Wednesday, February 1, 2023

To access specific issuances, go to our Top Stories section, where you'll find links to all the relevant documents.
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CFPB proposes credit card late fees rule
The CFPB this morning announced a proposed rule that would limit credit card late fees. Based on the CFPB's estimates, the proposal could reduce late fees by as much as $9 billion per year.

The CFPB's proposed changes would, if finalized:
  • Lower the immunity provision dollar amount for late fees to $8: The CFPB believes that a late fee of $8 would be sufficient for most issuers to cover collection costs incurred as a result of late payments. The $8 immunity provision would apply to any missed payment. Companies would be able to charge above the immunity provision so long as they could prove the higher fee is necessary to cover their incurred collection costs.
  • End the automatic annual inflation adjustment: The CFPB would instead monitor market conditions and the immunity provision amount for potential adjustments as necessary.
  • Cap late fees at 25% of the required minimum payment: The CFPB proposes to restrict any late fee charge to 25% of the minimum payment to be more consistent with Congress's intent to authorize only reasonable and proportional late fee amounts.
The proposal also seeks comment on other potential changes to CARD Act regulations. For instance, it requests comment on whether the CFPB's proposed changes should apply to all credit card penalty fees, whether the immunity provision should be eliminated altogether, whether consumers should be granted a 15-day courtesy period after the due date before late fees can be assessed, and whether issuers should be required to offer autopay in order to make use of the immunity provision.

Comments will be accepted through April 3, 2023, or until 30 days after publication of the Notice of Proposed Rulemaking in the Federal Register, whichever is later.

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NCUA January prohibition notices
The National Credit Union Administration has reported it issued notices in January that permanently prohibit two individuals who have been convicted of criminal offenses from participating in the affairs of any federally insured depository institution.
  • Jorge Navarro, a former institution-affiliated party of URW Community Federal Credit Union, Danville, Virginia
  • Robert P. Shorkey, a former institution-affiliated party of DFCU Financial, Dearborn, Michigan
Read more on this story HERE.
New issue of Consumer Compliance Outlook
The Federal Reserve's Consumer Compliance Outlook fourth issue for 2022 is now available for download. It features an "Overview of Special Purpose Credit Programs Under the Equal Credit Opportunity Act."

OFAC sanctions Burmese officials and cronies
OFAC has designated six Burmese individuals and three entities connected to Burma's military regime. This action occurred in conjunction with steps taken by both the United Kingdom and Canada, the day before the two-year anniversary of the military coup d'état that deposed Burma's democratically elected government.

For the names and identification information of the designated parties, see BankersOnline's related OFAC Update.

House prices dipped in November
The Federal Housing Finance Agency yesterday reported the house prices fell 0.1 percent nationwide in November compared to October, according to the latest FHFA House Price Index. House prices rose 8.2 percent from November 2021 to November 2022. The previously reported 0.0 percent price decline in October 2022 remained unchanged.

For the nine census divisions, seasonally adjusted monthly house price changes from October to November 2022 ranged from -1.1 percent in the Pacific division to +0.5 percent in the West North Central division. The 12-month changes were all positive, ranging from +2.4 percent in the Pacific division to +12.0 percent in the South Atlantic division.

"U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022," said Nataliya Polkovnichenko, Ph.D., Supervisory Economist, in FHFA's Division of Research and Statistics. "While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices."














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