On June 29, 2022, the CFPB issued an advisory opinion affirming that federal law often prohibits debt collectors from charging “pay-to-pay” fees. These charges, commonly described by debt collectors as “convenience fees,” are imposed on consumers who want to make a payment in a particular way, such as online or by phone.

On June 23, 2022, the OCC issued the Semiannual Risk Perspective for Spring 2022 that details the key issues facing the federal banking system. The report, which covers risks facing national banks, federal savings associations, and federal branches and agencies, presents information in five main areas - the operating environment, bank performance, a special section on climate-related topics in emerging risks, trends in key risks, and supervisory actions.

On June 22, 2022, the CFPB announced that it is taking the first step toward addressing credit card company penalty policies costing consumers $12 billion each year, starting by looking at excessive late fees. The CFPB has published an Advance Notice of Proposed Rulemaking published where it asks for information on the Federal Reserve Board of Governors’ 2010 immunity provision for excessive late fees that allows credit card companies to escape enforcement scrutiny.

On June 17, 2022, the CFPB released an article, authored by Director Rohit Chopra, about how CFPB is seeking to move away from highly complicated rules towards simpler and clearer rules. The CFPB director believes that “markets work best when rules are simple, easy to understand, and easy to enforce.”