Biden Continues Junk Fee Campaign
The President continued his attack on junk fees in the State of the Union, applauding the CFPB’s new credit-card late fee rule. The President also boasted about recent monetary data, calling the American economy “the envy of the world” and called for Congress to pass Sen. Casey’s (D-PA) bill to stop shrinkflation.
FRB Finalizes FMU OpsRisk Update
The FRB today unanimously voted to finalize an update to rules governing operational risk-management for certain systemically-important financial market utilities (FMUs).
CFPB Lays Groundwork for Mortgage Closing-Cost Regulation
Continuing its campaign against junk fees, the CFPB today released a blog post focusing on mortgage closing cost fees, stating that the agency will issue rules and guidance “as necessary” to improve competition and affordability in the coming months. The post states that median total loan costs increased 22 percent on home purchase loans from 2021 to 2022, noting that many of these costs are fixed and not affected by interest rates.