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CONSUMER LENDING, COMPLIANCE, AND
CREDIT RISK & REPORTING NEWS
11th Circuit Appeals Court Decision: FCRA Does Not Require Actual Damages Results In >$200 Million Potential Liability
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Top Headlines From This Week
CFPB Orders Bank of America to Pay $12 Million for Reporting False Mortgage Data
December 1, 2023
Rent-a-Center to pay more than $8 million to settle claims of abusive conduct toward poor consumers
November 29, 2023
Apple plans to end a credit card partnership with Goldman Sachs that it once touted as a blockbuster new business
November 28, 2023
CFPB issues Semi-Annual Report to Congress; CFPB Director Chopra to appear before House and Senate Committees this week
November 29, 2023
The 7 Most Notable FCRA Cases of 2023 So Far
November 30, 2023
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Recent News
CFPB Takes Action to Curb Unchecked Worker Surveillance
cfpb
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October 24
NYC DCWP Delays Enforcement of Amended Debt Collection Rules
JD Supra
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October 23
Pay to Play? CFPB Warns Consumers about Risks of Video Game Currency and In-Game Purchases
JD Supra
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October 23
BaaS Faces Regulatory Reckoning: OCC and FDIC Actions Underscore Growing Scrutiny
pymnts
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October 23
CFPB Orders Apple and Goldman Sachs to Pay Over $89 Million for Apple Card Failures
cfpb
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October 23
CFPB Bites of the Month – September 2024 – Wake Me Up When September Ends, CFPB
JD Supra
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October 22
Cross River CEO: FDIC Proposed Rule Would Protect Bank-FinTech Model
pymnts
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October 22
ABA, Associations Urge CFPB to Rescind Circular On Overdraft Opt-in Procedures
American Bankers Association
|
October 22
Incentive-based compensation proposed rule is unnecessary for credit unions
CUInsight
|
October 22
Unpacking the Increasingly Popular Fair Credit Billing Act
JD Supra
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October 22
OCC Guidelines Establishing Standards for Recovery Planning by Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches: Final Guidelines
OCC
|
October 22
How the CFPB’s 1033 Final Rule Differs from the Initial Proposal
Finovate
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October 22
CFPB Finalizes Personal Financial Data Rights Rule to Boost Competition, Protect Privacy, and Give Families More Choice in Financial Services
cfpb
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October 22
ACA International Files Lawsuit to Halt New York City Debt Collection Rules
ACA International
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October 21
Joint Trades Letter to FCC on Advanced Methods to Target and Eliminate Unlawful Robocalls and Text Messages
American Bankers Association
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October 21
OCC announces enforcement actions against four US banks
FinTech Futures
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October 21
Justice Department Sues Rocket Mortgage, Appraisal Management Company and Appraiser for Race Discrimination in Mortgage Refinance Application
Office of Public Affairs
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October 21
FinTech Association Sues CFPB; Says BNPL Rule ‘Oversteps Legal Bounds’
pymnts
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October 20
Major student loan company failed to process hundreds of thousands of applications
EdSource
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October 18
Complaint to Challenge Regulation B Changes to the Equal Credit Opportunity Act
American Bankers Association
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October 17
ED: Delinquent Payments on Federal Student Loans Will Not Be Reported Until January
NASFAA
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October 17
Holiday shoppers plan to spend more while taking on debt this season
CNBC
|
October 16
SoFi, Best Egg get boosts from private credit
Banking Dive
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October 16
TransUnion Analysis Finds Fraud Costing Businesses Equivalent of Nearly 7% of Revenues
GlobeNewswire
|
October 16
Court Allows FCRA Claims to Proceed in Deceptive Mailer Case
ACA International
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October 16
Federal Trade Commission Announces Final “Click-to-Cancel” Rule Making It Easier for Consumers to End Recurring Subscriptions and Memberships
