On November 10, 2022, the CFPB released a new complaint bulletin that highlights complaints the CFPB received related to crypto-assets. According to the CFPB, consumers most commonly reported being victimized by frauds, theft, account hacks, and scams. Other complaints include issues in executing transactions and transferring assets between exchanges, issues with accessing funds in their account and poor customer service.

On November 10, 2022, the CFPB issued a circular to affirm that neither consumer reporting companies nor information furnishers can skirt dispute investigation requirements. The circular outlines how federal and state consumer protection enforcers, including regulators and attorneys general, can bring claims against companies that fail to investigate and resolve consumer report disputes.

On November 8, 2022, the FTC published an advanced notice of proposed rulemaking to address certain deceptive or unfair acts or practices relating to fees. The Commission is seeking public comment, data, and argument concerning the need for such a rulemaking to prevent persons, entities, and organizations from imposing such fees on consumers.

On October 31, 2022, the CFPB announced that it will re-open the public comment regarding the Bureau’s inquiry into big tech payment platforms. It can be recalled that on October 21, 2021, the CFPB ordered six large technology companies operating payments systems in the United States to provide information about certain of their business practices.

On October 27, 2022, the CFPB published an outline of proposals and alternatives under consideration for the required rulemaking on personal financial data rights. The CFPB outlined options to strengthen consumers’ access to, and control over, their financial data as a first step before issuing a proposed data rights rule that would implement section 1033 of the Dodd-Frank Act. Under the options the CFPB is considering, consumers would be able to more easily and safely walk away from companies offering bad products and poor service and move towards companies competing for their business with alternate or innovative products and services.

On October 27, 2022, the announced that it will establish an Office of Financial Technology early in the year 2023 to bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape. The OCC stated that the Office of Financial Technology will build on and incorporate the Office of Innovation, which the OCC established in 2016 to coordinate agency efforts to support responsible financial innovation.

On October 26, 2022, the CFPB issued guidance about two junk fee practices that are likely unfair and unlawful under existing law. The guidance, issued in two separately through a circular and a compliance bulletin, are intended to help banks avoid charging illegal junk fees on deposit accounts. This topic, along with a discussion on the FDIC’s recent guidance for overdraft fees on representment items, will be included in our Fall 2022 Quarterly Compliance Update which will be available in our store within the next few weeks.