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ARTICLE · 15 APRIL 2025

CFPB's Overdraft Rule And Big Tech Payment Apps Rule Set For Repeal After Congressional Votes

Holland & Knight
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Among other significant rulemakings that the Consumer Financial Protection Bureau (CFPB) finalized in the waning days of the Biden Administration were 1) an overdraft fees final rule that applies to banks and credit unions...

United StatesFinance and Banking
Eamonn Moran
Eamonn Moran
Ashley Feighery
Ashley Feighery
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Among other significant rulemakings that the Consumer Financial Protection Bureau (CFPB) finalized in the waning days of the Biden Administration were 1) an overdraft fees final rule that applies to banks and credit unions with more than $10 billion in assets, offering these financial institutions with several options to manage their overdraft lending program, and 2) a larger participant final rule to supervise larger nonbank companies that offer "general-use digital consumer payment applications" such as digital wallets, payment apps and peer-to-peer payment apps (which Holland & Knight previously reported on in a Nov. 22, 2024, alert and March 2025 article in The Banking Law Journal).

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