Perkins Coie’s Post

In this Public Chatter blog post, Perkins Coie LLP partner David Matheson notes a re-proposal of a Dodd-Frank rulemaking that still has not been adopted by a number of banking regulators. #DoddFrank #CorpGov #CorporateGovernance #PublicChatterBlog

In this Public Chatter blog post, Perkins Coie LLP partner David Matheson notes a re-proposal of a Dodd-Frank rulemaking that still has not been adopted by a number of banking regulators. #DoddFrank #CorpGov #CorporateGovernance #PublicChatterBlog

In this Public Chatter blog post, Perkins Coie LLP partner David Matheson notes a re-proposal of a Dodd-Frank rulemaking that still has not been adopted by a number of banking regulators. #DoddFrank #CorpGov #CorporateGovernance #PublicChatterBlog

In this Public Chatter blog post, Perkins Coie LLP partner David Matheson notes a re-proposal of a Dodd-Frank rulemaking that still has not been adopted by a number of banking regulators. #DoddFrank #CorpGov #CorporateGovernance #PublicChatterBlog

The Consumer Financial Protection Bureau promised to cut back credit card late fees, and today the federal agency passed a rule to that effect first proposed about a year ago. While it expects to lower the 'typical' late fee to $8, from about $32 today, it still leaves some leeway for bank issuers of the cards to set late fees above that rate if they can justify such a move based on their costs. Here's the story, via Payments Dive: https://lnkd.in/g_wUSKnM

A new Consumer Financial Protection Bureau (CFBP) Overdraft Ruling aims to prevent banks from profiting from consumers who are in financially unstable situations. Banks, despite some having low cost options for overdraft, often push high costs options to consumers. This comes at an individual's worst moments, punishing them when they are having financial instability. Per the CFPB: “The CFPB also is proposing to limit the longstanding exemption to overdraft practices that are offered as a convenience, rather than as a profit driver. The proposed rule would allow financial institutions to charge a fee in line with their costs or in accordance with an established benchmark. The CFPB has proposed benchmarks of $3, $6, $7, or $14 and is seeking comment on the appropriate amount.” We applaud this ruling which aims to protect consumers, particularly when people are at their most vulnerable. Read more about the ruling via the CFPB here: https://lnkd.in/gV642hEs #overdraft #junkfees

Great article Caroline Wayman - Consumer Duty on the horizon - where do consumers feel vulnerable in finance and how banks can help. FS & FinTech’s - useful pointers here for API & App developments

The Consumer Financial Protection Bureau's rule to cut credit card late fees has ignited a banking industry firestorm, with at least one group warning it will "imminently" sue. Here are 5 things to know as the fallout from the rule begins to take shape. https://lnkd.in/eQupgzy2

Great article Caroline Wayman - Consumer Duty on the horizon - where do consumers feel vulnerable in finance and how banks can help. FS & FinTech’s - useful pointers here for API & App developments

The regulatory agencies are now soliciting comments on their regulations in three categories: Consumer Protection; Directors, Officers, and Employees; and Money Laundering. The public has 90 days from publication in the Federal Register to comment on the relevant regulations. This is an opportunity to let your voice be heard. #3PR #RegulatoryCompliance #RiskManagement