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Durbin interchange battles resurface | Ballard Spahr LLP

To embed, copy and paste the code into your website or blog: The Fed’s final rule implementing the Durbin Amendment (Regulation II) went into effect in October 2011. Nearly ten years later, the final rule is still provoking controversy in the form of a new lawsuit and proposed amendments to the rule and its official commentary. The Durbin Amendment (Section 1075 of Dodd-Frank) authorized the Fed to issue regulations to ensure that the amount of any interchange fee received by a large debit card issuer (one with at least $10 billion of assets, together with its affiliates) is reasonable and proportional to the cost incurred by the issuer. It also limited the restrictions that issuers and payment card networks can place on the processing of an electronic debit card transaction.

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Federal consumer watchdog agency gets more aggressive under Biden

Federal consumer watchdog agency gets more aggressive under Biden Posted May 11, 2021 In this Dec. 11, 2018, file photo, Consumer Financial Protection Bureau Director Kathy Kraninger pauses as she speaks to media at the CFPB offices in Washington.AP Photo/Carolyn Kaster, File Facebook Share NEW YORK The nation’s consumer watchdog is signaling a more aggressive approach toward the financial services sectors after a few years of being on a tight leash. Under President Biden, the Consumer Financial Protection Bureau has rescinded or scaled back a number of policies put in place by the Trump administration. And the bureau is staffing up in anticipation of taking a more active role in regulation and enforcement, as it did during the Obama administration.

United statesDepartment of educationDistrict of columbiaWhite houseSeth frotmanRichard huntDave uejioRohit chopraKathy kraningerBetsy devosRichard cordrayOdette williamsonCenters for diseaseNational consumer law centerOffice of studentAssociated press

It s not 2008, but bank CEO hearings could still get testy

It s not 2008, but bank CEO hearings could still get testy
americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.

United statesWhite houseDistrict of columbiaIsaac boltanskyJane fraserRichard huntRaymond jamesSherrod brownKevin fromerJames gormanMaxine watersBrian moynihanDavid solomonKevin cramerJamie dimonCharlie scharf

Consumer watchdog agency rediscovers its teeth under Biden

Consumer watchdog agency rediscovers its teeth under Biden Follow Us Question of the Day By KEN SWEET - Associated Press - Monday, May 10, 2021 NEW YORK (AP) - The nation’s consumer watchdog is signaling a more aggressive approach toward the financial services sectors after a few years of being on a tight leash. Under President Biden, the Consumer Financial Protection Bureau has rescinded or scaled back a number of policies put in place by the Trump administration. And the bureau is staffing up in anticipation of taking a more active role in regulation and enforcement, as it did during the Obama administration.

United statesDepartment of educationDistrict of columbiaWhite houseSeth frotmanRichard huntDave uejioRohit chopraKathy kraningerBetsy devosRichard cordrayOdette williamsonCenters for diseaseNational consumer law centerOffice of studentConsumer financial protection bureau

Consumer watchdog rediscovers its teeth

NEW YORK The nation’s consumer watchdog is signaling a more aggressive approach toward the financial services sectors after a few years of being on a tight leash. Under President Biden, the Consumer Financial Protection Bureau has rescinded or scaled back a number of policies put in place by the Trump administration. And the bureau is staffing up in anticipation of taking a more active role in regulation and enforcement, as it did during the Obama administration. This is all being done without the CFPB having a permanent director, an important position since the bureau’s authority comes from the director who is answerable only to the president. Dave Uejio, a long-time career employee of the bureau, has been the bureau’s acting director since Trump’s appointee Kathy Kraninger resigned the day Biden was sworn into office.

United statesDepartment of educationDistrict of columbiaWhite houseSeth frotmanRichard huntDave uejioRohit chopraKathy kraningerBetsy devosRichard cordrayOdette williamsonCenters for diseaseNational consumer law centerOffice of studentConsumer financial protection bureau