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CFPB Issues Report on Credit Card Late Fees

In March 2022, the Consumer Financial Protection Bureau (CFPB) issued a 17-page report on the consumer impact from credit card late fees and financial institutions’ reliance on them. In 2019, the average late payment charge by major credit card...
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CFPB Sues TransUnion and Top Executive

On April 12, 2022, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against TransUnion, two of its subsidiaries, as well as longtime executive John Danaher for continuing to violate a previous enforcement order and committing new types...
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CFPB Applies UDAAP to Discrimination

On March 16, 2022, the Consumer Financial Protection Bureau (CFPB) announced the application of Unfair, Abusive, or Deceptive Acts of Practices (UDAAP) to unfair discrimination practices, including situations where fair lending laws do not apply. The...
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FinCEN Issues Alert on Russian Sanctions

On March 7, 2022, the Financial Crimes Enforcement Network (FinCEN) issued an alert, FIN-2022-Alert001, to remind financial institutions of reporting obligations related to convertible virtual currency (CVC) and provide red flags to assist in identif...
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NCUA Highlights Fair Lending Risk Areas

On Feb. 22, 2022, the National Credit Union Administration (NCUA) issued Letter to Credit Union 22-CU-04 highlighting the Equal Credit Opportunity Act (ECOA) and areas believed to pose heightened fair lending risk. The ECOA prohibits lending discrimi...
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CFPB Announces Junk Fees Initiative

On Jan. 26. 2022, the Consumer Financial Protection Bureau (CFPB) announced a new initiative to address what they deemed are exploitative junk fees charged by financial institutions and financial companies. According to the CFPB’s research, in 2019...
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