Banking & Financial Technology

New CFPB Guidance: Surprise Overdraft Fees and Returned Check Fees Are Likely Unfair and Unlawful

On October 26, 2022, the Consumer Financial Protection Bureau (CFPB) issued guidance stating “surprise overdraft fees” and “returned deposited item fees” generally violate the federal Consumer Financial Protection Act’s prohibition on “unfair practices” when consumers cannot avoid such fees. In… Read more

Banks Will Have 36 Hours to Report Cyberattacks Under New Rule

The federal banking agencies recently issued a final regulation that will require a bank to notify its primary federal regulator of a cyberattack, or computer-security incident, no later than 36 hours after the bank determines a “notification incident” occurred. The… Read more
John Pilch
John Pilch
Cybersecurity/Privacy Analyst

COVID-19 Fair Credit Reporting Risks: Financial Institutions Should Review Practices (Coronavirus and the Law)

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) amended the Fair Credit Reporting Act (FCRA) to add new reporting requirements that apply during the pandemic. The Consumer Financial Protection Bureau (CFPB) released guidance on April 1 and June… Read more

The Bank Secrecy Act and Paycheck Protection Program Loans (Coronavirus and the Law)

A recent update to the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) FAQs clarifies the application of the know-your-customer and beneficial ownership requirements under the Bank Secrecy Act (BSA). Previous SBA FAQs merely stated that lenders making PPP loans… Read more

CARES Act Provisions and Other Coronavirus Issues Affecting Financial Institutions (Coronavirus and the Law)

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) included several provisions affecting financial institutions. Debt Guaranty Authority (Applicable to Insured Depository Institutions) The CARES Act amended provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act to… Read more

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