On July 11, 2024, the United States Court of Appeals for the Seventh Circuit issued its highly anticipated decision in Consumer Financial Protection Bureau v. Townstone Financial, Inc., et al. In this pivotal decision, the Seventh Circuit reversed a prior ruling from the United States District Court for the Northern District of Illinois and held that liability under the Equal Credit Opportunity Act (ECOA) extends to prospective applicants – namely to individuals who have not submitted an application for credit but may be considering or in the process of applying for credit.
Following the Supreme Court’s Facebook ruling the Plaintiff’s bar has shifted away from ATDS cases and toward TCPA cases arising from prerecorded calls or marketing calls to numbers on the DNC list.
The Federal Trade Commission highlighted the agency’s work to protect consumers from potential harms related to artificial intelligence in a comment submitted as part of the Federal Communication Commission’s (FCC) notice of inquiry examining the implications of emerging AI technologies.
On August 1, 2024, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) published in the Federal Register their second notice requesting comment on their regulations pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). EGRPRA requires the agencies to review their regulations every 10 years to identify outdated, unnecessary, or unduly burdensome regulations applicable to insured depository institutions.
On July 20, the Conference of State Bank Supervisors (CSBS) rolled out the first phase of significant updates to the Nationwide Multistate Licensing System & Registry (NMLS). These updates aim to address common issues faced by professionals in the mortgage, consumer finance, debt, and money services industries who rely on NMLS for state licensing and federal registration management.
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