen Larson |Ronald K. Vaske
House Republicans appear ready to start the Congressional Review Act (CRA) process to attempt to repeal the Biden Administration’s controversial overdraft rule. Therule is scheduled to go into effect Oct. 1, but Acting CFPB Director Scott Bessent has ordered a halt to all work at the agency, and a suspension of the effective dates for all rules that have not yet taken effect, so it is unclear when the overdraft rule might take effect.
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2 months ago | 
jdsupra.com | Kristen Larson
On January 30, 2025, the CFPB ordered Wise, an international remittance company, to pay almost $2.5 million in connection with allegations of illegal activities, including advertising inaccurate fees and failing to properly disclose exchange rates and other costs. Pursuant to the consent order, Wise must pay approximately $450,000 in redress to harmed consumers and pay a $2.025 million civil penalty to the CFPB.
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2 months ago | 
jdsupra.com | Kristen Larson |Ronald K. Vaske
The New York State Department of Financial Services has released a proposed rule that would regulate overdraft, non-sufficient funds (NSF), and return deposit item fees charged by banks, trust companies, savings banks, savings and loan associations, credit unions and investment companies. Under the proposal, announced by Gov. Kathy Hochul, state-chartered banking institutions would be prohibited from charging: Overdraft and NSF fees on overdrafts of less than $20.
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Jan 14, 2025 | 
jdsupra.com | John Culhane Jr. |Alan Kaplinsky |Kristen Larson
In a 37 page order, Chief Judge Virginia M. Kendall in the Northern District of Illinois determined that the Illinois Bankers Association, American Bankers Association, America’s Credit Unions, and Illinois Credit Union League have standing to bring their claims challenging the Illinois Interchange Fee Prohibition Act (the “IFPA”) and sovereign immunity does not apply to the federal claims.
