Toomey Calls for More Fed Transparency
Sen. Toomey (R-PA) continued Republican demands for still more Fed transparency, sharply criticizing the Fed’s Friday proposal to provide some transparency into which institutions are granted master accounts.
Sweeping CFPB Fee Restrictions Now Effective
The Federal Register today includes the CFPB’s circular on Unanticipated Overdraft Fee Assessment Practices and a bulletin now effective on Unfair Returned Deposited Item Fee Assessment Practices.
CFPB Advances Bigtech Market Power Campaign
Continuing its campaign against bigtech’s market power, the Federal Register today includes the CFPB’s notice and request for comment on what fees bigtech payment operators levy on users for violations of acceptable use policies and whether their policies include provisions to restrict user platform access.
Fed Staff Paper Tries To Gauge Social Welfare Impact Of Liquidity, Capital Regs
A new Fed staff study attempts to lay out the social costs and benefits of large-bank liquidity and capital regulation.
Warren Continues Campaign Against Wells Fargo, Zelle
Sen. Warren (D-MA) today continued her campaign against Zelle by sending letters to its parent company and Wells Fargo, taking particular aim at what she deems the latter’s failure to provide adequate claims and reimbursement data and labelling responses to previous letters “insulting.”
Warren Denounces Fed “Culture of Corruption”
Sen. Warren (D-MA) today also continued her campaign against Chairman Powell, sending him a letter alleging “another set of egregious and embarrassing ethics breaches.”