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On September 18, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a set of frequently asked questions (FAQs) providing guidance on applying Regulation Z requirements to Pay-in-Four Buy Now, Pay Later (BNPL) products accessed through digital user accounts (DUAs). These FAQs follow the Bureau’s interpretive rule issued in May of this year, subjecting BNPL transactions to provisions of Regulation Z applicable to “credit cards.”

The Consumer Financial Protection Bureau (CFPB) will soon propose a rule that would apply privacy protections to data brokers, CFPB Director Rohit Chopra said Thursday (Sept. 19). In remarks prepared for delivery at the Aspen Institute, Chopra said this proposed rule would give consumers more control of their own sensitive data.

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The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises.

The Federal Deposit Insurance Corporation (FDIC) today released results of its annual survey of branch office deposits for all FDIC-insured institutions as of June 30, 2024.  The FDIC’s Summary of Deposits (SOD) provides deposit totals for each of the more than 76,000 domestic offices operated by more than 4,500 FDIC-insured commercial and savings banks, savings associations, and U.S. branches of foreign banks.

The National Credit Union Administration Board held its sixth open meeting of 2024 and approved:

• A final rule incorporating its Second Chance Interpretive Ruling and Policy Statement and the Fair Hiring in Banking Act into its regulations.
• A final rule that would simplify share insurance regulations by establishing a “trust accounts” category.

In addition, the NCUA’s Chief Financial Officer briefed the Board on both the performance of the National Credit Union Share Insurance Fund during the second quarter of 2024 and the 2024 mid-session budget.

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