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
10/9/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Reporting Agencies ,
Credit Reports ,
Creditors ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Healthcare ,
Medical Debt
Saying that reverse redlining is a form of discrimination, the U.S. District Court for the Southern District of Texas has refused to dismiss a discrimination case alleging that Texas developer Colony Ridge specifically...more
10/8/2024
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgages ,
Motion to Dismiss ,
Redlining ,
Regulation B ,
Reverse Discrimination
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
9/30/2024
/ Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loan Forgiveness ,
Military Service Members ,
SCRA ,
Student Loans
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
9/23/2024
/ ATMs ,
Consent ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Electronic Fund Transfer Act ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Opt-In ,
Overdraft Fees ,
Popular ,
Record Retention ,
Regulation E
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
9/12/2024
/ Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt ,
Debt Collection ,
Debt Collectors ,
Enforcement Actions ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry
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
9/11/2024
/ Background Checks ,
Consumer Financial Products ,
Consumer Reports ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Hiring & Firing ,
Job Applicants ,
Regulatory Agenda ,
Standing ,
Statutory Violations
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
9/10/2024
/ Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Nonbank Firms ,
Proposed Legislation ,
Registration Requirement ,
Regulatory Agenda ,
SBA Lending Programs ,
Section 1071 ,
Small Business
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
9/4/2024
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Banks ,
Consumer Financial Products ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Fraud ,
Loans ,
SBA ,
SBA Lending Programs ,
SEC v Jarkesy ,
Seventh Amendment ,
Small Business
On August 22, 2024, the CFPB filed its reply brief in support of its motion to dissolve the preliminary injunction and lift the stay of the CFPB’s credit card late fee final rule (“Rule”) in the lawsuit challenging the Rule....more
8/28/2024
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Consumer Lenders ,
Credit Cards ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Dismiss ,
Motion to Dissolve ,
Preliminary Injunctions ,
Regulatory Agenda ,
Standing ,
Truth in Lending Act (TILA)
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
8/27/2024
/ Automotive Industry ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lenders ,
OMB ,
Regulatory Agenda
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
8/21/2024
/ Article III ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Motion to Dismiss ,
Regulatory Agenda ,
Standing ,
Venue
On August 12, 2024, the plaintiffs filed their brief in opposition to 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
8/14/2024
/ Article III ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Dismiss ,
Motion to Dissolve ,
Motion to Transfer ,
Preliminary Injunctions ,
Proposed Rules ,
Regulatory Agenda ,
Standing
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
8/13/2024
/ Administrative Procedure Act ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Dodd-Frank ,
En Banc Review ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Payday Lending Rule ,
Payday Loans ,
SCOTUS ,
UDAAP
On August 8, 2024, the plaintiffs filed their brief in opposition to the CFPB’s motion to dissolve the preliminary injunction in the lawsuit challenging the CFPB’s credit card late fee final rule (“Rule”). In their brief, the...more
8/13/2024
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Collection ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Dismiss ,
Motion to Dissolve ,
Preliminary Injunctions ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Authority ,
Truth in Lending Act (TILA)
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
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
8/12/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Debt Collection ,
Debt Collectors ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Healthcare ,
Lenders ,
Medical Debt ,
Proposed Rules
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
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
8/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Fees ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Public Schools ,
Regulatory Agenda ,
School Districts ,
School Lunch Programs
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
8/2/2024
/ Banks ,
Broker-Dealer ,
Brokered Deposits ,
Consumer Financial Products ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Investment Adviser ,
Notice of Proposed Rulemaking (NOPR) ,
Proposed Rules
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
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
8/1/2024
/ Banking Regulators ,
Banks ,
Comment Period ,
Consumer Financial Products ,
FDIC ,
Federal Reserve ,
Financial Crimes ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
OCC ,
Public Comment ,
Request For Information ,
Risk Management ,
Third-Party Relationships
On July 29, 2024, the CFPB filed a motion to dismiss the Fort Worth Chamber of Commerce as a Plaintiff for lack of standing and if granted, transfer the case to a the Federal District Court for D.C. In its brief, the CFPB...more
7/31/2024
/ Article III ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Dismiss ,
Motion to Transfer ,
Preliminary Injunctions ,
Proposed Rules ,
Regulatory Agenda ,
Standing
The federal banking regulators are seeking comment to better understand the relationship between financial institutions and third parties that work for them....more
7/31/2024
/ Banking Regulators ,
Consumer Financial Products ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
OCC ,
Public Comment ,
Risk Management ,
Third-Party Relationships
The CFPB warned on July 24, 2024, that confidentiality agreements that employees of a company are required to sign likely violate federal law if those agreements imply that employees could face retaliation from their...more
7/30/2024
/ Confidentiality Agreements ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Corporate Counsel ,
Employees ,
Employer Liability Issues ,
Employment Contract ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agenda ,
Reporting Requirements ,
Restrictive Covenants ,
Whistleblowers
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