The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of November 1, 2024, through November 30, 2024. Under the CRA, the OCC assesses an institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of such institution.
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in October 2024. There are no administrative hearings scheduled for December 2024. The FDIC issued five orders. The administrative enforcement actions in those orders consisted of one consent order, one order terminating consent order, two orders to pay civil money penalties (CMPs), and one combined order of prohibition and order for restitution.
As a creditor managing third-party collection vendors, ensuring their compliance and effectiveness is critical to protecting your brand, customers, and bottom line. But have you considered the risks posed by their vendors? These subcontractors, known as fourth parties, often play integral roles in service delivery but can introduce significant risks that ripple through your operations.
On November 6, the Appellate Court of Maryland reversed a lower court’s dismissal of a class action lawsuit alleging violations of the Maryland Consumer Debt Collection Act (MCDCA) and the Maryland Consumer Protection Act (MCPA). The plaintiffs, a class of two individuals, claimed debt collectors filed lawsuits to collect money they knew was not owed, constituting unfair and deceptive practices under Maryland law. The lower court had ruled that the common law litigation privilege barred these claims, providing immunity to the debt collectors for statements made during proceedings.
On November 13, the Consumer Financial Protection Bureau (CFPB) released a report on matched-pair testing in small business lending, highlighting potential racial discrimination. The study reveals that Black small business owners may face less favorable treatment compared to their white counterparts when seeking credit.
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