Since the Consumer Financial Protection Bureau’s funding structure through the Federal Reserve was deemed unconstitutional by the U.S. Court of Appeals for the 5th Circuit, groups with pending enforcement actions from the bureau are seeking dismissal, and one state official has urged the bureau to follow the court’s ruling.
After a period of lull in the first half of 2022, data breaches grew significantly in Q3 2022. According to findings by Surfshark, data breaches surged by 70% quarter-over-quarter, to 108.9 million accounts in Q3 2022.
Following up on a threat it made back in 2018, the New York State Department of Financial Services (DFS) announced on October 6, 2022 that it entered into a consent order with Rhinebeck Bank (“Rhinebeck”) to settle discrimination claims involving discretionary dealer markups on retail installment contracts with minority borrowers.
Although it has not yet been a week since a Fifth Circuit panel issued its decision holding that the CFPB’s funding mechanism is unconstitutional, the defendants in three CFPB enforcement matters are already attempting to use the decision as grounds for dismissal of the CFPB actions.
Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about two junk fee practices that are likely unfair and unlawful under existing law. The first, surprise overdraft fees, includes overdraft fees charged when consumers had enough money in their account to cover a debit charge at the time the bank authorizes it. The second is the practice of indiscriminately charging depositor fees to every person who deposits a check that bounces. The penalty is an unexpected shock to depositors who thought they were increasing their funds.
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