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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
California Bill Requiring Landlords to Report On-Time Rent Payments to Credit Bureau Agencies Passes Legislature and Heads to Governor Gavin Newsom’s Desk
Sierra Sun Times
|
September 5
Navigating FCRA and Debt Collection With Special Guest Bridgeforce’s Michelle Macartney – The Consumer Finance Podcast
JD Supra
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September 5
Top 3 trends highlighted in Experian’s annual Identity and Fraud Report
Auto Fin Journal
|
September 4
OCC’s Hsu: Agility and Teamwork Critical as Banks Confront New Risks
pymnts
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September 4
NCUA releases Ombudsman Annual Report
CUInsight
|
September 4
Bridgeforce and Provana Forge Strategic Alliance to Enhance Compliance and Operational Performance in Financial Services
Yahoo Finance
|
September 4
CFPB slammed with EWA commentary
Payments Dive
|
September 4
Introducing a Credit Bureau-Based Measure of U.S. Household Debt Service
Board of Governors of the Federal Reserve System
|
September 4
6th Circuit reverses decision on plaintiff’s FCRA claim
JD Supra
|
September 4
ABA: CFPB proposal will discourage earned wage access products
ABA Banking Journal
|
September 3
Nutter Bank Report: August 2024
JD Supra
|
September 3
How AI Can Transform Fintech, Credit Scoring
Forbes
|
September 3
Experian to Offer Debt Consolidation in Partnership with Paylink Solutions
Finovate
|
September 3
What’s Next for the Regulatory Landscape Post-Chevron?
JD Supra
|
September 3
How Will New CFPB Rule Affect Short-Term Lenders?
Corporate Compliance Insights
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September 3
The State AG Report – 8.29.2024
JD Supra
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September 3
ABA, trade groups oppose CFPB’s attempts to dissolve preliminary injunction and dismiss or transfer late fees lawsuit
ABA Banking Journal
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September 3
Acting Comptroller Discusses the Evolution of Bank Supervision
OCC
|
September 3
CFPB Issues Consent Order Related to Bank’s Duplicative Force-Placed Insurance Policies
JD Supra
|
September 3
CFPB Orders Mortgage Lender to Pay $2.25 Million for Allegedly Deceiving Servicemembers and Veterans
JD Supra
|
September 3
Amicus Brief Argues CFPB Overreached in Enforcement Action Against Auto Lender
JD Supra
|
September 3
CFPB Announces the Beta Platform for Small Business Lending Data Reporting
Consumer Finance Monitor
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September 3
Seventh Circuit rules Equifax is not liable for mortgage denial in FCRA lawsuit
ABA Banking Journal
|
September 3
Aggregators hit back at JPMorgan credit card data theft lawsuit
Lexology
|
September 2
CFPB Orders NewDay USA to Pay $2.25 Million for Illegally Luring Veterans and Military Families into Cash-Out Refinance Loans
cfpb
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August 29
Consumer Advisory: Video games are targeting your children to get into your wallet
cfpb
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August 28
Promoting competition in payments
cfpb
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August 28
Congress, CFPB Outline Views on AI in Financial Services
ACA International
|
August 28
CFPB chides retailers on fees for cash back
Payments Dive
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August 27
Preserving free access to money in your account
cfpb
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August 27
CFPB Report Finds Large Retail Chains Charging Cash-back Fees to Customers Using Debit and Prepaid Cards
cfpb
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August 27
US lenders lose court battle over CFPB rule to collect small business data
reuters
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August 26
Consumer groups show support of CFPB’s Auto Finance Data Pilot and urge the Bureau to expand its data collection
Consumer Finance Monitor
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August 26
Center for Microeconomic Data: Household Debt and Credit Report
Federal Reserve Bank of New York
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August 22
BREAKING NEWS: FTC’s Non-Compete Ban Struck Down For All Employers Nationwide
|
August 21
CFPB, Credit Repair Cloud Reach Deal Over Illegal Marketing Allegations
Consumer Finance Monitor
|
August 21
TransUnion Bid For CFPB Docs In Settlement Case Tossed
LAW360
|
August 21
New Experian Report Reveals Generative AI, Deepfakes and Cybercrime Are the Top Fraud Concerns for Businesses
Yahoo Finance
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August 21
CFPB comments on Treasury RFI regarding artificial intelligence in finance
JD Supra
|
August 21
CFPB Takes Action Against Fay Servicing for Illegal Foreclosure Actions and Violating Law Enforcement Order
cfpb
|
August 21
Latest credit union estimates show loans grew 0.5% in June
America's Credit Unions
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August 21
US credit card debt continues to rise as housing and other costs remain high for the lowest earners
News From The States
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August 21
National Public Data breach update: Lawsuits pile up against Florida-based background check company after ‘security incident’
Fast Company
|
August 21
Navigating FCRA and Debt Collection With Special Guest Bridgeforce’s Michelle Macartney — FCRA Focus
JD Supra
|
August 20
Capital One, Citi plan to join FedNow in ‘near future’
Banking Dive
|
August 20
Experian Can’t Shake Suit Claiming Inaccurate Credit Report
Bloomberg Law
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August 20
CFPB Grants Buy Now, Pay Later Lenders Compliance Grace Period
ACA International
|
August 19
NCUA Board Approves Proposed Rule to Standardize Data Submitted to Federal Financial Regulatory Agencies
ncua
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August 15
