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aRTiCLeS

rule setting monetary penalties for certain BSA reporting and Court Vacates CFPB Credit Card Late
recordkeeping violations by financial institutions. The Treasury Fee Rule
Department said the rule was made redundant by the Federal
Civil Penalties Inflation Adjustment Act of 1990, and a second A federal court has vacated the CFPB’s rule on credit card late
FinCEN regulation codifying the annual inflation-adjusted civil fees a day after plaintiffs reached an agreement with the bureau to
penalties mandated by the Act. The newer inflation-adjusted end a lawsuit over the rule.
penalties are applied to all violations after Aug. 1, 2016.
Under the terms of the settlement, the CFPB acknowledged it
Other rules to be rescinded include rules concerning governance exceeded its authority under the Credit Card Accountability
and executive compensation at institutions that received Troubled Responsibility and Disclosure Act, and that the late fee rule
Asset Relief Program assistance and book-entry Federal Financing violates the Administrative Procedure Act. The CFPB asked the
Bank securities. The rule removals will be effective 60 days after court to vacate the rule, which it did today.
publication in the Federal Register, unless Treasury receives
significant adverse comments. In a joint statement, ABA and the other plaintiffs welcomed the
court’s decision.
Read more: https://www.federalregister.gov/
documents/2025/04/15/2025-06353/eliminating-unnecessary- “If the CFPB’s rule had gone into effect, it would have resulted
regulations in more late payments, lower credit scores, higher interest rates
and reduced credit access for those who need it most,” they
OCC Notifies Congress of Data said. “It would have also penalized the millions of Americans
who pay their credit card bills on time and reduced important
Breach Involving Bank Information incentives for consumers to manage their finances. We appreciate

the CFPB’s recognition that the rule violated the law, and the
A cyber incident involving the Office of the Comptroller of the bureau’s willingness to resolve our legal challenge.”
Currency’s email systems led to unauthorized access to highly
sensitive information about the financial condition of financial
institutions the agency supervises, according to a notice to House Votes to Reverse CFPB
Congress by the OCC. The notice is required by the Federal Overdraft Rule
Information Security Modernization Act.
The U.S. House has voted in favor of a resolution to overturn the
The OCC publicly disclosed the data breach in February but CFPB’s limit on overdraft fees. The 217-211 vote came less than
released details today about the incident. According to an two weeks after the Senate passed its version of the resolution.
agency statement, the OCC learned of unusual interactions
between a system administrative account in its office automation The CFPB overdraft limit requires banks with at least $10 billion
environment and OCC user mailboxes in mid-February. The in assets to cap overdraft fees at $5 unless they voluntarily set a cap
OCC implemented incident response protocols and began that covers their actual costs and losses or treat overdraft protection
analyzing the compromised emails to determine their contents. as a loan covered by the Truth in Lending Act. The resolution now
Some contained sensitive information on financial institutions. heads to the President for his review and signature.
The OCC has brought in third-party cybersecurity experts to FDIC Seeks 20% Workforce
perform a full review of the investigation and forensics efforts,
according to the agency. It is also launching an evaluation of its Reduction
current IT security policies and procedures, and plans to engage
an additional independent third-party to assess and analyze The FDIC is seeking to reduce its workforce by a further 20%
internal processes related to cyber incidents. as part of an effort to reduce the overall size of government,
Bloomberg News reported.
“The confidentiality and integrity of the OCC’s information
security systems are paramount to fulfilling its mission,” said Citing anonymous sources, the news outlet reported that the staff
Acting Comptroller of the Currency Rodney Hood. “I have reduction is being driven by the Department of Government
taken immediate steps to determine the full extent of the breach Efficiency. A small team of DOGE staffers met with FDIC
and to remedy the long-held organizational and structural leadership, according to Bloomberg and other news outlets.
deficiencies that contributed to this incident. There will be full The FDIC’s authorized staffing for 2025 is 6,876 full-time
accountability for the vulnerabilities identified and any missed equivalents, according to the agency’s annual report to Congress.
internal findings that led to the unauthorized access.” In January, the Washington Post reported that the FDIC
Read more: https://www.occ.treas.gov/news-issuances/news- rescinded job offers to more than 200 new examiners because of a
releases/2025/nr-occ-2025-30.html government-wide hiring freeze implemented by the White House.

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