The CFPB proposed revisions to overdraft lending rules to ensure that consumer credit protections apply to overdraft credit provided by very large financial institutions. The CFPB stated that the proposal would save consumers "billions each year in junk fees."
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The Federal Trade Commission proposed a new rule to combat "junk fees." The CFPB issued an advisory opinion clarifying financial institution obligations to respond to consumers' account requests and provide information on fees and charges.
President Joseph R. Biden nominated individuals for open positions on the Federal Reserve Board.
President Joseph R. Biden urged banking regulators to adopt tougher capital rules to prevent the risk of future banking crises following the failure of Signature Bank and Silicon Valley Bank.
U.S. President Joseph R. Biden urged Congress to "impose tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing." He is expected to announce Administration actions to address the financial fallout of the recent bank failures today.