The National Credit Union Administration today released a Research Note that provides an analysis of statistics for overdraft and non-sufficient funds fees, and observations on the relationship between overdraft and non-sufficient funds fees and other revenues.
Earlier this week, the CFPB issued a proposed rule. Among other things, the proposed rule would “forbid covered persons from including in their consumer contracts any terms or conditions that purport to waive substantive legal rights and protections” or that “reserve to the covered person the right to unilaterally amend a material term of the contract.” The CFPB states that it “has preliminarily concluded that use of these clauses may constitute an unfair or deceptive act or practice” because they are contained in so-called “contracts of adhesion”—particularly electronic contracts which, the CFPB argues, are often unread or misunderstood by consumers.
On January 15, the Consumer Financial Protection Bureau (CFPB or Bureau) released a blog post highlighting the growing efforts by financial institutions to serve consumers with limited English proficiency (LEP). However, according to the Bureau, despite these advancements, significant barriers remain for LEP individuals in accessing fair and competitive financial services.
The Consumer Financial Protection Bureau (CFPB) has ordered Block, Inc., the operator of the peer-to-peer payments platform Cash App, to provide up to $120 million in refunds and other redress to consumers and pay a $55 million penalty to the CFPB’s victims relief fund. This enforcement action comes in response to the company’s inadequate security measures and failure to properly investigate unauthorized transactions, leaving many users at risk of financial loss.
2024 was another year of substantial legislative and regulatory advances at the international, federal, and state levels with regard to data protection law. Artificial intelligence (AI) regulation continued to hurdle forward with several key advancements, such as the adoption of the European Union’s Artificial Intelligence Act (“EU AI Act”) and a growing number of state AI bills in the US. The Federal Trade Commission (FTC) continued to flex its enforcement authority over data privacy and cybersecurity violations, paying special attention to claims companies made about their AI capabilities and other uses of AI the agency alleged to be “unfair.” Protecting sensitive data was a main priority for the FTC and the Department of Justice (DOJ)—the former focusing on data brokers’ collection of genetic data, consumer web data, and location data, while the latter focused on national security and issues related to US data transfers to “countries of concern.” Meanwhile, state legislatures, regulators, and attorneys general (AGs) continued to churn out comprehensive privacy laws, promulgate rules, and pursue enforcement actions.
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