In December 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule to update regulatory exemptions of overdraft loans from lending laws. According to the Bureau, this is a major step in the CFPB’s efforts to curb junk fees. Per the CFPB, for decades, overdraft loans have not only added…
In September 2024, the CFPB announced the launch of a public comment process for the first application for open banking standard setter recognition, marking an important step towards establishing rules for open banking in the US. This development comes in the wake of the CFPB’s June 2024 announcement identifying five…