On July 10, 2024, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule that, if implemented, would completely revise the current regulatory framework governing how mortgage servicers assist delinquent...more
On July 2, 2024, the Consumer Financial Protection Bureau (CFPB) released a new edition of Supervisory Highlights, with a particular focus on account management and collection practices across auto loans, student loans and...more
On June 25, 2024, the Consumer Financial Protection Bureau (CFPB) formally extended by 290 days the effective date for its small business lending rule, initially released in March 2023....more
On June 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule that would generally prohibit lenders from considering medical debt information when determining a consumer’s eligibility for credit,...more
On June 3, 2024, the Consumer Financial Protection Bureau (CFPB) published a final rule requiring covered nonbanks – generally nonbanks that are “covered persons” under the Dodd-Frank Act, subject to certain exceptions – to...more
The Federal Housing Administration (FHA) published Mortgagee Letter 2024-10 (Letter) on May 23, 2024, requiring FHA-approved Mortgagees to report certain cyber incidents to the Department of Housing and Urban Development...more
On April 30, 2024, the Consumer Financial Protection Bureau (CFPB) published a report on a study investigating the effects of complex pricing structures and increased competition on consumer choices. The CFPB found that...more
On April 24, 2024, the Consumer Financial Protection Bureau (CFPB) published a new edition of its Supervisory Highlights focused on findings from recent mortgage servicing examinations. Although the report’s publication...more
On April 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule revising its procedures for establishing supervisory authority over nonbank financial institutions on the basis that the institution poses...more
On April 8, 2024, the Consumer Financial Protection Bureau (CFPB) published the 32nd edition of its Supervisory Highlights report. As discussed in more detail below, the report highlights consumer reporting issues identified...more
On April 4, 2024, the Consumer Financial Protection Bureau (CFPB) issued a report examining the growth and privacy risks of financial transactions in online video games and virtual worlds, noting that Americans spent...more
On February 29, 2024, the Consumer Financial Protection Bureau (CFPB) issued Circular 2024-01, warning operators of “digital comparison-shopping tools” and “lead generators” that they may be “covered persons” subject to CFPB...more
On February 23, 2024, the Consumer Financial Protection Bureau (CFPB) made public an order establishing supervisory authority over a nonbank installment lender on the basis the institution poses risks to consumers. The order...more
On February 12, 2024, the Federal Financial Institutions Examination Council (FFIEC) issued a concise statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending. Although the...more
On January 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued two advisory opinions addressing consumer reporting agencies' (CRAs) obligations, under the Fair Credit Reporting Act (FCRA), related to information...more
On October 27, 2023, the Federal Trade Commission (FTC) unanimously approved an amendment to the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule to require certain covered financial institutions to report a broad range of data...more
On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking (proposed rule) that would allow it to supervise digital wallet and payment app providers deemed “larger...more
On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking to implement Section 1033 of the Dodd-Frank Act. Section 1033 of Dodd-Frank requires covered persons to make...more
On September 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued Circular 2023-03 to provide creditors additional guidance for communicating denials of credit to consumers based upon artificial intelligence (AI)...more
On September 8, 2023, the US District Court for the Eastern District of Texas ruled that the Consumer Financial Protection Bureau (CFPB) exceeded its authority when it announced via an update to its exam manual a new policy...more
In the wake of major bank failures in the US, the Department of Justice (DOJ) has signaled that it plans to step up antitrust enforcement of bank mergers. In June 2023, the DOJ’s Assistant Attorney General for Antitrust...more
At an August 15, 2023, White House roundtable, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra announced plans to issue rules that would extend the Fair Credit Reporting Act (FCRA) to certain “data broker...more
On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) issued its Summer 2023 Supervisory Highlights describing key findings and violations identified during examinations conducted between July 2022 and March 2023....more
Senior regulators at the Financial Conduct Authority (FCA) in the UK and at the Board of Governors of the Federal Reserve System (Federal Reserve Board) in the US publicly shared remarks regarding their concerns about...more
On July 17, 2023, US Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra and Commissioner for Justice and Consumer Protection of the European Commission (EC) Didier Reynders published a joint statement...more