On May 14, 2024, the CFPB distributed more than $384 million to about 191,000 consumers harmed by Think Finance due to its illegal lending practices. In November 2017, the CFPB filed a lawsuit against Think Finance, alleging that the company deceived consumers into repaying loans they did not owe.

On May 11, 2024, the ABC News reported that a federal judge in Texas issued a temporary nationwide injunction to the CFPB’s Credit Card Penalty Fees Final Rule that was set to take effect on May 14, 2024. On March 5, 2024, the CFPB finalized a rule to cut excessive credit card late fees by closing a loophole exploited by large card issuers.

On May 9, 2024, the CFPB issued a new report finding consumers encounter numerous problems with credit card rewards programs. In particular, consumers report losing benefits to devaluation, limited redemption opportunities, and vague or hidden terms and conditions.

On May 7, 2024, the CFPB issued a consent order against Chime Financial for failing to give consumers timely refunds when their accounts were closed. Chime Financial is a nonbank that partners with banks to offer financial products, including checking accounts, savings accounts, and credit cards. 

On May 6, 2024, the OCC, the FDIC, the FHFA, and the NCUA issued a Notice of Proposed Rulemaking that seeks to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Specifically, the proposal would establish new requirements for incentive-based compensation at certain covered institutions.

On May 3, 2024, the Federal Reserve, the FDIC, and the OCC jointly issued a guide to assist community banks in developing and implementing third-party risk management practices. The guide was issued as a resource for community banks and does not substitute the Interagency Guidance on Third-Party Relationships: Risk Management (TPRM Guidance) that the agencies issued in June 2023.