HFSC Campaign vs. Chopra May Clear Hsu

Continuing their campaign against CFPB Director Chopra, HFSC Ranking Member McHenry (R-NC) and Consumer Protection and Financial Institutions Subcommittee Ranking Member Luetkemeyer (R-MO) sent him a letter late yesterday accusing him of falsehoods related to legal opinions germane to the battle at the FDIC earlier this year on bank-merger policy (see FSM Report MERGER9).

FinCEN, Commerce Urge Strong Sanction Vigilance from Trade-Financing Banks

FinCEN and the Commerce Department Bureau of Industry and Security released a joint alert today urging increased financial-institution vigilance regarding Russian and Belarusian attempts to evade import sanctions.

CFPB Sets States Free to Interpret the FCRA

Using one of its new administrative procedures – an interpretive rule, the CFPB today expanded on its prior effort to encourage states to undertake vigorous consumer protection by establishing the principle that states may preempt federal standards pursuant to the Fair Credit Reporting Act except where federal preemption is clearly enunciated in the Act.

FRB Study: LMI Households Pay More for Transaction Accounts, Discrimination Not the Cause

A new FRB study finds that banks in LMI and majority-minority communities charge higher maintenance fees and require higher minimum account balances compared to other census tracts, with fee differences compounded for communities that are both LMI and majority-minority.

Daily062822.pdf