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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

Rent-a-Center to pay more than $8 million to settle claims of abusive conduct toward poor consumers

Apple plans to end a credit card partnership with Goldman Sachs that it once touted as a blockbuster new business

CFPB issues Semi-Annual Report to Congress; CFPB Director Chopra to appear before House and Senate Committees this week

The 7 Most Notable FCRA Cases of 2023 So Far

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Recent News

Trump-era CFPB has full plate following Chopra’s flurry of activity
Banking sector girds for M&A uptick in 2025
2024 State AG Year in Review
CFPB Updates List of Consumer Reporting Companies
Fifth Circuit Vacates the FTC’s CARS Shopping Rule
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – January 2025 #4
What to Expect from the New FTC Leadership
Mortgage trade groups again push to ban trigger leads
Insights Association calls for US consumer data privacy law
CFPB files amicus brief on FCRA disclosure requirements
Trump administration rescinds memo freezing federal grants
Chopra urges regulatory action to confront de-banking
M&T Bank names new risk chief
Wells Fargo released from 2022 CFPB consent order
ABA Chair Asbury discusses credit unions, bank regulation in interview
Chairman Hauptman Appoints Sarah Bang as NCUA Chief of Staff
Scoop: Financial Services Republicans want new CFPB Director “as soon as possible”
Fintechs may gain at banks’ expense in Trump era
X teams with Visa on new digital payments tool
10 Alarming Stats About American Consumer Debt That Should Concern You
Chopra Says Banks May Not Get CFPB ‘Lapdog’ Under Trump
State AGs threaten financial institutions over ESG, DEI policies
An Introduction to the CFPB’s Rental Payment Data and Analysis
U.S. Chamber Association Letter on Privacy Priorities in the 119th Congress
Financial Services Focus: FCRA
Consumer confidence fell in January
Credit reporting errors top January financial news
CFPB Finds Servicemembers Pay More in Auto Lending Market
Lawyer group urges overhaul to ease US process for setting up new banks
Hauptman: Ending Tax Exemption Would Hurt Credit Unions
CFPB’s Chopra Promotes 2020 Proposal to Tackle GOP ‘Debanking’
Why banks fail: Outgoing FDIC chief Martin Gruenberg assesses banking industry risks
U.S. Bank’s Kedia to become CEO in April
Higher-income American consumers are showing signs of stress
Lawyer group urges overhaul to ease US process for setting up new banks
Ousting the CFPB’s Chopra wasn’t a ‘day one’ priority
AmEx to pay $230M over small business sales claims
Kansas Bank’s Suit Could Upend FDIC Enforcement Authority
Experian’s Latest Fraud Forecast Reveals Viral Crimes, Crypto Scams and More Could Threaten Businesses and Consumers in 2025
Congressman Andy Barr Reintroduces Legislation to Reform CFPB Funding
Trades urge Trump White House, 119th Congress to prioritize regulatory reforms
FTC Warns of Fake Toll Road Text Phishing Scams Around U.S.
CFPB Letter to Washington State Legislature on Barring Medical Bills on Credit Reports
Trump Freeze Puts Credit Union Grants in Limbo
ABA chair sees room for change under Trump administration
FTC Finalizes Click-To-Cancel Rule
Cash-Out Refinancers Reduce Debt, Boost Credit Scores
Banking regulator rescinds more than 200 job offers for examiners it needs
CFPB Report Finds Continued Challenges for Households that Rent
CFPB Report Finds Cash-Out Mortgage Refinance Borrowers Improve Credit Scores
FTC Has Bipartisan Support for Merger Cases, Outgoing Chief Says
State Regulators Issue $80 Million Penalty to Block, Inc., Cash App for BSA/AML Violations
From the Web: ‘Consumers Have Mixed Inflation Expectations, Expect Lower Job Turnover’
Signs Point To Consumer Spending Slowdown
Wells Fargo’s regulatory burden eases further as CFPB terminates 2022 punishment
Has the Consumer Bureau Been Deleted Yet?
Equifax: December 2024 Key Consumer Credit Insights
NYC DCWP Further Delays Effective Date of Amended Debt Collection Rules
Report: FDIC and OCC Rescind Job Offers Amid Hiring Freeze
Trump accuses Bank of America of political de-banking
GOP List Includes Eliminating Credit Union Tax Exemption
Upgrade Appoints New COO, Former Best Egg CEO Anticipates Improving Environment for Fintechs
Fiserv names Bisignano’s successor
New York obtains $1.065 billion judgment against accused predatory lender
Inside Citi’s quest to battle BNPL fintechs
CFPB Finds More Vehicles Eligible for Repossession Than Pre-Pandemic
GOP List Includes Eliminating Credit Union Tax Exemption
Andrew N. Ferguson Takes Over as FTC Chairman
King & Spalding Obtains Dismissal of a Proposed Class Action Alleging Equifax Violated Antitrust
CFPB Orders Honda’s Auto Financing Arm to Pay $12.8 Million for COVID-19 and Other Credit Reporting Failures
CFPB Takes Action to Address Illegal Debt Collection Practices by the National Collegiate Student Loan Trusts
Navigating NCUA’s 2025 supervisory priorities: How credit unions partner to succeed in the new year
CFPB should encourage states to educate consumers, not enact more UDAAP statutes
CFPB Highlights Fair Lending Risks in Advanced Credit Scoring Models
CFPB Report Signals Shift to State-Level Enforcement
Large Bank Credit Card and Mortgage Data 2024 Q3 Narrative
Minimum payments on credit cards hit record level as delinquencies also rise
CFPB announces March 30 compliance date for “payday” lending rule
CFPB requests information on language access in consumer finance
Trump Orders Regulatory, Hiring Freeze
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – January 2025 # 3
Scrutiny on Financial Institutions Compliance Expected to Increase During Trump Administration
Common Background Screening Mistakes
FTC Sends More Than $5 Million in Refunds to Consumers Harmed by Bogus Debt Relief Scheme
ABA Banking Journal’s annual compilation of challenges for a new year
Holding Government Contractors Accountable for Wrongdoing
CFPB Urges States to Enact Consumer Protections
Trump Orders Regulatory, Hiring Freeze
2nd challenge to CFPB medical debt reporting rule filed in Texas
Wells Fargo hires JPMorgan executive as head of cards and merchant services
Kyle S. Hauptman Designated as NCUA Board Chairman
Statement from Acting Chairman of FDIC, Travis Hill
Trade Group Launches Ad Defending Credit Union Tax Exemption
How a New Administration Could Reshape the Credit Card Business
NCUA’s 2025 Supervisory Priorities
FDIC Suit Against Former SVB Execs Highlights Continued Scrutiny of Risk Models
CFPB: Mortgage Servicers Must Send Periodic Statements to Homeowners
Trump names acting leadership at Treasury, FDIC, other agencies
Whitehouse – Regulatory Freeze Pending Review
FTC Releases Summary of Key Accomplishments

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