CFPB Takes Bank-Competition Lead
The read-out posted today of the President’s competition-council meeting included a statement that the CFPB is going after “tens of billions” in “junk fees” in “banking, credit cards, and mortgages.” No details are provided, but we believe this statement positions the Bureau’s latest efforts in overdraft fees firmly in the context of “unfair” competition for deposit pricing announced when the Bureau launched this initiative.
Toomey: Fed Nominees Violate Geographic, Professional Diversity Requirements
Continuing to oppose several of President Biden’s Fed nominees, Senate Banking Ranking Member Toomey (R-PA) today argued the nominations fail collectively to meet geographic and professional diversity requirements in law.