In recent discussions surrounding banking practices, the issue of overdraft fees, particularly for ATM and one-time debit card transactions, has gained significant attention. On September 17, 2024, the Consumer Financial Protection Bureau (Bureau) issued Consumer Financial Protection Circular 2024-05 asserting that “[a] bank or credit union can be in violation…
In response to the rise of the use of artificial intelligence (AI) technologies in telecommunications, on July 17, 2024, the Federal Communications Commission (FCC) issued a Notice of Proposed Rulemaking (Notice), CG Docket No. 23-362, outlining certain proposed restrictions on AI-generated calls and text messages. The Telephone Consumer Protection Act…
On May 9, 2024, the Consumer Financial Protection Bureau (CFPB) issued a new Issue Spotlight regarding growing problems in the credit card rewards program industry. Credit card rewards programs have become increasingly complex in recent years. Especially for credit cards with high annual fees, a key part of attracting interest…
On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) issued a new Supervisory Highlights report (Report) that sheds light on the CFPB’s observations and findings of unfair, deceptive, and abusive practices in auto loan servicing, among other consumer financial products. The Report – which covers CFPB supervisory examinations from…
On June 6, 2023, the Consumer Financial Protection Bureau (CFPB) issued a Spotlight on financial institutions’ growing use of “chatbots” as a means to provide cost-effective customer service. The use of chatbots in customer service has been gaining popularity among financial institutions in recent years. The ten largest commercial banks…
On April 3, 2023, the Consumer Financial Protection Bureau (CFPB) issued a policy statement with guidance on what constitutes “abusive conduct” under the Consumer Financial Protection Act (CFPA). The CFPA, enacted in 2010 in response to the financial crisis, prohibits “abusive conduct” in consumer financial markets and identifies two categories…