Compliance News

Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s Consumer Financial Protection Bureau proposed rule on credit card fees for late payments.

The FDIC extended by 45 days the public comment period for proposed changes to its regulations relating to the FDIC’s official sign, official advertising statement, deposit insurance misrepresentations, and misuse of the agency’s name or logo. Comments are now due by April 7.

ICBA called on the Consumer Financial Protection Bureau to limit the regulatory burden of its pending rulemaking to establish standards for sharing consumer financial data.

The Consumer Financial Protection Bureau was incorrect in determining that the Truth in Lending Act does not preempt a recently enacted New York State disclosure law, ICBA said in a new comment letter.

ICBA and other groups called on the Consumer Financial Protection Bureau to comply with the Small Business Regulatory Enforcement Fairness Act as it considers reducing or eliminating the safe harbor fee that credit card issuers may charge to avoid scrutiny of their fees as unreasonable.

The Consumer Financial Protection Bureau issued a circular affirming that companies offering “negative option” subscription services must comply with federal consumer financial protection law.

The Financial Crimes Enforcement Network today is set to issue a final rule to reflect annual inflation adjustments to its civil monetary penalties as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990.

The Consumer Financial Protection Bureau released updated mortgage servicing examination procedures for use by CFPB examiners.