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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

CFPB Warns Against Intimidation of Whistleblowers
Joint Statement for the Record on “Instant Payments, Instant Losses: Zelle and the Big Banks Fail to Protect Consumers from Fraud”
Experian Issues an Opinion Editorial on the Three Myths Blocking the Way to Greater Financial Inclusion
2024 Mid-Year Review: State AGs Shaping Regulatory Landscapes
FTC Issues Orders to Eight Companies Seeking Information on Surveillance Pricing
FTC Issues Orders to Eight Companies Seeking Information on Surveillance Pricing
CFPB to distribute more than $53 million to consumers harmed by BrightSpeed Solutions
HUD Files Appraisal Discrimination Charge Against Rocket Mortgage
New credit-building products are gaming the system in a bad way, experts say
4 key trends in tech-led consumer lending
ABA/Joint Trades’ Comment Letter to CFPB re: Consumer Complaint Survey
CFPB Says Earned Wage Access Products are Subject to the Truth in Lending Act
Vulnerabilities in non-banks leave door open to ‘shocks’, says G20 watchdog
The Consumer Data Industry Association filed a comment last week opposing proposed changes to California rules for AI in employment decisions
Rent-to-Own Company Sues to Block Imminent CFPB Enforcement
US regulator privately finds weak risk-management at half of large banks, Bloomberg reports
The Supreme Court’s ‘Chevron’ ruling is an existential threat to the ‘American economic miracle’ and will make the U.S. more like Europe, Lazard chair says
Agencies Request Comment on Anti-Money Laundering/Countering the Financing of Terrorism Proposed Rule
NCUA Board Votes to Maintain 18% Interest Rate Ceiling on Most Loans
Open Banking Faces Challenges as Banks Urge Delay in New Data Rules
OCC Proposes Updates to Large Bank Recovery Planning Guidelines
US regional banks build stronger safety nets as CRE pain lingers
Citi COO intended to deceive OCC, ex-employee says
North Carolina consumers score court win against one of nation’s largest debt-buyers
Federal Reserve Board takes action to address consumer compliance breakdowns by Green Dot, fining the firm $44 million for numerous unfair and deceptive practices and a deficient consumer compliance risk management program
Hsu signals OCC to review preemption rules
‘Polarizing’ state laws risk ‘fragmenting’ system: bank regulator
BNPL Firms Seek to Delay Impending Federal Regulation
6 ways the CFPB wants to keep its eyes on fintech middlemen
Supreme Court Rulings May Shake Up Banking Entry Decisions in Fintechs’ Favor
Patelco Credit Union restores most banking services; questions linger over personal information exposure
Acting Comptroller Discusses Trends Reshaping Banking
Discover to sell student loan portfolio to Carlyle, KKR in $10.8B deal
Agencies Issue Final Rule to Help Ensure Credibility and Integrity of Automated Valuation Models
Dorsey v. TransUnion: Court Finds Debt Collector Should Have Investigated Consumer’s Disputed Debt
Joint Trades Letter to CFPB on 1033 Compliance Dates
Fifth Circuit issues mandate in connection with its order reversing District Court’s order transferring venue to DC District Court in connection with lawsuit challenging validity of CFPB’s credit card late fee regulation
Q&A: How the Supreme Court’s Undoing of the Chevron Decision Could Impact Consumer Lenders
CFPB Proposes Revamped RESPA Mortgage Servicing Rules
7th Cir. Upholds Rejection of Borrower’s FCRA and FDCPA Claims Arising from Collection and Reporting Post-Bankruptcy
CFPB Scores Major Victory In Townstone Financial Redlining Case
Wells Fargo cites customer movement as net interest income drops
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
FFIEC Publishes 2023 Data on Mortgage Lending
JPMorgan aims to amass 15% of US consumer deposits, boost credit card share
FFIEC Publishes 2023 Data on Mortgage Lending
Acting Comptroller Discusses Importance of Addressing Financial Fraud
Bank-fintech guidance needs more clarity, FDIC’s McKernan says
