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CFPB Finalizes $8 Credit Card Late Fee Cap; Lawsuit Filed in Opposition
Currently, Regulation Z provides a safe harbor for credit card issuers, permitting penalty fees such as late payment fees that do not exceed certain dollar limits. The CFPB annually adjusts these dollar limits based on inflation.
Trade Organizations Tout Successful Recent Technology Conversion
The merger of two complex financial technology systems can be fraught with difficulties. However, the recent BMO Financial Group (BMO)/Bank of the West technology merger has received praise from several trade organizations.
BAFT Issues Letter of Credit Guidance Resource
While letters of credit are one of the most vital tools used in international trade, their complexity can create confusion among many lenders. In February 2023, the Bankers' Association for Finance and Trade (BAFT), and the business-to-business financial technology firm Trade Finance Global (TFG), announced a joint guide on letters of credit (the “LOC Guide”).
NCUA Announces Opening of 2024 Grant Round
On April 3, 2024, the NCUA announced it will open a new round of grant funding on May 1st for eligible low-income designated credit unions (LICUs). According to the 2024 Notice of Funding Opportunity (NOFO), approximately $3.4 million in awards will be available through the Community Development Revolving Loan Fund (CDRLF). 89 FR 22745.
SEC’s Climate Disclosure Rule Update
As previously reported by BCG, in March 2022, the Securities and Exchange Commission (SEC) issued a proposed rule to require publicly traded companies to include certain climate-related disclosures in their SEC filings, such as registration statements and periodic reports (the “Climate Disclosure PR”).
Updates on the Implementation of the CRA Final Rule
Agencies Delay Applicability of Certain Provisions of CRA Final Rule. As readers are aware, in October 2023, the FRB, the FDIC, and the OCC (“agencies”) issued a final rule which contained sweeping changes to the Community Reinvestment Act regulations. Although the rule became effective on April 1, 2024, most of the changes to the CRA regulations are not applicable until January 1, 2026, at the earliest.
Table of Contents
CONSUMER FINANCE
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CFPB Finalizes $8 Credit Card Late Fee Cap; Lawsuit Filed in Opposition
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Proposed Legislation Aims to Prohibit the Use of Medical Debt in Credit Decisions
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NFIP Proposed Changes Delayed
BANKING OPERATIONS & FINTECH
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Trade Organizations Tout Successful Recent Technology Conversion
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Treasury Department Report Highlighting AI Cybersecurity Risks for Financial Institutions
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FinCEN Seeks Comments on CIP Requirements
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FDIC Identifies Reg E Issue on EFT Dispute Process Handled by Third Parties
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FinCEN Issues Compliance Guide for BOI Access
COMMERCIAL LENDING
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BAFT Issues Letter of Credit Guidance Resource
CREDIT UNIONS
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NCUA Announces Opening of 2024 Grant Round
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NCUA Finalizes New Overdraft and NSF Fee Reporting Requirement for $1 Billion+ Credit Unions
CORPORATE GOVERNANCE
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SEC’s Climate Disclosure Rule Update
CRA/HMDA CORNER
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Updates on the Implementation of the CRA Final Rule
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FFIEC Releases Census Tract Information for 2024
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