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News
SDBA UpdatesSDBA EventsOnline EducationCompliance AllianceABA Banking Journal: CFPB to vacate credit card late fee rule in deal with banksApril 14, 2025 
The Consumer Financial Protection Bureau today reached an agreement with the American Bankers Association and other plaintiffs to settle a lawsuit over its rule on credit card late fees. The CFPB last year issued a final rule to lower the safe harbor dollar amount for late fees to $8, eliminate a higher safe harbor dollar amount for late fees for subsequent violations of the same type, and eliminate the annual inflation adjustment for the safe harbor amount that was provided by the Federal Reserve in 2010. ABA joined the U.S. Chamber of Commerce and other plaintiffs in challenging the rule in U.S. District Court for Northern Texas, arguing the bureau exceeded its statutory authority. Under the terms of the settlement, the bureau acknowledged it exceeded its authority under the Credit Card Accountability Responsibility and Disclosure Act, and that the late fee rule violates the Administrative Procedure Act. The parties asked the court to vacate the final rule. The judge must approve the agreement. In a joint statement, ABA and the other plaintiffs called the agreement a win for consumers and common sense. “If the CFPB’s rule had gone into effect, it would have resulted in more late payments, lower credit scores, higher interest rates and reduced credit access for those who need it most,” they said. “It would have also penalized the millions of Americans who pay their credit card bills on time and reduced important incentives for consumers to manage their finances. We look forward to the court’s consideration of our joint request to vacate the rule.” Back to TopABA Banking Journal: Sen. Gallego: ACRE Act will help small farms, rural housingApril 9, 2025
Legislation to expand access to affordable real estate credit in rural areas is needed if small farms seek to grow their businesses, Sen. Ruben Gallego (D-Ariz.) said today at the American Bankers Association Washington Summit. Gallego is the lead Democrat co-sponsor in the Senate of the Access to Credit for our Rural Economy Act. Passage of the ACRE Act is one of ABA’s top policy priorities for 2025. In a Q&A with ABA Chief Policy Officer Naomi Camper, Gallego explained how his own background in running a family ranch in Mexico shaped his support for the bill. “Mexican ranches and farms are very small, so not very productive,” said Gallego, whose family immigrated to the U.S. “And what ends up happening a lot of times is these small ranches and farms will eventually go belly up because they can’t expand. They don’t have the opportunity to borrow money. There’s nothing to borrow money against.” Banks need to be as close to their customers as possible, Gallego said. He also noted that parts of rural Arizona are facing a housing crisis, driven in part by a lack of access to affordable credit. “So making sure that there is access to local capital and knowledge, I think, is the most important thing,” he said. Back to TopABA Banking Journal: ABA survey: Americans overwhelmingly support financial education in schoolsApril 17, 2025
A new survey conducted by Morning Consult on behalf of the American Bankers Association Foundation found U.S. adults strongly support youth financial education being taught in schools. According to the data released today, 87% agree that financial concepts should be taught in high school and 72% believe they would be better off financially if they had learned the basics of personal finance at an earlier age. Currently, only 10 of the 27 states that guarantee a standalone personal finance course for all high schoolers have fully implemented youth financial education while 17 are still in progress, according to the Next Gen Personal Finance live dashboard. The survey also indicated that the plurality of consumers (38%) learn about money and financial concepts mainly from family, while only 15% selected school as the place they learned the most. Three-quarters of those surveyed (74%) rate their financial knowledge and ability to make informed decisions about money as “excellent,” “good” or “very good.” In recognition of April as Financial Literacy Month, the ABA Foundation and bankers across the country are mobilizing to meet this demand and bring financial education to classrooms nationwide. The ABA Foundation offers three youth financial education initiatives, including the Teach Children to Save campaign. “The survey results make clear that Americans understand the value of a solid financial education and the benefits it can have on their long-term financial well-being,” ABA Foundation Executive Director Lindsay Torrico said. “Unfortunately, access to financial education isn’t universal. That’s why the ABA Foundation and America’s banks are working together to share these important lessons with as many students as possible.” CISA News: Ransomware Attacks Hitting US Credit Unions via Information Technology VendorsFuture ransomware attacks on information technology (IT) vendors that provide services for the Financial Services Sector will likely have an outsized effect on US credit unions and other small monetary institutions in the HomelandApril 14, 2025Ransomware attacks are endemic across the US Financial Services Sector, and credit unions tend to rely on IT vendors more than banks because credit unions are generally smaller and have less resources to devote to IT system maintenance and security. Over one in three Americans use credit unions, and these attacks have disrupted many of their financial services and exposed the sensitive data of citizens across the country. The threat of disruption or exposure of sensitive data would be reduced if credit unions better evaluated their IT vendors for adherence to US government cybersecurity guidance and best practices.
Ransomware Attacks Against the Financial Services Sector (U) The cyber actors who conducted ransomware attacks on the broader Financial Services Sector most frequently gained network access through compromised credentials, malicious and phishing e-mails, and the exploitation of vulnerabilities in the impacted institutions’ own IT systems rather than those of their contracted IT service providers. Nonetheless, on occasion, criminals have successfully conducted ransomware attacks on large US banks by exploiting weaknesses in their IT contractors’ cybersecurity.
CISA and the National Institute of Standards and Technology (NIST) provide publicly available tools that credit unions and other organizations can use to select security-minded vendors and help ensure they continue to prioritize cybersecurity.The NCUA’s public website has links to many of these tools and also provides the agency’s own, similar cybersecurity resources.
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