The Chamber of Commerce, the American Bankers Association, the Consumer Bankers Association and two Texas business groups challenged the CFPB on the recently adopted final rule restricting credit card penalty fees.
News & Insights
Republican members of the House Financial Services Committee urged banking regulators to withdraw their Basel III Endgame proposal. The legislators argued that, as issued, the proposal "lacks justification, lacks rigorous quantitative analysis, and is procedurally flawed."
The Consumer Financial Protection Bureau issued a final rule to restrict credit card late fees, which marks the latest expansion of the Biden Administration’s "junk fee" initiative.
In a partially redacted Order in a "Supervisory Designation Proceeding," the CFPB determined that it has supervisory authority over an installment lender after concluding that the lender met the legal standard for supervision under the Consumer Financial Protection Act.
In the annual report to Congress of the Financial Stability Oversight Council, Treasury Secretary Janet Yellin touted the resilience of the U.S. financial system in the face of "a wide range of risks, including risks stemming from the commercial and residential real estate sectors and from global geopolitical conflicts and technological developments."