Author: Allison Murray

February 3, 2023

Top Lines The Consumer Financial Protection Bureau (CFPB) proposed a rule to curb “excessive credit card late fees.” Specifically, the proposed rule would lower the immunity provision for late fees to $8 for a missed payment as well as end the automatic annual inflation adjustment. The proposed rule would also ban late fee amounts above […]

January 27, 2023

Top Lines The Board of Governors of the Federal Reserve (FRB) announced its denial of the application by Custodia Bank, Inc., Cheyenne, Wyoming, to become a member of the Federal Reserve System. The Board concluded that the firm’s application as submitted was inconsistent with the required factors under the law. According to the FRB, Custodia […]

January 20, 2023

Top Lines Acting Comptroller of the Currency Michael J. Hsu discussed large bank manageability in remarks at Brookings. The Acting Comptroller shared his views on detecting, preventing and addressing risks that can result in large banks becoming “too big-to-manage.” He reflected that large banks that repeatedly try but fail to fix their material deficiencies prolong […]

January 13, 2023

Top Lines On January 11, Rep. Patrick McHenry (R-NC), Chairman of the House Financial Services Committee, announced the Republican members selected to serve on the committee. “From oversight of the Biden Administration, to enhancing capital formation opportunities, to developing clear rules of the road for digital assets—we have a lot of work to do. I […]

January 6, 2023

Top Lines The Office of Information and Regulatory Affairs (OIRA) published its Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions, a comprehensive list of actions the administrative agencies are planning. Among the financial regulatory and administrative agencies, the Fall 2022 Agenda lists several new action items and delists regulatory actions proposed in the Spring 2022 […]

September 9, 2022

Top Lines The Office of Science and Technology Policy (OSTP) released their report entitled “Climate and Energy Implications of Crypto-Assets in the U.S.” that follows from the Biden Administration’s Executive Order on Ensuring Responsible Development of Digital Assets. The report presents the OSTP’s findings and provides recommendations on how to minimize the climate, energy, and environmental impacts […]

July 15, 2022

Top Lines Michael Barr, who served as Assistant Secretary for Financial Institutions in the Department of the Treasury in the Obama Administration and an important figure in the development of the Dodd-Frank Act, was confirmed as Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System.  Weekly Wrap Up Consumer Financial […]