CFPB Monitor
AUGUST 23, 2022
The FDIC has issued new supervisory guidance (FIL-40-2022) on multiple non-sufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction. In the guidance, the FDIC addresses potential risks arising from multiple re-presentment NSF fees, risk mitigation practices, and the FDIC’s supervisory approach. .
PYMNTS
DECEMBER 7, 2020
It seems to be the case, then, that stablecoins may be regulated to the point where they are an adjunct to fiat – and to the modern monetary system that has been in place for decades – rather than a wholesale replacement. Recently, a BIS study concluded that embedded regulation might offer a solution for stablecoins.
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CFPB Monitor
AUGUST 25, 2020
The plain language of the governing federal statute applies only to interest that an FDIC-insured state bank may charge. Allegedly, the FDIC’s rule represents an expansion of the FDIA’s preemption of state law interest rate caps by extending the preemption to assignees of loans originated by such banks.
CFPB Monitor
NOVEMBER 12, 2020
Banking and Securities Regulators (includes FDIC, Federal Reserve, NCUA). Gary Gensler , who is with the Massachusetts Institute of Technology, will serve as team leader. English initiated unsuccessful litigation seeking a declaration that she, rather than Mr. Mulvaney, had the right to serve as Acting Director.
CFPB Monitor
DECEMBER 18, 2020
The OCC failed to consider the rule’s facilitation of rent-a-bank schemes and that the rule creates a regulatory vacuum by placing non-bank loan buyers outside any meaningful regulation. The second lawsuit was filed in the same California federal district court as the lawsuit against the OCC and both cases will be heard by Judge Jeffrey S.
South State Correspondent
MARCH 15, 2023
Percentage of Uninsured Deposits: At the time of failure, SVB had approximately 88% of their deposits above the FDIC-insured $250k limit and ran at 95% at the end of last year. Look for more formal education teaching bankers how to talk to customers about FDIC insurance, bank safety, and liquidity concerns.
CFPB Monitor
SEPTEMBER 12, 2022
Last month, the FDIC issued new supervisory guidance on multiple NSF fees arising from the re-presentment of the same unpaid transaction. Both Jenkins and Lamoureux are awaiting further proceedings. We will continue to monitor each for significant developments as they move forward.
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