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."
Comments on a joint FRB and FDIC Advance Notice of Proposed Rulemaking soliciting feedback on whether the agencies should strengthen large bank resolution standards are due by December 23, 2022.
FDIC Chair Martin J. Gruenberg said that the agency must implement a cautious and deliberate approach to crypto regulation, and that existing regulatory concepts can apply to crypto assets.
The Federal Reserve Board and the FDIC solicited feedback on "whether an extra layer of loss-absorbing capacity could improve optionality in resolving a large banking organization or its insured depository institution, and the costs and benefits of such a requirement."