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CONSUMER LENDING, COMPLIANCE, AND
CREDIT RISK & REPORTING NEWS

The CEO Corner Q3 2024: Key Trends in Consumer Reporting Data, AI, and Dispute Insights

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What Mattered This Week

Massachusetts Federal Court Orders Key Credit Repair to Pay $50M for Misleading Claims and Advance Fees

CFPB and Justice Department Take Action Against Fairway for Redlining Black Neighborhoods in Birmingham, Alabama

Bipartisan Bill Introduced on Credit Reporting of Medical Payments

OCC releases FY 2025 bank supervision operating plan

Justice Department Secures Over $6.5M from Citadel Federal Credit Union to Address Redlining of Black and Hispanic Communities

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Recent News

Complaint to Challenge Regulation B Changes to the Equal Credit Opportunity Act
ED: Delinquent Payments on Federal Student Loans Will Not Be Reported Until January
SoFi, Best Egg get boosts from private credit
TransUnion Analysis Finds Fraud Costing Businesses Equivalent of Nearly 7% of Revenues
Court Allows FCRA Claims to Proceed in Deceptive Mailer Case
Federal Trade Commission Announces Final “Click-to-Cancel” Rule Making It Easier for Consumers to End Recurring Subscriptions and Memberships
Bipartisan Bill Introduced on Credit Reporting of Medical Payments
Regulators Raise Exemption Thresholds Regarding Mortgages, Consumer Credit and Leases
Nova Credit to Supply Consumer-Permissioned Cash Flow Data to SoFi
ABA urges regulator to require more transparency in bank acquisitions by credit unions
Credit unions, fintechs should face same regulations as banks: Fed’s Bowman
CFPB Enforcement Picking Up After Supreme Court Cloud Cleared
OCC releases FY 2025 bank supervision operating plan
CFPB and Justice Department Take Action Against Fairway for Redlining Black Neighborhoods in Birmingham, Alabama
Motions Fly in the Battle Over the Illinois Interchange Case Ahead of an Oct. 30 Hearing
Barclays Moves Into the GM Card Business, Pushing Goldman Aside
FDIC Proposes Rule Amendments to Expand Its Role in Reviewing Depository Institution Holding Company Acquisitions
The Value of Data Amidst Election Year Uncertainty–Equifax Workforce Solutions’ Jarod Jones
Report Shows Record Drops in Credit Union Auto Loans
Akeela White Analyzes in ARM Compliance Digest: California Appeals Court Upholds Dismissal of FCRA Suit for Lack of Standing
New York City Adopts Rules to Cancel Medical Debt
Citadel FCU is first credit union to settle DOJ redlining complaint
Massachusetts Federal Court Orders Key Credit Repair to Pay $50M for Misleading Claims and Advance Fees
FDIC Extends Comment Period on Modernizing Brokered Deposit Restrictions
AI compliance: What it is, why it matters and how to get started
The FDIC Should Look Inward Before Taking On More Regulation
TransUnion nearly doubles previously announced layoffs to 640 employees in Illinois
Student Loans May Impact Borrowers’ Credit As Early As January 2025
Justice Department Secures Over $6.5M from Citadel Federal Credit Union to Address Redlining of Black and Hispanic Communities
Blue Owl to Buy $2 Billion of Fintech Upstart’s Consumer Loans
Who are buy now, pay later borrowers, and what are they buying?
Equifax Makes Differentiated Data Products Available on Google Cloud Analytics Hub and Marketplace
3 Key Takeaways and Collection Agency Industry Insights from the NACARA Conference
How Safe Is Your Money in a Fintech, Really?
US Average FICO Score Holds Steady After First-in-Decade Fall
Credit union deal record extends
Chopra says CFPB finalizing medical debt rule; agency issues advisory opinion on debt collector practices
TD Bank faces $3 bln in penalties as part of US settlement, WSJ reports
Thompson Consumer Law Group and the Law Offices of Andrew J Brown announce what is believed to be the largest verdict ever obtained for consumers under the Fair Credit Reporting Act.
FDIC’s McKernan wants single capital stack in Basel III endgame
Truist customer data exposed in third-party breach
Letter to the Agencies on the AML Program Rule NPRM
Fair Credit Reporting Act Used to Counter Financial Exploitation
CFPB Portal for State and Local Orders Opens: Risks Remain
ABA: Proposed anti-money laundering requirements need further work
