The CFPB extended the comment period on a Request for Information on (i) credit card late fees and late payments, and (ii) card issuers' revenue and expenses
News & Insights
The CFPB filed a Complaint against a payday lender, alleging that the company (i) concealed the option of a free repayment plan to consumers struggling to repay their short-term, high-cost loans and (ii) "made electronic withdrawals of consumers’ money without their authorization."
The SEC extended the period for Commission consideration of a FINRA proposal to require TRACE reporting of transactions in U.S. dollar-denominated foreign sovereign debt securities. The SEC set August 15, 2022 as the new date for when they will make a decision on the proposed rule.
A broker-dealer settled FINRA charges for sending trade confirmations to customers that were materially inaccurate.
The CFPB requested information from credit card issuers, consumer groups and the public regarding credit card late fees and card issuers' revenue and expenses. An advance notice of proposed rulemaking was published in the Federal Register with a comment deadline set for July 22, 2022.