Today, the Consumer Financial Protection Bureau (CFPB) published guidance to help federal and state consumer protection enforcers stop banks from charging overdraft fees based on phantom opt-in agreements. Phantom opt-ins occur when banks claim they have customers’ consent to charge overdraft fees but there is no proof they actually obtained that consent. Under the Electronic Fund Transfer Act, banks cannot charge overdraft fees on ATM and one-time debit card transactions unless consumers have affirmatively opted in.
The Federal Trade Commission is sending more than $2.6 million in refunds to consumers harmed by online cash advance provider FloatMe. The company deceived consumers with false promises of “free money” and discriminated against some consumers who applied for cash advances.
The Office of the Comptroller of the Currency (OCC) has issued a final rule related to its regulations for business combinations involving national banks and federal savings associations in 12 CFR 5.33. The agency also added as an appendix to 12 CFR 5, subpart C, a policy statement titled “Policy Statement Regarding Statutory Factors Under the Bank Merger Act” that summarizes the principles the OCC uses when it reviews proposed bank merger transactions under the Bank Merger Act (BMA).
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking that would strengthen recordkeeping for bank deposits received from third party, non-bank companies accepting those deposits on behalf of consumers and businesses. The proposal seeks to address risks related to these third-party arrangements, protect depositors, and promote public confidence in insured deposits.
The Federal Communications Commission today announced the opening of the application window for the Schools and Libraries Cybersecurity Pilot Program. During the 45-day application filing window, which will run from September 17,2024 to November 1, 2024, eligible schools and libraries can apply to participate in the three-year,$200 million pilot program. P
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