Consumer Lending on the Skids for Banks, CUs, Fed Report Reveals
Experian and Consumer Lender Oakbrook to Launch Debt Consolidation Loans
SECU Members Vote for Incumbent Board Members, Saving Controversial Risk-Based Lending Policy
ABA joins with consumer group, associations to push FCC action on illegal texts
Customer sues Ill. Napleton store, alleges unauthorized credit check
ABA joins with consumer group, associations to push FCC action on illegal texts
Case in which CFPB came to financial institutions’ defense dismissed
OCC Solicits Research on Artificial Intelligence in Banking and Finance
Yoshikami: Expect US banks to flag fewer real estate defaults
Equifax Reimagines U.S. Consumer Credit Report Design
CFPB Takes Action Against Wrongful Auto Repossessions and Loan Servicing Breakdowns
OCC Backs Credit Unions, Banks Opposing Illinois Interchange Law
Fiserv nets special banking charter in Georgia
FDIC issues NPRM requiring banks to provide accurate record-keeping in connection with third-party arrangements
District Court grants and denies defendants’ MTD claims by CFPB
Federal District Court on September 23, 2024, entered final judgement in favor of the CFPB in lawsuit challenging its small business loan data collection rule; trade groups will now finally appeal to Fifth Circuit
Prepared Remarks of CFPB Director Rohit Chopra at the Center for American Progress Housing Summit
Prepared Opening Remarks of CFPB Director Rohit Chopra at the Aspen Institute on Abuse and Misuse of Our Personal Data
Credit Reports at Issue in Supreme Court Case
Acting Comptroller Discusses Financial Inclusion
America’s Credit Unions pushes back against NCUA’s proposed succession planning rule
New Legal Advocacy Fund will protect credit unions’ interest in court
Infact Raises £4 Million and Secures FCA Authorisation to Establish the First Real-Time Credit Bureau
New FICO Study: More Credit Lessons, Less Chemistry in High School Classrooms, Americans Say
Sixth Circuit Finds No Standing for FCRA Claim
NCUA approves rules on second chance hiring, shared insurance regulations
CFPB Keeps to Its Word by Issuing Additional Buy Now, Pay Later Guidance
69% of Consumers Prioritize Fraud Protection When Picking a Bank
CFPB Keeps to Its Word by Issuing Additional Buy Now, Pay Later Guidance
Data Sharing and the Automotive Industry: What We Are Telling Clients
FTC Takes Action Against Invitation Homes for Deceiving Renters, Charging Junk Fees, Withholding Security Deposits, and Employing Unfair Eviction Practices
NY credit union-bank tie-up pushes 2024 to brink of M&A record
Breaking Down Credit Reporting With Credit Builders Alliance
Statement of CFPB Director Rohit Chopra on the Justice Department’s Lawsuit Against Visa
ICE Further Automates Credit Dispute Processing for Servicers With Enhancements to Credit Bureau Management
CFPB unveils website for reviewing open banking standard setter applications
Department of Justice sues Visa, alleges the card issuer monopolizes debit card markets
CFPB Report Highlights Challenges Facing Servicemembers and Veterans with Student Loans
Simplified CECL Tool updated for September 2024
FDIC Proposes Recordkeeping and Reconciliation Requirements for Fintech Custodial Accounts
CFPB wins default judgment in auto dealership complaint, but federal judge rejects bureau assessment of damages
CFPB Proposes Amendment to Remittance Transfer Rule
TD CEO Bharat Masrani to retire in April
Dispute AI™ The AI Credit Repair Solution – Artificial Intelligence-Powered DIY Software
WebRecon July 2024 Stats: Mixed Numbers in July, Everything Up YTD
Walmart Wants to Cut Out Credit Card Networks
OCC Reports Mortgage Performance for Second Quarter of 2024
Equifax Introduces Cloud-Based Merchant Data Network to Support U.S. Small Business Lending
FDIC to Regulate Fintech and Bank Partnerships After Synapse Failure
JPMorgan Chase Could Take Over Apple Credit Cards From Goldman, WSJ Reports
Fed slashes interest rates by a half point, an aggressive start to its first easing campaign in four years
FDIC may seek additional information for bank acquisitions by credit unions
Policymakers should celebrate, preserve credit union tax status
DOJ joins OCC, FDIC in updating bank merger guidelines
Statutory FCRA Violations Do Not Constitute Concrete Injury

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