The good news is it appears the CFPB might be transitioning back to a more formal proposal and final rule process for new requirements. Below is a list of pertinent upcoming rule changes along with the respective stage of the rules:
Overdraft Fees – Prerule Stage
Fair Credit Reporting Act – Prerule Stage
Personal Financial Data Rights – Prerule Stage
Fees for Insufficient Funds – Prerule Stage
Credit Card Penalty Fees – Proposed Rule Stage
Regulation B Small Business Lending Data Collection – Final Rule Stage (Expected first quarter 2023.)
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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