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Federal Court Blocks CFPB’s Cap on Credit Card Late Fees. A federal district court in Texas has issued a preliminary injunction prohibiting the CFPB from enforcing its recent final rule lowering the safe harbor amount for credit card late fees to $8 for large issuers. The injunction will remain in place until the U.S. Supreme Court decides the constitutionality of the CFPB’s funding structure in Community Financial Services Association of America, Ltd. v. CFPB. The rule was set to take effect on May 14, 2024. Read the announcement and order.
May 13, 2024
FDIC Releases Independent Report on its Workplace Misconduct. The FDIC has released a report of the independent third-party review investigating allegations of sexual harassment and other interpersonal misconduct at the FDIC. Over 500 current and former FDIC employees shared their stories with the law firm conducting the independent review, and the report found that “for far too many employees and for far too long, the FDIC has failed to provide a workplace safe from sexual harassment, discrimination, and other interpersonal misconduct.” The report includes recommendations for protecting the victims, transforming the culture, holding leadership accountable, improving structures and procedures, and more. Read the announcement, report, and Chair Gruenberg’s statement.
May 8, 2024
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