CFPB Issues Report on State Consumer Privacy Laws
The CFPB recently issued a report that purports to summarize the efforts of eighteen states (between 2018 and 2024) to provide increased consumer privacy protections,... Read More
Federal Regulatory Developments
CFPB Fines Large Credit Union for Overdraft Fees, Requires Refunds
The CFPB recently entered into a consent order with a large national credit union for charging overdraft fees in connection with debit card transactions that... Read More
FHA Proposes Elimination of Full-Time Direct Endorsement Underwriter Requirements
FHA recently proposed a draft Mortgagee Letter (DML) that would allow FHA-approved mortgagees to employ part-time Direct Endorsement (DE) underwriters. The DML also removes the... Read More
CFPB Enters Consent Order with Credit Union Over Lengthy System Outage Which Blocked Account Access
The CFPB entered into a consent order with a credit union whose customers lost access to their accounts and account features due to a faulty... Read More
FTC Releases Final Negative Option Marketing and “Click-To-Cancel” Rule
The FTC released the final version of its amended rule governing marketing and charging consumers for negative option programs, which includes new provisions intended to... Read More
FHA Proposes to Expand Process for Release of Secretary-Held Subordinate Mortgages
FHA recently announced the posting of a Draft Mortgagee Letter (DML) to the Office of Single Family Housing Drafting Table. The proposed DML provides a... Read More
FDIC Extends Compliance Date for New Sign and Advertising Requirements
The FDIC recently announced that it is extending the mandatory compliance date for revisions to regulations at subpart A of 12 C.F.R. Part 328. The... Read More
CFPB Orders Tech Company and Financial Institution to Pay Over $89 Million Related to Credit Card Partnership
The CFPB ordered a large tech company to pay $25 million in civil penalties and a national financial institution to pay over $19.8 million in... Read More
CFPB Issues Final Rule Regarding Consumer Rights to Personal Financial Data
Last week the CFPB issued its final rule on Personal Financial Data Rights, which establishes the required attributes a financial services body must meet to... Read More
DOJ Enters Into Redlining Consent Order With Credit Union
The DOJ entered into the first-ever redlining consent order against a credit union as part of its focus on “modern redlining.” The credit union’s membership... Read More
FHA Publishes Questions and Answers About Appraisal Review and ROVs
FHA recently published Appraisal Review and Reconsideration of Value Questions and Answers from its ROV Updates Webinar. The Questions and Answers touch on issues such... Read More
CFPB Issues 2024 Supervisory Highlights for Auto Financing
Recently, the CFPB released the 35th Edition of its Supervisory Highlights, with a focus on auto-financing and lending trends between November 1, 2023, and August... Read More
Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is for general information purposes only and is not in any way intended, nor shall it be construed, as legal advice, legal opinion or any other advice on any specific facts or circumstances. No person or entity (“Person”) should act or refrain from acting upon this information without seeking professional advice. No Person may rely on this information or its applicability to any specific circumstances. The information in Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is in no instance to be taken as an indication of completeness, applicability to a particular situation, or an indication of future developments or results.