The CFPB and State AGs Act Jointly Against Online Educational Company
CFPB Releases Summer 2024 Supervisory Highlights
CFPB Proposes Rules to Help Homeowners Avoid Foreclosure
CFPB Issues Semi-Annual Regulatory Agenda; Registry of Supervised Non-Banks to Be Finalized This Month
US regulators fine Citi $136 million for failing to fix longstanding data issues
Risk Management Manual of Examination Policies
CFPB Takes Action Against Fifth Third for Wrongfully Triggering Auto Repossessions and Opening Fake Bank Accounts
OCC Reports Mortgage Performance for First Quarter of 2024
The CFPB’s 2023 fair lending annual report to congress
Surge in credit report lawsuits has banks, credit agencies scrambling
Deal prompts Funding Circle to surrender hard-won SBA license
America’s Credit Unions offers recommendations for NCUA records preservation program
Fed’s Bowman: need steady policy rate ‘for some time’ to beat inflation
CFPB Extends Compliance Dates for Small Business Lending Rule
Consumers Say They Use Credit to Buy Essentials and Spend More
Fearing Losses, Banks Are Quietly Dumping Real Estate Loans
OCC Requests Comments on Proposed Revisions to Its Recovery Planning Guidelines
$58M credit report settlement
OCC proposes new recovery plan requirements for $100B-plus banks
FAIR CREDIT REPORTING—Appeals court affirms FCRA summary judgment in favor of Experian and FedLoan, (Jun 24, 2024)
CFPB Approves Rule to Ensure Accuracy and Accountability in the Use of AI and Algorithms in Home Appraisals
Credit card debt is soaring, especially in these cities
FDIC Approves the Deposit Insurance and Merger Applications for Thrivent Bank, Salt Lake City, Utah
FDIC, Fed find weakness in living wills of BofA, Citi, Goldman Sachs, JPMorgan
CUs, Banks Support Bill to Stop Fed’s Debit Interchange Proposal
This week’s podcast episode: What banking leaders need to know about the U.S. Supreme Court decision that the Consumer Financial Protection Bureau’s funding mechanism is constitutional–Part II
Colorado federal court issues preliminary injunction prohibiting Colorado from enforcing DIDMCA opt-out to loans made to Colorado residents by out-of-state state-chartered banks
FDIC Board of Directors Approves Final Revised Rule to Strengthen Resolution Planning for Large Banks
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Final Rule to Avoid Costly Megamergers
Citi Sees AI Displacing More Bank Jobs Than Any Other Sector
CFPB House hearing: 6 key takeaways
Ensuring consumers aren’t pushed into medical payment products
Fintech has hit a bottom after plunge in valuations and squeeze on funding, execs and VCs say
The U.S. wants to crack down on payday loans. Here’s what you need to know.
Director Rohit Chopra gives the back of his hand to argument that CFPB is unlawfully funded out of losses of Federal Reserve Banks
FTC Updates (June 3-7, 2024)
Remarks by Jonathan McKernan, Director, FDIC Board of Directors on “Oversight of the FDIC’s Failed Leadership and Toxic Workplace Culture” before the Committee on Financial Services, United States House of Representatives
F&I data: Captives financed more than 60% of new vehicles in Q1, Experian says
Wells, PNC CFOs see office spaces leading CRE stress
Fed to Keep Rates Higher Even Longer; CU Economists Still See Chance for Cuts Soon
How banning medical debt from credit reports could help millions of Americans
Quoted: ACA Leaders Share Concerns About CFPB’s Proposed FCRA Rule
CFPB Proposal Reduces Access to Credit for Responsible Consumers
Get Ready for New State Privacy Laws
More consumer data safeguards needed, watchdog tells US Congress
Troutman Pepper Weekly Consumer Financial Services Newsletter – June 2024 # 2
The State AG Report – 6.6.2024
Affirm buy now, pay later loans will be embedded into Apple Pay later this year
Nichols warns about state efforts to undermine national bank preemption
Prepared Remarks of CFPB Director Rohit Chopra on the Proposed Ban of Medical Bills on Credit Reports
CFPB Proposes to Ban Medical Bills from Credit Reports
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