CFPB’s FCRA Proposals Will Harm Small Businesses, Lenders, Medical Providers, Patients and All Consumers
ACA International
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August 15
Overregulation of emerging tech can stifle innovation, says America’s Credit Unions
America's Credit Unions
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August 15
CFPB to monitor compliance at Credit Repair Cloud after alleged illegal fees
Compliance Week
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August 15
Credit Reporting Industry Slams CFPB Plan Targeting Medical Debt
Bloomberg Law
|
August 15
June 2024 Consumer Litigation Filings: Down for Month, Up YTD
JD Supra
|
August 15
FACT SHEET: Biden-Harris Administration Launches New Effort to Crack Down on Everyday Headaches and Hassles That Waste Americans’ Time and Money
The White House
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August 15
CFPB to scour banks’ chatbot use in White House initiative
Banking Dive
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August 15
90% of Americans Worry About Rise in Fraud, 74% Think AI Will Increase Successful Fraud Attempts, Abrigo Survey Finds
Fintech Finance News
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August 14
CREDIT, DEBIT AND GIFT CARDS—N.D. TEX.: CHAMBER OF COMMERCE FILES OPPOSITION BRIEF IN CFPB CREDIT CARD LATE-FEE RULE CASE
WESTLAW TODAY
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August 13
Chime exec talks on CFPB’s new EWA stance
Banking Dive
|
August 13
Senate Democrats open inquiry into duplicate student loan balances
Washington Post
|
August 9
Mortgage rates fall to the lowest level since May 2023, and refinances surge 16%
Market Watch
|
August 7
U.S. Department of the Treasury, Consumer Financial Protection Bureau, and Federal Trade Commission Announce Steps to Protect Residential Solar Consumers, Ensure Access to Credits
U.S. Department of the Treasury
|
August 7
US consumer watchdog probes major US banks over Zelle scam
Microsoft Start
|
August 7
USAA to pay $64.2M to settle military overcharge lawsuit
Banking Dive
|
August 6
Credit card delinquencies are higher than in 2019 because lenders took on more risk
cfpb
|
August 6
FTC Action Leads to Permanent Bans for Scammers Behind Sprawling Credit Repair Pyramid Scheme
Federal Trade Commission
|
August 5
Survey: Half of American cardholders now carry credit card debt, many with no plan to pay it off
bankrate
|
August 5
Comments on NCUA’s Revised Succession Planning Rule Due Sept. 23
ncua
|
July 31
CFPB Bites of the Month – July 2024
JD Supra
|
July 30
Acting Comptroller Issues Statements on Bank Liquidity and Bank Resolvability
OCC
|
July 30
CFPB Wants Fort Worth Chamber Tossed From $8 Late Fee Challenge
Bloomberg Law
|
July 30
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Proposed Rulemaking on Brokered Deposits
cfpb
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July 30
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Final Rule on the Fair Hiring in Banking Act
cfpb
|
July 30
FDIC Board Approves Proposed Rule to Revise Brokered Deposit Regulations
FDIC
|
July 30
Career Step to Pay $43.5 Million in Cash and Debt Cancellation to Resolve Charges It Used Deceptive Advertising to Lure Servicemembers and Their Spouses
ftc
|
July 30
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on a Proposed Rule to Strengthen Oversight of Large Asset Managers and Other Investors
cfpb
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July 30
CFPB to distribute over $8 million to consumers harmed by All American Check Cashing, Inc.
cfpb
|
July 30
Credit counseling demand surges in 2024, with these states hardest-hit
Fox Business
|
July 30
NFCC Partners with AFC to Support Consumers, Provide Safe Pathways Out of Debt, and Increase Access to Responsible and Affordable Financial Services
NFCC
|
July 29
Bankers want regulators, police to get serious about check fraud
WESTLAW TODAY
|
July 29
Bank Associations Call for Industry-Wide Collaboration to Combat Scams
Banking Exchange
|
July 29
U.S. Banking Regulators Heighten Scrutiny of Bank-Fintech Relationships
Crowdfund Insider
|
July 29
Big Updates On Student Loan Forgiveness And Payment Pause As SAVE Plan Forbearance Proceeds
Forbes
|
July 29
Space Coast Sells $669 Million in Auto Securities
Credit Union Times
|
July 26
FDIC Makes Public June Enforcement Actions
FDIC
|
July 26
CFPB Tries to Stretch Section 1057 of the CFPA to Reach Nondisclosure Agreements
JD Supra
|
July 26
Summer Regulatory Round-Up | July 2024
JD Supra
|
July 26
Senators call on FTC to investigate automakers’ sale of driving data to brokers
ABC News
|
July 26
CFPB Sues Rent-a-Center Affiliate Acima and Acima’s Founder Aaron Allred for Illegal Lending Practices
cfpb
|
July 26
Third-Party Arrangements: Joint Statement on Banks’ Arrangements With Third Parties to Deliver Bank Deposit Products and Services
OCC
|
July 25
ADP settles lawsuit alleging background check incorrectly reported job seeker was a convicted murderer
HR Dive
|
July 25
Clair CEO backs CFPB rule proposal on EWA
Payments Dive
|
July 25
CFPB Report Highlights Junk Fees Charged by School Lunch Payment Platforms
cfpb
|
July 25
Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden
OCC
|
July 25
CFPB Warns Against Intimidation of Whistleblowers
cfpb
|
July 24
Joint Statement for the Record on “Instant Payments, Instant Losses: Zelle and the Big Banks Fail to Protect Consumers from Fraud”
American Bankers Association
|
July 23
Experian Issues an Opinion Editorial on the Three Myths Blocking the Way to Greater Financial Inclusion
Morningstar
|
July 23
2024 Mid-Year Review: State AGs Shaping Regulatory Landscapes
JD Supra
|
July 23
FTC Issues Orders to Eight Companies Seeking Information on Surveillance Pricing
ftc
|
July 23
FTC Issues Orders to Eight Companies Seeking Information on Surveillance Pricing
ftc
|
July 23
CFPB to distribute more than $53 million to consumers harmed by BrightSpeed Solutions
cfpb
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July 23
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