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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

Capital One asks judge to toss Trump de-banking lawsuit
Equifax Introduces myEquifax™ Mobile Application To Help Consumers Better Monitor Their Financial Health
IG Urges CFPB to Strengthen Controls on Sensitive Data
Citing CFPB cutbacks, Pennsylvania Governor is beefing up consumer protection efforts
Leading Fintech Achieve Taps FICO Score 10 T to Expand Consumer Access to Personal Loans
CFPB Reports on Consumer Complaint Trends
American Fintech Council Urges Senate to Pass Credit Access Bill to Expand Use of Alternative Data
Financial Regulators Face Deepest Personnel Cuts in Decades
Class Action Lawsuit Claims Experian Inaccurately Reported Pink Energy ‘Scam’ Loans on Consumer Credit Reports
Venkat Achanta On TransUnion’s Platform Transformation And AI Ambition
Consumers Took on More Debt in March, Reversing Paydowns
NCU-ISAO celebrates milestone of 250 member credit unions
Upstart and Fortress Investment Group Announce $1.2B Forward-Flow Agreement
AFC underlines its support for the Credit Access and Inclusion Act
Experian Must Face Biden-Era Suit Over Consumer Data Disputes
CFPB Announcement Regarding Enforcement Actions Related to Buy Now, Pay Later Loans
Trump administration to garnish wages of 5.3 million defaulted student loan borrowers this summer
Student loan collections resume as record number of borrowers fall behind on payments
California and Eleven States Call for Answers from the CFPB Over Restitution Delays
Letter of Support on Congressional Review Act Resolution of Disapproval of the OCC Merger Rule
Millions of student loan borrowers head to collections as delinquency rates soar over 20%
U.S. Department of Education Reminds Colleges and Universities of Their Obligations to Help Struggling Borrowers
Federal Register :: Proposed Agency Information Collection Activities; Comment Request
CFPB wins rare judgment over student loan debt relief firm
Collection for defaulted student loans resumes, impacting millions
CFPB agrees to dismiss appeal in UDAAP lawsuit
House Financial Services Committee finds savings by slashing CFPB budget
Comments on Changes to the Call Report Due June 23
OCC’s Hood emphasizes responsible AI use for financial inclusion
Delinquent student loans jump just as involuntary collections resume
FTC Rule on Unfair or Deceptive Fees to Take Effect on May 12, 2025
FTC and DOJ Issue Letter Seeking Identification of Anticompetitive Regulations Across the Federal Government
Student loan default has ‘dramatic and immediate’ credit score impact, expert says — with drop of up to 175 points
Fintech Share of Switchers and New Accounts Keeps Rising. How to Stop the Trend?
OCC Issues Request for Information on Community Bank Digitalization
FTC and DOJ Issue Letter Seeking Identification of Anticompetitive Regulations Across the Federal Government
Zelle service glitch tied to Fiserv resolved
First National Bank of Omaha to buy Kansas City bank
FTC Shuts Down Fraudsters Threatening Jail for Fake Debts!
CFPB Plans to Revisit Open Banking Rule Despite Staff Cuts
Court Awards No Actual, Statutory, Reputational, or Punitive Damages for FCRA Violation in Wrongful Termination Suit
ABA survey: Banker satisfaction with core providers remain low
NCUA’s Harper: Firings laying groundwork for Fed dismissals
$23M Trans Union Settlement Ends Credit Report Lawsuit Over Alleged Mishandling of Consumer Disputes
New York Bill Would Create a ‘No Injury Needed’ Consumer Protection Law, Learn More at NYC Bar’s Consumer Financial Law Institute on May 5
CFPB agrees to end UDAAP lawsuit
Trump asks court to end Biden medical debt rule
FTC Regulators Remark on Agency’s Priorities Under Trump Administration
CFPB asks court to vacate medical debt rule
Credit Unions, FinTechs Partner to Meet Digital-First Demand
FTC to Ban Debt Collector Who Allegedly Coerced Consumers into Paying Debt They Didn’t Owe
CFPB Aims To Mediate Colony Ridge ‘Reverse Redlining’ Suit
Trump’s New Executive Order Targeting Disparate Impact Liability May Target Fair Lending as Well
Big Tech Wants Free Rein to Sell Your Data
VantageScore CreditGauge March 2025: Consumer Credit Health Stable and Average VantageScore at 702 Despite Financial Market Volatility
GAO agrees to investigate attempted CFPB firings, other recent bureau actions
Trump’s First 100 Days Sow Regulation Uncertainty for Companies
Credit union coalition warns: Taxing credit unions is a tax on 140 mil+ Americans
Executive order calls for removal of disparate-impact liability
CFPB Keeps Its Enforcement and Supervision Resources Focused on Pressing Threats to Consumers
CFPB Scraps More Cases, Curbs Small Biz Loan Rule Focus
House Republicans plan to defund the CFPB
Student loan overhaul by GOP to slash repayment plans, limit borrowing
Congressional watchdog agency will investigate Trump’s hollowing out of CFPB
VantageScore Use In Mortgage Originations Up, Though Use By GSEs Falls
The Next FCRA Frontier: Identity Theft and CFPB Updates — FCRA Focus Podcast
Acting Comptroller of the Currency Discusses Artificial Intelligence
It was supposed to be a tax and border bill. It could also hand Trump vast new executive powers.
Appeals court backs injunction barring CFPB mass firing
House lawmakers debate regulatory burden on banks
Ex-FDIC Head ‘Worried’ About Some Regional Banks
Acting Comptroller outlines OCC’s strategic priorities
Donald Trump faces lawsuit over termination of NCUA board Democrats
FDIC changes approach to insured depository institution resolution planning, updates FAQs
New York AG sues payday lenders MoneyLion and DailyPay
ABA, associations endorse bill to ban abuse of mortgage trigger leads
Applauds FCC Vote to Issue Proposal Strengthening Call Authentication
VantageScore Credit Score Usage Climbs 55% to 42 Billion Scores in 2024
Applauds FCC Vote to Issue Proposal Strengthening Call Authentication
CFPB Drops ‘Gouging’ Case Against Horizon Card Services
Congress Unveils Plan To Change Student Loan Repayment Plans
NCUA Board Agenda for the May 22, 2025 Meeting
New Details Emerge on Trump Officials’ Sprint to Gut Consumer Bureau Staff
Wells Fargo nears full regulatory relief as CFPB lifts consent order
PNC’s COO is leaving the bank
OCC Announces Settlements with Former Wells Fargo Internal Auditors
PNC’s COO is leaving the bank
FDIC Makes Public March Enforcement Actions
More Americans are financing groceries with buy now, pay later loans — and more are paying those bills late, survey says
OCC Announces Settlements with Former Wells Fargo Internal Auditors
CFPB Abandons $2.25M Student Loan Trust Deal, Drops Case
CFPB Plans Exit From Auto Finance Suit, Leaving It To NY
CFPB Drops Case Against Subprime Auto Lender Credit Acceptance
CFPB Reverses Course, Withdrawing “Unprecedented” EFTA Interpretation
President Trump Issues Executive Order to Eliminate Disparate Impact Analysis
Brownstein Secures Regulatory Relief Promoting Credit Access and Affordability
WebRecon March 2025 Stats: Sea of Green (and not the good kind…)
President Trump Issues Executive Order to Eliminate Disparate Impact Analysis
Trump backs off his push to fire Fed’s Powell
Capital One readies for Discover integration work

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