On September 10, Senators Jack Reed (D-RI), Sherrod Brown (D-OH) and Tammy Duckworth (D-IL) penned a letter expressing their support for a new interpretive rule by the CFPB classifying “Buy Now, Pay Later” (BNPL) providers as…
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/ Consumer Protection, Finance & Banking
On September 16, the NCUA released its Q2 2024 State-Level Credit Union Data Report, which covered the performance of federally insured credit unions over the year. According to the NCUA, the latest Quarterly U.S. Map Review…
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/ Finance & Banking
On September 11, Senate Democrats sent a letter addressed to ten of the largest CEOs of bitcoin ATMs calling for “immediate action” to address reports that the ATMs may be contributing to financial fraud against elderly…
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/ Consumer Protection, Finance & Banking
On September 17, the CFPB published a data spotlight examining the impact of mortgage interest rates on housing affordability. Mortgage rates significantly rose from 2.65 percent in January 2021 to a high of 7.79 percent in…
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/ Consumer Protection, Finance & Banking, Real Estate - Residential
On September 13, CFPB Director Rohit Chopra addressed the Congressional Black Caucus Foundation, underscoring the pivotal role of housing in wealth accumulation and the imperative to address racial disparities. Chopra…
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/ Consumer Protection, Finance & Banking, Real Estate - Residential
On September 18, the CFPB issued Frequently Asked Questions (FAQ) guidance on Buy Now, Pay Later (BNPL) products. The FAQs are organized into three sections: (i) a general description of BNPL products and “Pay-in-Four” BNPL…
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/ Consumer Protection, Finance & Banking
On September 11, Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter urging the Fed to adopt a proposed policy change to expand the operating days of the Fedwire…
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/ Finance & Banking, Consumer Protection
On September 17, the DOJ and HUD announced a settlement with a New Jersey-based bank to resolve “redlining” lending discrimination allegations. The DOJ’s complaint claimed that from 2018 through at least 2022, the bank failed to…
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/ Civil Rights, Consumer Protection, Finance & Banking, Real Estate - Residential
On November 12, the CFPB filed a proposed stipulated final judgment and order against a student loan servicer (the defendant) for alleged violations of the CFPA, the FCRA and the FDCPA. As previously covered by InfoBytes, the…
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/ Consumer Protection, Education Law, Finance & Banking
On September 17, the FTC announced that the U.S. District Court for the Middle District of Florida approved the Commission’s order, effectively shutting down several companies named in the FTC’s June complaint and required them…
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/ Antitrust & Trade Regulation, Business Torts, Consumer Protection
On September 17, the CFPB published a circular clarifying that banks and credit unions can violate the EFTA and Regulation E if they cannot prove that consumers agreed to be enrolled in overdraft services before being charged…
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/ Finance & Banking, Consumer Protection
On September 16, FINRA accepted a Letter of Acceptance, Waiver, and Consent (AWC) from a member firm, settling alleged rule violations made during its participation as a placement agent in a contingency offering…
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/ Finance & Banking, Securities Law
On September 17, the SEC announced charges against 11 institutional investment managers for failing to file the required Forms 13F, which were mandated for entities with discretion over more than $100 million in securities…
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/ Securities Law
On September 17, the SEC charged 12 municipal advisors for not maintaining and preserving certain electronic communications, leading to over $1.3 million in civil penalties. The firms admitted to violations under Sections 15B…
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/ Securities Law
On September 17, the FDIC released an NPRM aimed at strengthening record-keeping requirements for banks’ holding deposits from third-party non-bank companies (i.e., fintechs). The proposed rule seeks to mitigate risks among…
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/ Finance & Banking
