Regulatory & Compliance Updates: March 20, 2024

CFPB Director Updates Status of Financial Data Exchange (Open Banking - 1033 Rule): On March 14, Consumer Finance Protection Bureau (CFPB) director Rohit Chopra made remarks at the Financial Exchange Global Summit addressing the status the proposed rule to shift to open banking. 

FTC Amends Telemarketing Sales Rule (TSR): On March 7, the Federal Trade Commission (FTC) announced substantial revisions to its telemarketing sales final rule extending telemarketing fraud protections to businesses and updating the rule’s recordkeeping requirements in light of developments in technology and the marketplace.

FCC Final Rule On Robocalls and Robotexts: The Federal Communications Commission published its final rule to ‘clarify and strengthen’ a consumer’s right to revoke consent to receive robocalls and robotexts under the Telephone Consumer Protection Act (TCPA). 

CFPB Late Fee Final Rule Clarified: The final rule was published March 15 in the federal register and will currently be effective May 14 limiting the safe harbor amount for card late fees for large issuers (over 1M accounts) to $8 regardless of the number of late payments which will not be adjusted annually. 

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