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 DOJ, OFAC, FinCEN and the CFTC settled enforcement actions against Binance, its CEO and former CCO. The coordinated settlements addressed charges against the digital asset exchange for CFTC registration failures and for violations of the Bank Secrecy Act and International Emergency Economic Powers Act sanctions programs.
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.
The CFPB, DOJ, FTC and Equal Employment Opportunity Commission reaffirmed their commitment to monitoring the development and use of artificial intelligence to ensure “responsible innovation” and protect individuals’ rights.