Bureau of Consumer Financial Protection November 7, 2022 – Federal Register Recent Federal Regulation Documents

On October 21, 2021, the Consumer Financial Protection Bureau (Bureau or CFPB) ordered six large technology companies operating payments systems in the United States to provide information about certain of their business practices. Accompanying the orders, the Director of the Bureau issued a statement and invited interested parties to submit comments to inform the Bureau's inquiry. The statement and request for comment was published in the Federal Register on November 5, 2021, in a document titled, ``Notice and Request for Comment Regarding the CFPB's Inquiry into Big Tech Payment Platforms.'' The Bureau has determined that it is appropriate to re-open the docket for 30 days from Federal Register publication and add two questions.

A Returned Deposited Item is a check that a consumer deposits into their checking account that is returned to the consumer because the check could not be processed against the check originator's account. Blanket policies of charging Returned Deposited Item fees to consumers for all returned transactions irrespective of the circumstances or patterns of behavior on the account are likely unfair under the Consumer Financial Protection Act (CFPA). The Consumer Financial Protection Bureau (Bureau or CFPB) is issuing this bulletin to notify regulated entities how the Bureau intends to exercise its enforcement and supervisory authorities on this issue.