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Chopra says CFPB finalizing medical debt rule; agency issues advisory opinion on debt collector practices

The CFPB is in the process of completing its final rule intended to ban the inclusion of medical debts in credit reports, bureau Director Rohit Chopra said at a White House session intended to focus on practices in the...more

CFPB: Number of servicemember complaints increased in 2023

The Consumer Financial Protection Bureau’s (“CFPB”) Office of Servicemember Affairs Annual Report was released on September 24, 2024, highlighting areas of concern regarding student lending and noting that the number of...more

CFPB Reminds Financial Institutions to Retain Records of Affirmative Consent for Overdraft Opt-in

On September 17, 2024, the CFPB issued Consumer Financial Protection Circular 2024-05 on improper overdraft practices. The circular reminded financial institutions of their obligation to retain records that prove the consumer...more

CFPB: Most debt collection complaints in 2023 were attempts to collect debts not owed

The most frequent consumer debt collection complaints filed with the CFPB in 2023 were attempts to collect debts that actually were not owed, the bureau said in its annual Fair Debt Collection Practices Act report....more

Appeals Court: No FCRA Informational Injury Standing

A job applicant who claims he was not fully informed about adverse information that appeared on a background check is not entitled to relief under the Fair Credit Reporting Act (the FCRA), the Sixth Circuit Court of Appeals...more

House Republican introduces resolution to nullify CFPB non-bank registry rule

Rep. Andy Ogles, R-Tenn., on August 30, 2024 introduced in the House of Representatives a resolution under the Congressional Review Act (CRA) that would nullify the CFPB’s final nonbank registry rule....more

Defendant Challenges FDIC Enforcement Proceeding, Citing Jarkesy

In one of the first tests of the implications of the Jarkesy decision for other federal regulatory agencies, an individual accused by the FDIC of participating in fraudulent loan activity is asking a federal judge to dismiss...more

Consumer groups show support of CFPB’s Auto Finance Data Pilot and urge the Bureau to expand its data collection

In February 2023, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) announced an auto finance data pilot, where it ordered nine large auto lenders to provide information about their auto lending portfolios....more

CFPB files its reply brief in support of the CFPB’s motion to dismiss Plaintiff Fort Worth Chamber and transfer the case to D.D.C.

On August 19, 2024, the CFPB filed its reply brief in support of the CFPB’s motion to dismiss Plaintiff Fort Worth Chamber of Commerce (Fort Worth Chamber) for lack of standing and, if granted, transfer the case to the...more

CFPB: Payday Plaintiffs Not Entitled to En Banc Rehearing

The plaintiffs challenging the CFPB payday lending rule should not be entitled to an en banc rehearing because the issues they cite already have become final and the time for rehearing has lapsed, the CFPB said last week...more

FDIC Seeking Comments on Industrial Bank Rule Changes

The FDIC is seeking comment on proposed changes to its regulation governing parent companies of industrial banks and industrial loan companies—Part 354 of the FDIC Rules and Regulations....more

Chopra Defends CFPB’s Medical Debt Proposed Rule

CFPB Director Rohit Chopra on Thursday defended his agency’s proposed rule to prohibit the listing of medical debt on credit reports, contending that such debts are not a fair indication of a person’s financial health....more

Financial Regulators Propose Standards to Promote Interoperability of Data

On August 2, 2024, the CFPB, the OCC, the Federal Reserve Board, the FDIC, the NCUA, the FHFA, the CFTC, the SEC and the Treasury Department proposed a joint rule intended to establish standards to promote the ability of each...more

CFPB: Families Forced to Pay ‘Junk’ Fees for School Lunches

The CFPB’s latest focus on consumer fees is targeting payment processors for school lunches. The CFPB says that families who choose to purchase school lunches are being forced to pay fees to companies that process their...more

FDIC Proposes Revisions to Broker Deposits Rule

The FDIC board on July 30 approved a notice of proposed rulemaking intended to strengthen the prudential protections of the agency’s safety and soundness rule for brokered deposits (12 CFR 337.6)....more

FDIC Seeking Comments on Including Uninsured Deposit Data on Call Reports

The FDIC board on July 30 agreed to request information on deposit data that currently is not reported in the Federal Financial Institutions Examination Council’s Call Reports—including data on uninsured deposits....more

Bank Regulators Issue Statement on Third-Party Relationships with Financial Institutions and Publish Request for Information on...

The federal banking regulators (The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation) issued on July 25 a lengthy joint statement...more

Banking Regulators Seek Comment on Third-Party Relationships with Financial Institutions

The federal banking regulators are seeking comment to better understand the relationship between financial institutions and third parties that work for them....more

Witnesses Call on Congress to Establish Regulatory Office in Wake of Loper

Congress must adjust to the demise of the Chevron Deference doctrine by drastically improving its regulatory expertise, witnesses told a House Committee on July 23....more

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