ftc
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October 16
Bipartisan Bill Introduced on Credit Reporting of Medical Payments
ACA International
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October 16
Regulators Raise Exemption Thresholds Regarding Mortgages, Consumer Credit and Leases
pymnts
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October 15
Nova Credit to Supply Consumer-Permissioned Cash Flow Data to SoFi
pymnts
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October 15
ABA urges regulator to require more transparency in bank acquisitions by credit unions
ABA Banking Journal
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October 15
Credit unions, fintechs should face same regulations as banks: Fed’s Bowman
Banking Dive
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October 15
CFPB Enforcement Picking Up After Supreme Court Cloud Cleared
Bloomberg Law
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October 15
OCC releases FY 2025 bank supervision operating plan
JD Supra
|
October 15
CFPB and Justice Department Take Action Against Fairway for Redlining Black Neighborhoods in Birmingham, Alabama
cfpb
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October 15
Motions Fly in the Battle Over the Illinois Interchange Case Ahead of an Oct. 30 Hearing
Digital Transactions
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October 14
Barclays Moves Into the GM Card Business, Pushing Goldman Aside
Payments Journal
|
October 14
FDIC Proposes Rule Amendments to Expand Its Role in Reviewing Depository Institution Holding Company Acquisitions
JD Supra
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October 14
The Value of Data Amidst Election Year Uncertainty–Equifax Workforce Solutions’ Jarod Jones
Mortgage Bankers Association
|
October 14
Report Shows Record Drops in Credit Union Auto Loans
Credit Union Times
|
October 14
Akeela White Analyzes in ARM Compliance Digest: California Appeals Court Upholds Dismissal of FCRA Suit for Lack of Standing
Hinshaw
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October 14
New York City Adopts Rules to Cancel Medical Debt
ACA International
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October 14
Citadel FCU is first credit union to settle DOJ redlining complaint
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October 14
Massachusetts Federal Court Orders Key Credit Repair to Pay $50M for Misleading Claims and Advance Fees
JD Supra
|
October 14
FDIC Extends Comment Period on Modernizing Brokered Deposit Restrictions
FDIC
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October 10
AI compliance: What it is, why it matters and how to get started
IBM
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October 10
The FDIC Should Look Inward Before Taking On More Regulation
RealClear Markets
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October 10
TransUnion nearly doubles previously announced layoffs to 640 employees in Illinois
Chicago Tribune
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October 10
Student Loans May Impact Borrowers’ Credit As Early As January 2025
Forbes
|
October 10
Justice Department Secures Over $6.5M from Citadel Federal Credit Union to Address Redlining of Black and Hispanic Communities
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October 10
Blue Owl to Buy $2 Billion of Fintech Upstart’s Consumer Loans
BNN Bloomberg
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October 10
Who are buy now, pay later borrowers, and what are they buying?
reuters
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October 10
Equifax Makes Differentiated Data Products Available on Google Cloud Analytics Hub and Marketplace
Yahoo Finance
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October 9
3 Key Takeaways and Collection Agency Industry Insights from the NACARA Conference
JD Supra
|
October 9
How Safe Is Your Money in a Fintech, Really?
BNN Bloomberg
|
October 9
US Average FICO Score Holds Steady After First-in-Decade Fall
Yahoo Finance
|
October 9
Credit union deal record extends
Banking Dive
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October 9
Chopra says CFPB finalizing medical debt rule; agency issues advisory opinion on debt collector practices
Consumer Finance Monitor
|
October 9
TD Bank faces $3 bln in penalties as part of US settlement, WSJ reports
reuters
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October 9
Thompson Consumer Law Group and the Law Offices of Andrew J Brown announce what is believed to be the largest verdict ever obtained for consumers under the Fair Credit Reporting Act.
