On July 2, the Consumer Financial Protection Bureau (CFPB) released its latest Supervisory Highlights report. This report presents findings from examinations of debt collection practices, loan servicing, and medical payment products, covering the period from April 1, 2023, to December 31, 2023.
The NCUA Board approved by a vote of 2–1 a proposed rule(Opens new window) to address incentive-based compensation arrangements, as required under section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 956 requires federal financial institutions regulators, including the NCUA, to issue joint regulations or guidelines requiring disclosure and reporting of compensation at financial institutions with more than $1 billion in assets.
The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises.
We recently reported that, upon remand from the Supreme Court (after it ruled that the CFPB’s funding mechanism is Constitutional), the plaintiff-trade groups filed a petition for rehearing en banc in the Fifth Circuit in the CFSA v. CFPB case. In the petition, they requested the Fifth Circuit en banc to rehear other claims in their case attacking the remnants of the CFPB’s payday lending regulation which had earlier been rejected by the same Fifth Circuit panel of judges who held that the CFPB was unconstitutionally funded.
The Telephone Consumer Protection Act (TCPA) has not been updated in over 30 years. The Federal Communications Commission (FCC) has been asked by Congress to take “decisive action in addressing the escalating issue of fraudulent and scam text messages that target American consumers.” The TCPA restricts the hours in which telemarketers can call, prevents businesses from using prerecorded messages when calling homes, and using auto dialers for call and texts.
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