CFPB Tries to Bring Overdraft Fees Under New Benchmark
Arguing that overdraft fees are a big-bank “junk-fee harvesting machine,” CFPB Director Chopra today released a long-awaited proposal to cap fees to what the agency considers a reasonable threshold.
Bowman Expands Basel Critique, Key Dem Now Points to Problems
In remarks today, FRB Gov. Bowman did not go quite as far as her colleague Chris Waller yesterday, but she nonetheless urged that the end-game rules be re-proposed after comments are taken into account.
Senate Banking GOP Again Urges Capital Proposal Withdrawal
Senate Banking Ranking Member Scott (R-SC) along with all Committee Republicans late yesterday sent a letter to FRB Chair Powell, FDIC Chairman Gruenberg, and Acting Comptroller Hsu once again calling on the regulators to withdraw the capital proposal (see FSM Report CAPITAL230).
Biden, Brown Praise CFPB Overdraft Proposal
Following the CFPB’s announcement of its proposed rule regarding overdraft fees today, President Biden again denounced “junk fees” as “exploitation,” and included the CFPB’s proposal in his administration’s efforts to lower costs for American consumers.
FRB/FDIC Provide Limited-Time Resolution-Plan Filing Flexibility
Reflecting a problem we identified in our assessment of the resolution-plan proposal (see FSM Report LIVINGWILL22), the FRB and FDIC today extended the resolution plan submission deadline for categories II and III banks from July 1, 2024 to March 31, 2025.
Global Regulators Turn to OTC-Derivative Margin Improvement
Following yesterday’s release with the CPMI focused on CCPs and clearing members, the Basel Committee and IOSCO today …