Author name: Patricia O'Connell

CFPB Revises Its Supervisory Appeals Process for Financial Institutions

On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued a procedural rule updating the process by which financial institutions can appeal supervisory findings. The updated rule broadens the CFPB officials eligible to evaluate appeals, the options for resolving an appeal, the matters subject to appeal, and makes additional clarifying changes.  The CFPB’s first …

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CFPB Proposes Rule to Prohibit NSF Fees for Instantaneous Transactions

On January 24 the Consumer Financial Protection Bureau (CPFB or bureau) proposed a rule with request for comment to prohibit covered financial institutions from charging nonsufficient funds (NSF) fees, when consumers initiate payment transactions that are declined “instantaneously or near-instantaneously.”   The proposal would prohibit financial institutions from charging fees for instantaneously declined transactions, regardless of …

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NCUA Identifies Supervisory Priorities for 2024

On Monday January 23 NCUA issued its 2024 Supervisory Priorities outlining five primary areas of supervisory focus to assist credit unions in preparing for their exam. Exam activities focus on the areas that pose the highest risk to credit unions, credit union members, and the National Credit Union Share Insurance Fund (NCUSIF).  For 2024, NCUA …

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NCUA and Other Agencies Update the Uniform Rules of Practice and Procedure

On December 28, 2023, the National Credit Union Administration (NCUA), together with the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation, (collectively, the Agencies) published a final rule to amend the Uniform Rules of Practice and Procedure (Uniform Rules). This action was listed on NCUA’s …

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