On May 15, 2024, Acting Comptroller Michael J. Hsu today testified on the OCC’s priorities before the Committee on Financial Services of the U.S. House of Representatives and provided an update regarding the Agency’s initiatives. In his testimony, Mr. Hsu discussed the OCC’s work to guard against complacency, adapt to digitalization, manage climate-related financial risk, and promote fairness in banking. 

On May 14, 2024, the CFPB distributed more than $384 million to about 191,000 consumers harmed by Think Finance due to its illegal lending practices. In November 2017, the CFPB filed a lawsuit against Think Finance, alleging that the company deceived consumers into repaying loans they did not owe.

On May 11, 2024, the ABC News reported that a federal judge in Texas issued a temporary nationwide injunction to the CFPB’s Credit Card Penalty Fees Final Rule that was set to take effect on May 14, 2024. On March 5, 2024, the CFPB finalized a rule to cut excessive credit card late fees by closing a loophole exploited by large card issuers.

On May 9, 2024, the CFPB issued a new report finding consumers encounter numerous problems with credit card rewards programs. In particular, consumers report losing benefits to devaluation, limited redemption opportunities, and vague or hidden terms and conditions.

On May 7, 2024, the CFPB issued a consent order against Chime Financial for failing to give consumers timely refunds when their accounts were closed. Chime Financial is a nonbank that partners with banks to offer financial products, including checking accounts, savings accounts, and credit cards.