The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a 2025 Operating Budget of $3 billion, a 2.2% increase from the previous year’s budget. While the Ongoing Operations budget increases by $161.4 million (6.3%) from 2024, the Receivership Funding component of the budget declines by $100 million, or 28.6%.
The Consumer Financial Protection Bureau (CFPB) announced major actions today to protect consumers from illegal credit card practices and help people save money on interest and fees. In a circular to other law enforcement agencies, the CFPB warned that some credit card companies operating rewards programs may be breaking the law, including by illegally devaluing rewards points and airline miles. The CFPB also published new research finding that retail credit cards—which typically offer store-specific rewards and loyalty programs—charge significantly higher interest rates than traditional cards.
The Consumer Financial Protection Bureau (CFPB) is requesting public comments as it prepares a proposed rule to address issues surrounding coerced debt and its impact on credit reporting. The initiative aims to amend certain provisions within Regulation V, which implements the Fair Credit Reporting Act (FCRA), to better protect consumers.
On November 26, the U.S. District Court for the Northern District of Georgia received notice of a class-wide settlement reached between plaintiffs, an individual and a class of similarly situated harmed individuals, and the defendant, a deposit risk management firm, in a data breach case.
On December 12, the Consumer Financial Protection Bureau (CFPB or Bureau) announced the finalization of its rule addressing overdraft fees. The rule targets financial institutions with more than $10 billion in assets, imposing new restrictions and requirements on how these institutions manage and charge for overdraft services. However, with the upcoming change in administration, questions remain as to whether the final rule will ever take effect.
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