CFPB Account-Info Query Standards Now Effective
The Federal Register today includes the CFPB’s advisory opinion to banks and large credit unions banning “unreasonable” fees for addressing “basic” account information requests. The guidance, issued in conjunction with the White House’s newest junk fee initiative, would require IDIs or credit unions with over $10 billion in assets to issue a prompt, complete response to consumer information requests without additional fees or obstacles but does not set specific standards for criteria such as timeliness (see FSM Report CONSUMER52).
BIS Analysis: Bigtech Finance Poses Major Risks Hard to Reach via Finance-Focused Standards
Continuing its bigtech focus, the BIS today released a staff “meta” study concluding that bigtech finance activities enhance efficiency and financial inclusion, but these are often mitigated by numerous market-integrity and stability risks best addressed in the near term by antitrust authorities. The paper surveys the integration of bigtech and finance across advanced and emerging nations.