PR Newswire
|
October 9
FDIC’s McKernan wants single capital stack in Basel III endgame
Risk.net
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October 8
Truist customer data exposed in third-party breach
Banking Dive
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October 8
Letter to the Agencies on the AML Program Rule NPRM
American Bankers Association
|
October 8
Fair Credit Reporting Act Used to Counter Financial Exploitation
Administration for Children & Families
|
October 8
CFPB Portal for State and Local Orders Opens: Risks Remain
Morgan Lewis
|
October 8
ABA: Proposed anti-money laundering requirements need further work
ABA Banking Journal
|
October 8
Consumer Lending on the Skids for Banks, CUs, Fed Report Reveals
Credit Union Times
|
October 8
Experian and Consumer Lender Oakbrook to Launch Debt Consolidation Loans
Crowdfund Insider
|
October 8
SECU Members Vote for Incumbent Board Members, Saving Controversial Risk-Based Lending Policy
Credit Union Times
|
October 8
ABA joins with consumer group, associations to push FCC action on illegal texts
ABA Banking Journal
|
October 7
Customer sues Ill. Napleton store, alleges unauthorized credit check
Automotive News
|
October 7
ABA joins with consumer group, associations to push FCC action on illegal texts
ABA Banking Journal
|
October 7
Case in which CFPB came to financial institutions’ defense dismissed
JD Supra
|
October 7
OCC Solicits Research on Artificial Intelligence in Banking and Finance
OCC
|
October 7
Yoshikami: Expect US banks to flag fewer real estate defaults
CNBC
|
October 7
Equifax Reimagines U.S. Consumer Credit Report Design
Equifax
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October 7
CFPB Takes Action Against Wrongful Auto Repossessions and Loan Servicing Breakdowns
cfpb
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October 7
OCC Backs Credit Unions, Banks Opposing Illinois Interchange Law
Credit Union Times
|
October 4
Fiserv nets special banking charter in Georgia
Banking Dive
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October 4
FDIC issues NPRM requiring banks to provide accurate record-keeping in connection with third-party arrangements
JD Supra
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September 26
District Court grants and denies defendants’ MTD claims by CFPB
JD Supra
|
September 26
Federal District Court on September 23, 2024, entered final judgement in favor of the CFPB in lawsuit challenging its small business loan data collection rule; trade groups will now finally appeal to Fifth Circuit
Consumer Finance Monitor
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September 26
Prepared Remarks of CFPB Director Rohit Chopra at the Center for American Progress Housing Summit
cfpb
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September 26
Prepared Opening Remarks of CFPB Director Rohit Chopra at the Aspen Institute on Abuse and Misuse of Our Personal Data
cfpb
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September 26
Credit Reports at Issue in Supreme Court Case
Post Bulletin
|
September 26
Acting Comptroller Discusses Financial Inclusion
OCC
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September 25
America’s Credit Unions pushes back against NCUA’s proposed succession planning rule
CUInsight
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September 25
New Legal Advocacy Fund will protect credit unions’ interest in court
CUInsight
|
September 25
Infact Raises £4 Million and Secures FCA Authorisation to Establish the First Real-Time Credit Bureau
Fintech Finance News
|
September 25
New FICO Study: More Credit Lessons, Less Chemistry in High School Classrooms, Americans Say
Business Wire
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September 24
Sixth Circuit Finds No Standing for FCRA Claim
JDP
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September 24
NCUA approves rules on second chance hiring, shared insurance regulations
Dodd Frank
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September 24
CFPB Keeps to Its Word by Issuing Additional Buy Now, Pay Later Guidance
Holland & Knight
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September 24
69% of Consumers Prioritize Fraud Protection When Picking a Bank
pymnts
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September 24
CFPB Keeps to Its Word by Issuing Additional Buy Now, Pay Later Guidance
Lexology
|
September 24
Data Sharing and the Automotive Industry: What We Are Telling Clients
JD Supra
|
September 24
FTC Takes Action Against Invitation Homes for Deceiving Renters, Charging Junk Fees, Withholding Security Deposits, and Employing Unfair Eviction Practices
ftc
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September 24
NY credit union-bank tie-up pushes 2024 to brink of M&A record
Banking Dive
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September 24
Breaking Down Credit Reporting With Credit Builders Alliance
Troutman Pepper
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September 24
Statement of CFPB Director Rohit Chopra on the Justice Department’s Lawsuit Against Visa
cfpb
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September 24
ICE Further Automates Credit Dispute Processing for Servicers With Enhancements to Credit Bureau Management
Business Wire
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September 24
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