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The Consumer Financial Protection Bureau (CFPB) has released its Fall 2023 Rulemaking Agenda, which outlines upcoming rulemakings from November 2023 to October 2024. In December 2023, the CFPB plans to finalize a proposed rule that limits credit card late fees. They also anticipate issuing two proposed rules, one regarding overdrafts and another concerning non-sufficient funds (NSF) fees. The agenda includes other potential rulemakings, such as amending regulations related to fair credit reporting and mortgage servicing. The CFPB aims to finalize rulemakings on various topics in 2024, including nonbank registries and the application of ability-to-repay requirements. However, specific dates for certain rulemakings are not provided in the agenda. [Extracted from the article]

A recent report published by the CFPB's Offices of Consumer Populations and Markets highlights a significant decline in insufficient fund (NSF) fees charged by banks and credit unions. The report reveals that a majority of large banks have eliminated NSF fees in recent years, resulting in a 97% decrease in NSF fee revenue for banks with over $10 billion in assets. This change has led to an estimated annual savings of nearly $2 billion for consumers. However, the report also notes that some institutions, particularly large credit unions, still charge NSF fees, and the CFPB will continue to monitor these practices. [Extracted from the article]

The Agenda also states that the Bureau is contemplating new rules surrounding insufficient funds fees and overdraft fees as well as amendments to the regulations implementing the Fair Credit Reporting Act. The Bureau has issued its Spring 2023 Rulemaking Agenda, which covers rulemakings the Bureau expects to enter the pre-rule, proposed rule, and final rule stages during the period from June 1, 2023, through May 31, 2024. [Extracted from the article]

The Semi-Annual Report, which covers the Bureau's activities from October 1, 2021, through March 31, 2022, discusses its significant rules and orders, complaints about consumer financial products or services, public supervisory and enforcement actions by the Bureau, significant actions by state regulators relating to federal consumer financial law, the Bureau's efforts to fulfill its fair lending mission, diversity in the Bureau's workforce, and the agency's budget. On December 14 and 15, 2022, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified before the U.S. House Financial Services Committee and the Senate Banking Committee regarding the Bureau's Semi-Annual Report to Congress. [Extracted from the article]