On February 1, 2023, the CFPB issued a proposed rule to curb excessive credit card late fees that cost American families about $12 billion each year. According to the CFPB, major credit card issuers continue to profit off late fees that are protected by an expansive immunity provision. The Bureau believes that the proposed rule would help ensure that over the top late fee amounts are illegal. 

On January 27, 2023, the Federal Reserve Board announced its denial of the application by Custodia Bank, Inc., Cheyenne, Wyoming, to become a member of the Federal Reserve System. The Board has concluded that the firm's application as submitted is inconsistent with the required factors under the law.

On January 27, 2023, the Federal Reserve Board issued a policy statement to promote a level playing field for all banks with a federal supervisor, regardless of deposit insurance status. The statement makes clear that uninsured and insured banks supervised by the Board will be subject to the same limitations on activities, including novel banking activities, such as crypto-asset-related activities.

On January 25, 2023, the CFPB published a blog post analyzing the results of an analysis issued by the CFPB’s Office of Research in April of 2021 indicating that the distribution of credit scores shifted upward during the pandemic. The report shows that fewer consumers had difficulty paying a bill in the initial months of the COVID-19 pandemic than one year earlier and that both credit scores and CFPB financial well-being scores increased.

On January 24, 2023, the CFPB issued a request for information seeking public feedback on how the consumer credit market is functioning as part of a biennial review of the industry. The CFPB is seeking more and current information on various aspects of the consumer experience with credit cards as mandated by the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act).