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Posted Date: Friday, June 28, 2024
The Consumer Financial Protection Bureau issued an interim final rule extending the compliance deadlines for the small-business lending rule, which was finalized in March 2023. The extension was mandated by a Texas federal court to account for the period the rule was stayed pending a potentially impactful Supreme Court decision. Read on »
Posted Date: Friday, June 28, 2024
The Federal Trade Commission’s annual report to the Consumer Financial Protection Bureau offered insight into its 2023 enforcement actions on consumer protection matters and efforts to educate consumers and businesses on statutes created to protect them against bad actors.
Several portions of the report describe issues involving the Truth in Lending Act, the Consumer Leasing Act, and the Electronic Fund Transfer Act. Read on »
Posted Date: Friday, June 28, 2024
The National Credit Union Administration released its annual Cybersecurity and Credit Union System Resilience Report, summarizing the current cybersecurity threat landscape within the credit union market segment. Read on »
Posted Date: Friday, June 21, 2024
The Consumer Financial Protection Bureau filed an order to resolve its lawsuit against James and Melissa Carnes for attempting to avoid paying millions of dollars in restitution and penalties from a previous order against James’ online lender company by way of several fraudulent transfers over two years. Read on »
Posted Date: Friday, June 21, 2024
In an effort to more precisely and definitively explain why mortgage lending in formerly redlined neighborhoods continues to lag behind predominantly white areas, the National Community Reinvestment Coalition (NCRC) compiled an evidence-based report examining the obstacles to homeownership that still exist for people of color.
The NCRC report attempted to reconcile flaws present in existing redlining data, such as inconsistent reporting categories and mismatched demographic designations, and present it with proper context and clear explanations. Read on »
Posted Date: Tuesday, June 18, 2024
The Consumer Financial Protection Bureau and Freedom Mortgage filed a stipulated final judgment and order to resolve a complaint the bureau filed in October. The joint proposal includes a $3.95 million penalty against Freedom Mortgage for allegedly violating the Home Mortgage Disclosure Act (HMDA) in violation of a 2019 consent order. Read on »
Posted Date: Tuesday, June 18, 2024
Coinciding with the Consumer Financial Protection Bureau’s (CFPB) recent semi-annual report to Congress, Republicans on the Senate Banking Committee introduced legislation to overhaul the CFPB’s funding structure by making the agency subject to annual congressional appropriations. Read on »
Posted Date: Friday, June 14, 2024
Consumer Financial Protection Bureau Director Rohit Chopra’s semi-annual report to Congress provided an opportunity for the director to defend the bureau’s recent controversial rulemakings and actions against major concerns presented by lawmakers.
Chopra testified before the Senate Banking Committee and the House Financial Services Committee on a wide array of activities it has undertaken this year. Read on »
Posted Date: Friday, June 14, 2024
Trade organizations and the Consumer Financial Protection Bureau have filed amicus briefs in a case brought against Citibank by the attorney general of New York alleging violations of the Electronic Fund Transfer Act.
But what led to this lawsuit, with the bureau claiming banks have a duty to protect consumers from fraudulent wire transfers and the trades arguing this new interpretation is inconsistent with prior agency statements? Read on »
Posted Date: Friday, June 14, 2024
The Consumer Financial Protection Bureau proposed a rule to stop credit reporting companies from sharing consumer medical debt information with lenders. The proposal would prohibit credit decisions based on medical information, which the bureau expects could lead to approximately 22,000 additional, safe mortgages annually. Read on »
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