On 2/2/2022, the CFPB released an article on the hidden cost of junk fees. The CFPB recently launched an initiative to save households billions of dollars a year by reducing exploitative junk fees charged by banks and financial companies.

On 1/26/2022, the CFPB launched an initiative to save households billions of dollars a year by reducing exploitative junk fees charged by banks and financial companies. This initiative will give the public a chance to share their input in crafting the agency’s rulemaking and guidance agenda, as well as its enforcement priorities in the coming months and years.

On 1/21/2022, the Federal Financial Institutions Examination Council issued a statement announcing best practices for requesting examination information from supervised entities, and a common authentication solution for secure access to the FFIEC members’ supervision systems. According to FFIEC’s release, the statement presents the results of the final phase of the Examination Modernization Project in which its members addressed the feedback provided by supervised entities regarding examination requests and authentication requirements for its members’ supervision systems.

On 1/21/2022, the FDIC approved a final rule to simplify aspects of the agency’s deposit insurance coverage rules. In particular, deposit insurance coverage for deposits held in connection with irrevocable and revocable trusts is simplified by combining these two deposit insurance categories under one simpler and common calculation.

On 1/20/2022, the CFPB announced that it will begin examining the operations of post-secondary schools, such as for-profit colleges, that extend private loans directly to students. In line with this, the CFPB has updated its exam procedures to include a new section on institutional student loans.