Brook Lovatt’s Post

Better Markets joined National Consumer Law Center along with more than 140 organizations in strong support of a proposed rule from the Consumer Financial Protection Bureau that will curb #overdraftfees by the large #banks. This rule is a plus on every level. It will halt the abusive practice among #largebanks of charging #overdraftfees that bear no relationship to the banks’ costs, that represent exorbitant interest rates, and that seriously burden the financially vulnerable. It will also promote the kind of #transparency that leads to more fair competition among banks. Read our full statement here: https://lnkd.in/evwaME5b #racialequity #lowtomoderateincomecommunities

🚨 Supreme Court Supports CFPB - A Win for Open Banking! 🚨 The Supreme Court is poised to uphold the CFPB's funding structure, ensuring the agency remains strong and effective. Here's why this matters for Open Banking: 🎯 Stability for CFPB: The ruling supports the agency’s funding, allowing it to continue protecting consumers. 🎯 Empowerment through 1033: Section 1033 of the Dodd-Frank Act, crucial for Open Banking, remains enforceable, giving consumers the right to access and share their financial data securely. 🎯 Consumer Benefits: A robust CFPB means better transparency, innovation, and competition in the financial sector. #OpenBanking #ConsumerProtection #CFPB #FinanceInnovation

Today, the Supreme Court rejected a challenge regarding how the Consumer Financial Protection Bureau (CFPB) is funded. The vote was 7 to 2, with Justice Clarence Thomas writing the majority opinion. A different decision could have cast doubt on the upcoming CFPB 1033 ruling, also known as open banking, expected later this year. With this obstacle removed, there is nothing stopping the release of this landmark ruling, unleashing the US financial services ecosystem into a realm of opportunities for both the industry and consumers. #openbanking #openfinance https://lnkd.in/dYRZGWQS

Thank you California and Nevada Credit Union Leagues for sharing this breakdown of the recent CFPB Overdraft Proposal! Advantage will also be hosting another webinar on Feb. 21st - KEY TAKEAWAYS: *Explore the contributing factors leading up to the bureau taking such a strong position *Gain clarity on how this proposal may impact community financial institutions *Learn actionable steps you can take to evaluate your overdraft strategy proactively Here is the link to register! https://lnkd.in/gZkHX6jm

My statement on today's U.S. Supreme Court decision affirming the constitutionality of the #CFPB's funding structure: “Today’s decision by the U.S. Supreme Court to uphold the funding structure of the Consumer Financial Protection Bureau (CFPB) will help safeguard the financial wellbeing of everyday Americans. This ruling ensures that the significant progress made by the agency over the last decade to increase trust, transparency, and clarity in our country’s financial system remains intact. In its relatively short existence, the CFPB has achieved an impressive record of reform and enforcement, redirecting a whopping $17.5 billion back into the pockets of American consumers. It has curbed unfair and deceptive financial practices and enacted rules to strengthen transparency. Yet the banking sector, as a whole, has subjected the agency to consistent legal challenges and public pushback. This ruling resolves one looming threat to the only federal regulator specifically focused on protecting consumers, but opposition remains. I urge legislators to take further steps to strengthen the CFPB and create a banking system that is more healthy, resilient, and conducive to fair competition and innovation.” https://lnkd.in/g858QYSM

Our expertise can help you navigate the regulatory issues with confidence.

The CFPB’s aggressive rulemaking agenda has resulted in a number of proposed and final rules that stand to affect many #communitybanks. Our experts weigh in on the actions and explain rulemakings in the latest #IndependentBanker: https://lnkd.in/gDD8W24V

Our thinking on the Consumer Financial Protection Bureau's recently issued proposed rules which would restrict the imposition of overdraft fees and nonsufficient funds (NSF) fees. #cfpb #regulatorycompliance #regulations #financialservices #financialinstitutions #bankingindustry #consumerprotection #consumerfinance https://lnkd.in/eDCfYyGr

Today’s unanimous decision by the U.S. Supreme Court is a win for consumers and for state consumer financial protection laws. Cantero makes clear that courts reviewing preemption challenges must apply the high bar codified in the Dodd-Frank Act. State consumer financial laws that do not ‘prevent or significantly interfere’ with the exercise of national bank powers must be upheld. Read more: https://lnkd.in/eHFketrx

Banks Prepare Legal Challenge to Late Fee Cap https://bit.ly/48JW115 #glenviewfinance #subprimefinance #usedcardealer #autofinance #creditbuilder #independentdealer