Regulatory & Compliance Updates: August 28, 2024

DEED Meeting Updating Paid Family Leave Law Program: The Minnesota Department of Employment and Economic Development has announced its next Small Business Monthly Call meeting on September 10 at 2:00 P.M. Staff from the Paid Leave program, managed by DEED, will present updates on the program, rulemaking procedures, and implementation. 

​Comment Sought on Joint Data Standards Under the Financial Data Transparency Act (FDTA):On August 2, the Board of Governors of the Federal Reserve System, Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Consumer Financial Protection Bureau (CFPB), the Department of the Treasury, the Federal Deposit Insurance Corporation (FDIC), the Federal Housing Finance Agency (FHFA), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) issued a proposed joint rule to establish standards to promote interoperability of financial regulatory data across the agencies by establishing common identifiers for entities, geographic locations, dates and certain products and currencies. 

CFPB Report Finds Large Retail Chains Charging Cash-back Fees to Customers Using Debit and Prepaid Cards: On August 27, the Consumer Financial Protection Bureau (CFPB) published a new report finding Americans are paying tens of millions of dollars in fees to access their own money when getting “cash back” at large retail stores when making a purchase with a debit or prepaid card. 

​CFPB Open Banking Update: In June, the Consumer Financial Protection Bureau (CFPB) issued a new rule to establish data sharing standards related to its Open Banking proposed rule from October 19, 2023. 

Full Article: Members Only