The White House announced that federal agencies completed their ninety day directives set out in President Joseph R. Biden's "Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence."
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."
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 issued an Executive Order restricting certain U.S. investments in "covered national security technologies and products" in the People’s Republic of China, Hong Kong and Macau.