House votes to overturn CFPB overdraft, payments oversight rules

The House of Representatives on April 9 voted to overturn the Consumer Financial Protection Bureau’s proposal to limit the overdraft fees banks with more than $10 billion in assets can charge and the bureau’s oversight of the largest payment firms. 

McKernan nominated to lead CFPB

President Donald Trump nominated former FDIC Board Member Jonathan McKernan to direct the Consumer Financial Protection Bureau. 

CFPB announces rule limiting overdrafts

The Consumer Financial Protection Bureau released a final rule Dec. 12 limiting the overdraft fees banks with more than $10 billion in assets can charge. 

CFPB finalizes open banking rule

Section 1033 requires financial institutions, credit card issuers and other financial institutions to transfer consumers’ personal financial data to another provider for free at the consumer’s request. The rule also requires personal financial information to only be used for reasons authorized by the consumer. Section 1033 bans “screen scraping,” when consumers provide their account passwords to third parties which then use the information to access data through online banking portals.  

CFPB outlines auto lending violations

Consumers sometimes face inaccurate loan disclosures and are being charged for additional products without their consent, according to an Oct. 7 supervisory highlights report from the Consumer Financial Protection Bureau. 

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