On April 21, 2023, the Governor of Washington State signed Second Substitute Bill 5518 into law, establishing a cybersecurity advisory committee and related subcommittees to provide recommendations for identifying and responding to cybersecurity breaches.
Smaller lenders emerged from the recent banking crisis relatively unscathed, according to new research. A study released Thursday (May 11) by the New York Fed found that withdrawals from banks in the wake of Silicon Valley Bank’s (SVB) failure in March were primarily centered around 30 “super-regional” banks.
CFPB Director Rohit Chopra, who is a member of the Federal Deposit Insurance Corporation (FDIC) board of directors, said in a Thursday (May 11) statement that he supports the FDIC’s proposal to require banks to pay the extra cost for protecting “uninsured” depositors of Silicon Valley Bank and Signature Bank.
The bureau’s brief contends that the alleged violations of its funding structure in the Appropriations Clause do not warrant removal of existing rules, particularly the payday lending rule.
The CFPB is warning banks against reopening closed customer accounts to drive fees. In a circular published Wednesday (May 10), the Consumer Financial Protection Bureau says it had received consumer complaints that their banks have reopened accounts they had taken steps to close, charging them overdraft, insufficient fund and maintenance fees.
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