Regulatory & Compliance Updates: Oct. 18, 2023

CFPB Issues Guidance to Stop Large Banks Illegal Junk Fees and Report on NSF Fees: The Agency issued an advisory opinion on October 11 for a provision which generally prohibits large financial institutions from imposing unreasonable obstacles on consumers. 

Implications of New NCUA Financial Innovation Rule: As of October 30, the new Financial Innovation rule will permit all credit unions to have more flexibility to engage with third-party lenders in general and with FinTech’s, in particular with privacy laws in mind. 

​Department of Justice (DOJ) and CFPB Joint Statement on Discriminatory Lending Towards Immigrants: On October 12, the agencies issued their joint statement reminding financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race and other characteristics covered by the Equal Credit Opportunity Act (ECOA) implemented in Reg B, regardless of their immigration status.

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