The Office of the Comptroller of the Currency (OCC) today announced the promotions of Robert Barnes and Kevin Greenfield as Deputy Comptrollers for Large Bank Supervision (LBS).
Today the Consumer Financial Protection Bureau (CFPB) issued its first results from its Student Loan Borrower Survey, providing insights into the effects of student loan debt relief programs and the challenges borrowers face in navigating repayment options. The survey, conducted between October 2023 and January 2024, gathered data from a representative sample of student loan borrowers as the federal student loan payment pause ended and many borrowers returned to repayment.
The Department of Consumer and Worker Protection (DCWP) has announced updates to its debt collection regulations, aiming to enhance consumer protections and better align with current practices in the industry. Originally set to take effect on December 1, 2024, these regulations will now be implemented on April 1, 2025. This delay allows additional time for debt collectors to adjust their operations in response to the feedback provided by industry stakeholders. You can view the official notice of the date change here.
Yesterday the FCC announced the new one-to-one rule has cleared Office of Management and Budget review in time to become effective January 27, 2025. This was the final hurdle remaining for the rule’s implementation– and went sailing through as expected.
Today, the Consumer Financial Protection Bureau (CFPB) took action against Navy Federal Credit Union for charging illegal overdraft fees. From 2017 to 2022, Navy Federal charged customers surprise overdraft fees on certain ATM withdrawals and debit card purchases, even when their accounts showed sufficient funds at the time of the transactions.
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