In a recent decision from the U.S. District Court for the Southern District of Texas, the court granted summary judgment in favor of the defendants in a Fair Debt Collection Practices Act (FDCPA) and Texas Debt Collection Act (TDCA) case, finding three texts and three phone messages over eight weeks was not harassing and because the messages were clearly for another person, an unsophisticated consumer could not have thought defendants were attempting to collect a debt from the plaintiff.
The budget bill signed by President Trump on July 4 will make massive cuts to the CFPB’s budget.
The huge bill changes the amount that the CFPB may receive from the Federal Reserve from a maximum of 12% of the Fed’s inflation-adjusted profits in 2009 to a maximum of 6.5%. Senate Republicans, who proposed that provision, said it does not affect the bureau’s ability to request funds from Congress or the ability of the bureau to function. They added that it will save $2 billion.
New Jersey is moving forward with implementing its new data privacy legislation by seeking public comments on proposed rules that outline how consumer data must be protected under the state’s recently enacted law.
These rules are designed to enforce the New Jersey Data Privacy Act, which was signed into law by Governor Phil Murphy in January 2024 and officially took effect on January 16, 2025. The law applies to businesses that control or process the personal data of a substantial number of consumers in New Jersey.
The Federal Trade Commission (FTC) is issuing more than $3.5 million in refunds to consumers affected by a deceptive credit-repair scheme known as The Credit Game. The refunds stem from a 2022 enforcement action against the operation’s founders, Michael and Valerie Rando, and their affiliated companies.
The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Spring 2025.
The OCC reported that the strength of the federal banking system remains sound. Consumer sentiment, geopolitical risk, sustained higher interest rates, and downward movement in some macroeconomic indicators have increased economic uncertainty. The OCC also affirmed that the adoption of new technologies, products, and services and/or engagement with financial technology companies to deliver banking products and services can offer benefits to banks and customers.
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