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Weekly Rewind...News from Your Regulators

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CFPB Issues EFT Compliance Bulletin

Regulation E Compulsory Use - The CFPB issued a Compliance Bulletin on the Electronic Fund Transfer Act’s (EFTA) compulsory use prohibition. Section 913 of EFTA provides, among other things, that no person may require a consumer to establish an account for receipt of electronic fund transfers with a particular financial institution as a condition of receipt of a government benefit. The CFPB issued the Compliance Bulletin to reiterate that this prohibition in EFTA applies to government benefit accounts.

CFPB Allows The Public to Submit Petitions for Rulemaking

Petitions for Rulemaking - The CFPB announced that members of the public can submit petitions for rulemaking directly to the CFPB. The petitions will be posted on public dockets for review and comment. Members of the public can request that the agency pursue a new rule, amend an existing one, or repeal a rule. Former government employees and other individuals who are paid to influence the agency’s rulemaking agenda behind the scenes will be asked to submit their petition for public inspection instead.

FDIC Stress Test Scenarios

Stress Test Scenarios - The FDIC released the hypothetical economic scenarios for use in the upcoming stress tests for covered institutions with total consolidated assets of more than $250 billion.

CFPB Focuses on Overdraft Revenue and Junk Fees

Overdraft Fee Changes – The CFPB published a chart showing changes to the top 20 banks based on overdraft/NSF revenue reported. The chart includes changes to the banks’ programs since September 2021 in response to heightened focus on overdraft revenue and junk fees.

Student Loan Servicers Get Warning on UDAAP

Student Loan Servicers – The CFPB alerted servicers to stop unlawful conduct regarding borrowers’ eligibility and benefits under the Public Service Loan Forgiveness Waiver. The bulletin reminds servicers to take actions to ensure compliance with the UDAAP prohibitions.

FinCEN Rapid Response Program

Rapid Response - FinCEN issued a fact sheet on its Rapid Response Program - a collaborative partnership that leverages FinCEN’s relationships with law enforcement, U.S. financial institutions, and foreign financial intelligence units to help victims and their financial institutions recover funds stolen as the result of certain cyber-enabled financial crimes schemes, including business e-mail compromise. The fact sheet provides information on the program and emphasizes that victims of cyber-enabled crimes, or victims’ financial institutions must file a complaint with law enforcement to initiate the RRP process.

Fed Issues Consumer Compliance Outlook

Consumer Compliance Outlook – The Federal Reserve published the latest issue of the Consumer Compliance Outlook. The issue includes Advanced Topics in Adverse Action Notices Under the ECOA, Regulatory Updates, recent court opinions and a regulatory calendar.

From the NCUA

22-RA-03 – The NCUA issued the Regulatory Alert reminding credit unions of annual adjustment for asset-size exemption thresholds under Regulation Z. The exemption for escrow requirements and small creditor qualified mortgages increased to $2.336 Billion. The higher-priced mortgage loan escrow requirement exemption threshold increased to $10.473 billion.

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