On January 7, the Consumer Financial Protection Bureau (CFPB or Bureau) finalized its rule aimed at removing an estimated $49 billion in medical bills from the consumer reports of approximately 15 million Americans. Specifically, the Bureau’s rulemaking as finalized removes an existing exception in Regulation V that permitted lenders to obtain and use information on medical debts. The final rule is scheduled to take effect 60 days after its publication in the Federal Register. However, the upcoming change in administration may very well impact its implementation.
Today, the Consumer Financial Protection Bureau (CFPB) sued Experian, the nationwide consumer reporting agency, for unlawfully failing to properly investigate consumer disputes. The CFPB alleges that Experian does not take sufficient steps to intake, process, investigate, and notify consumers about consumer disputes, resulting in the inclusion of incorrect information on credit reports. Inaccurate or false information on consumer reports can threaten consumers’ access to credit, employment, and housing.
The Justice Department is asking a federal court to issue a permanent injunction against cash advance firm Dave Inc. and its CEO Jason Wilk, alleging that the company uses misleading marketing tactics to deceive consumers about the amount of its cash advances, charges consumers undisclosed fees, and charges so-called “tips” to consumers without their consent.
Today, the National Credit Union Administration released the 2023 Credit Union Diversity Self-Assessment Results Report(Opens new window). The voluntary credit union diversity self-assessment helps federally insured credit unions to assess their diversity, equity, and inclusion efforts.
Today, Federal Trade Commission Chair Lina M. Khan announced that an open meeting of the Commission will be held virtually on Tuesday, January 14, 2025. The open meeting will commence at 11 a.m. ET and will begin with time for members of the public to address the Commission.
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