On May 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a proposed rule to rescind amendments to its Procedures for Supervisory Designation Proceedings, originally adopted in 2022 and 2024. This proposal marks a significant shift in the Bureau’s approach to supervising nonbank entities. Public comments on the rescission will be accepted until June 13, 2025.
Thirty percent of data breaches that occurred during the year ended Oct. 31 involved a third party, according to Verizon.
That percentage is up from 15% the previous year, the telecommunications company said in its Verizon 2025 Data Breach Investigations Report.
The report said third parties such as suppliers, vendors, hosting partners and outsourced IT support providers act as custodians to companies’ data and underpin critical parts of those organizations’ operations.
In a risk-conscious environment, many lenders and servicers have adopted blanket policies that restrict or outright block third-party debt settlement negotiators from engaging on consumer accounts. These measures are often rooted in compliance concerns: fear of fraud, unauthorized representation, or violations of privacy laws.
As a result of a Federal Trade Commission lawsuit, a fraudulent student loan debt relief operation and its owners are permanently banned from the debt relief industry and required to turn over all assets to resolve allegations that they misled consumers.
The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against individuals currently and formerly affiliated with banks the OCC supervises.
The OCC uses enforcement actions against banks to require the board of directors and management to take timely actions to correct the deficient practices or violations identified.
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