CFPB Director Rohit Chopra and SIFMA President Kenneth E. Bentsen, Jr. published opposing public statements on proposed revisions to capital requirements for large banking organizations.
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The CFPB adopted an interim final rule to facilitate the transition from LIBOR and reflect the enactment of the Adjustable Interest Rate (LIBOR) Act and related Federal Reserve Board actions.
CFPB Director Rohit Chopra intends to "activate a dormant authority" under the Consumer Financial Protection Act to give consumers control over the financial data they maintain with banks, and allow them to transfer their information to another financial institution.
The CFPB reviewed unanticipated overdraft fee assessment practices and concluded that surprise overdraft fees and surprise depositor fees are "likely unfair and unlawful under existing law."
A bank settled CFPB charges for unfair and abusive practices by charging overdraft fees on transactions when customers had sufficient funds in their accounts when the transactions were made.