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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

NCUA Issues Notice of Voluntary EGRPRA Review
The Credit Scoring Shake-Up: Why FICO’s Dominance is Crumbling and Fintech is the New King
FICO reporting could stunt BNPL
NAR Applauds FHFA Move to Expand Credit Scoring Models for Mortgage Underwriting
Consumer Card Debt Paydowns May Prove Temporary
State Watch: Consumer Protection Enforcement Update – June 2025: Hot AG Summer kicks off with California’s largest-ever CCPA settlement
FTC Sends More Than $2.9 Million to Consumers Harmed by Home Improvement Financing Firm
CFPB Fair Lending Official Who Raised Data Issues Put on Leave
The company behind your credit score is plunging on the stock market after a White House announcement
A Note on the New Credit Union Estimates in the G.19 “Consumer Credit” Statistical Release
New York Fed: Inflation expectations largely unchanged
American Fintech Council Provides Middle Ground in CFPB Case on New Open Banking Rule
CFPB Budget Slashed by Almost 50 Percent as Trump Signs One Big Beautiful Bill Act
NTEU Op-Ed Defends CFPB – National Treasury Employees Union
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter
Appeals court voids FTC’s ‘click to cancel’ rule just before it starts
Ballard Spahr Submits Amicus Brief on Behalf of Banking Trade Groups in Important SCOTUS Arbitration Case
FHFA Preserves Tri-Merge Credit Reports; ACU Calls For ‘Clean’ NDAA
Chime’s IPO is more than a milestone — it’s a model for fintech with purpose
No Full TIN, No Problem: FinCEN Approves of TIN Verification Through a Third Party
Buy Now, Pay Later: Regulatory Retreat in Washington, State Regulation on the Rise
Community Reinvestment Act, Fair Housing Act, and Equal Credit Opportunity Act: OCC Contact Information for Certain Notices and Posters
Federal Government Layoffs: Supreme Court sides with Trump for now
Lawsuit Claims 7 Companies Violated Fair Credit Reporting Act
Fannie, Freddie Now Allow Lenders To Use VantageScore 4.0
Consumer credit increased 1.2% in May
Texas Federal District Court Grants Summary Judgment on FDCPA and TDCA Claims Over Texts and Calls to a Wrong Number
11th Circuit revives Experian arbitration bid in FCRA suit
Fintech sector braced for fresh wave of disruption as AI changes the game
HUD seeking information about impact Buy Now, Pay Later has on housing expenses
Agencies allow banks to access tax ID numbers from third parties
Budget bill includes huge cuts to CFPB budget
FDIC report: 97% of supervised institutions rated satisfactory or better for consumer compliance
Law Shields Seniors from Credit Score Hits Due to Medical Debt
How DCUC And ACU Protected The Credit Union Tax Break
WebRecon May 2025 Stats: Mostly Up Again
OCC Report Highlights Key Risks in Federal Banking System
Insights from the CFPB’s Latest Report on Credit Invisibility
NYC Comptroller Requested Stronger Protections for New Yorkers Amidst Attenuated CFPB Authority
FDIC Issues 2025 Consumer Compliance Supervisory Highlights
FDIC Consumer Complaint Surge Led by Credit Reporting Disputes
CFPB drops $95M overdraft case against Navy Federal
OCC Report Highlights Key Risks in Federal Banking System
Technical correction and update to the CFPB’s credit invisibles estimate
No, a TikTok Trick Won’t Erase Student Loan Debt
Rocket Mortgage Launches Bridge Loan To Help Homeowners Buy Now, Sell Later
Acting Comptroller of the Currency Issues Statement on Proposal to Modify the Enhanced Supplementary Leverage Ratio
No Shotgun Pleadings, says court
Brain drain at OCC raises concerns about US model supervision
Fed kicks off effort to ease bank leverage rules
State Attorneys General | Regulatory Oversight
Federal Judge’s Decision May Bind CFPB to Previously Withdrawn Guidance Documents
Answers sought on illegal terminations under National Credit Union Administration’s Board
Five Things to Know About the New York Buy-Now-Pay-Later Act
Shifting Auto Behaviors Could Signal Growth for Credit Unions
Housing Market ‘Frozen’: J.P. Morgan Reports
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – June 2025 # 4
CFPB Budget Cuts Blocked by Senate Parliamentarian
CFPB Extends Compliance Deadlines Under 1071 Rule
Succession planning rule should be rescinded, reproposed by NCUA
Trump’s CFPB Rollback has Cost Americans $18 Billion, Consumer Groups Say
NCUA Should Exclude References to Reputational Risk from Supervisory Exam Programs
One in three student loan borrowers risk default as delinquency rates soar
Federal Reserve Office of the Inspector General to Expand Its Investigation of CFPB
Fed joins OCC, FDIC in scrubbing reputational risk from exams
Federal Reserve Office of the Inspector General to Expand Its Investigation of CFPB
Maine and Oregon Ban Medical Debt Reporting to Credit Bureaus
Senate Ruling Halts GOP Bid To Defund CFPB—What Comes Next?
FICO Unveils Groundbreaking Credit Scores That Incorporate Buy Now, Pay Later Data
Credit Reporting Shake-Up Sparks Concern Across Mortgage Ecosystem
This week: Keeping CU difference top of mind during Week of Action
Senate passes bill to amend the FCRA
Ten Financial Services Committee Bills Pass the House
CFPB Moves to Keep Synapse Case Alive for Consumer Relief
Trump signs resolution overturning OCC bank merger rule
OCC to outline process for criminal referrals
CFPB Medical Debt Rule Weighed
3 Mega Trends Shaping the Future of Fintech 
HomeFree-USA Unveils Experian® CreditCenter™ to Empower Thousands of Potential Homebuyers
Federal Reserve Board – Federal Reserve Board announces that reputational risk will no longer be a component of examination programs in its supervision of banks
Senate Official Blocks CFPB Defunding in Trump’s Megabill
CFPB Issues Interim Final Rule Extending Small Business Lending Rule Compliance Deadlines
Illinois Passes Bill Prohibiting Collection of Coerced Debt
Walmart to Pay $10 Million to Settle FTC Allegations it Allowed Scammers to Obtain Millions from Consumers Using Company’s Wire Transfer Services
Senate parliamentarian deals blow to GOP plan to gut consumer bureau in tax bill
OCC Reports Mortgage Performance for First Quarter of 2025
NYC Comptroller Report Calls for Overhaul of State Consumer Financial Protections
OCC Announces Enforcement Actions for June 2025
Pessimism About Future Household Finances Rises, Yet Majority of U.S. Consumers Remain Optimistic
Klarna CEO outlines plan to become super app with AI
Consumer Lending Compliance in Uncertain Times
Prepare for a Historic Consumer Credit Comeback
Maine Prohibits Reporting of Medical Debt to Consumer Reporting
Nussle: Senate Finance Committee Recognizes Value of Credit Unions
Consumer Financial Civil Penalty Fund Rule Amendment
Class Action Lawsuit Claims Experian Illegally Sells Consumer Phone Numbers to Third-Party Lenders
CFPB to delay small-business lending data collection compliance dates
More Early Terminations of Redlining Consent Orders
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter
Lawmakers Zero In on Check Fraud Crisis

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