Troutman Sanders

APRIL 6, 2021

Five federal banking regulatory agencies are gathering information and comments on financial institutions’ use of artificial intelligence (AI), including machine learning. The RFI notes that financial institutions have been and are exploring AI-based applications for a variety of purposes.

Financial Institution 52

Financial Institution Banks Credit Unions Credit Unions 52

Troutman Sanders

DECEMBER 20, 2023

The report found that roughly a quarter of consumers are still being charged these fees despite the CFPB’s hostility towards so called “junk fees,” which has led many banks and credit unions to eliminate such fees. Overdraft fees are somewhat more prevalent than NSF fees (23.6% versus 20%, respectively).

Credit Unions 52

Credit Unions Credit Unions Financial Institution Banks 52

Troutman Sanders

JULY 12, 2023

On June 14, Nevada Governor Joe Lombardo signed into law AB 332 , An Act Relating to Student Education Loans, requiring, among other things, student loan servicers to be licensed by the Commissioner of Financial Institutions and regulating certain conduct of the servicers towards borrowers. The law will take effect on January 1, 2024.

Student loans 52

Student loans Student Loans Loans Credit Unions 52

Troutman Sanders

JANUARY 25, 2023

Bankers are opposing any effort by the Consumer Financial Protection Bureau (CFPB or Bureau) to reduce or eliminate the late fee safe harbor, citing a potentially significant adverse impact on community banks and credit unions.

Banks 52

Banks Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

AUGUST 9, 2022

Bankers are gearing up to oppose an effort by the Consumer Financial Protection Bureau (CFPB or Bureau) to prevent an increase in allowable late charges for credit cards. Insured Credit Unions (Associations), as well as the Bank Policy Institute , expressed their collective displeasure with the idea.

Banks 52

Banks Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

OCTOBER 28, 2021

Specifically, the final rule provides for the following adjustments: For open-end consumer credit plans under TILA, the threshold that triggers requirements to disclose minimum interest charges will remain unchanged at $1.00 The rule takes effect on January 1, 2022. 8% of the total loan amount for a loan amount less than $14,356.

Loans 52

Loans Credit Unions Credit Unions Consumer Credit 52

Troutman Sanders

NOVEMBER 2, 2020

The legislation would benefit banks and credit unions with assets under $15 billion. It requires federal regulators to exclude PPP loans from asset-size calculations for the purpose of determining capital ratios, deposit insurance premiums, and other asset thresholds at those financial institutions.

Financial services 52

Financial services Financial Institution Loans Credit Unions 52