From the CFPB

Personal Financial Data Rights Rulemaking – The CFPB kicked off its data rights policy making to remove barriers to more competition and consumer choice. The summary discusses the proposals and alternatives under consideration for the CFPB’s data rights rulemaking. The intent is to require firms to make a consumer’s financial information available to them or to a third party at that consumer’s direction. 

CFPB Publishes Documents on Junk Fees

Junk Fees – The CFPB published two documents relating to junk fees on deposit accounts. The first, Consumer Financial Protection Circular 2022-06 Unanticipated overdraft fee assessment practice, addresses charging unanticipated overdraft fees that consumers would not reasonably anticipate when the transaction incurs a fee even though the account had a sufficient available balance at the time the financial institution authorized the payment (sometimes referred to as “authorize positive, settle negative (APSN)”). 

FDIC Updates Cybersecurity Resource Guide

FIL-50-2022 – As part of Cybersecurity Awareness Month, the FDIC is reminding institutions that the FFIEC updated its Cybersecurity Resource Guide for Financial Institutions. The updated guide now includes ransomware-specific resources. 

From the FinCEN

Geographic Targeting Orders - The Financial Crimes Enforcement Network announced the renewal and expansion of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate. The terms of the GTOs are effective beginning October 27 and ending on April 24, 2023. The GTOs include Seattle along with several other major metropolitan areas.