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
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.
The CFTC proposed amendments to allow foreign trade boards ("FBOTs") to offer direct trading access to U.S.-based introducing broker participants and to establish a process for FBOTs to request revocation of their registration.
The CFPB proposed a rule to prohibit covered financial institutions from charging fees, such as nonsufficient funds fees, when consumers initiate payment transactions that are instantaneously declined.
A broker-dealer settled charges with FINRA it sent confirmations to institutions' customers that "inaccurately reflected the capacity in which the firm acted."