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The Consumer Financial Protection Bureau is seeking applications for membership on its advisory committees, which include the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. These committees consist of experts from various fields like consumer protection, financial services, and economics to advise the bureau on consumer financial markets. The membership, which usually lasts two years, requires diverse representation of communities and interests, including those underserved. Applications are accepted online by February 24, 2021, and should include a cover letter, résumé, recommendation letter, and completed questionnaire. The Bureau aims to announce the selected new members in late summer 2021.

The Securities and Exchange Commission announced that The Depository Trust Company (DTC) has proposed a rule change to introduce a new fee for its optional service called ClaimConnect. This service allows participants to match and settle cash claim transactions, like payment requests due to trading discrepancies, using a new system. The fee will charge $1.75 per side for matched claims, totaling $3.50 per transaction, to help cover DTC's costs for developing and operating the service. The new fees will be implemented starting January 1, 2021, and participants have the option to continue settling claims through their existing methods if they choose not to use ClaimConnect.

The Bureau of Consumer Financial Protection shared its observations on how various financial services adjusted during the COVID-19 pandemic, as highlighted in this special edition of Supervisory Highlights. The report documents the Bureau's assessments in areas like mortgage, student loans, auto loans, credit cards, and more, noting challenges faced by these sectors and their responses to rapidly changing consumer needs. Many financial institutions struggled with increased consumer requests for assistance, inaccurate information dissemination, and operational adjustments, highlighting risks that could potentially harm consumers. The Bureau aimed to help these institutions recognize and address these risks to better protect consumers.