On June 12, the U.S. Senate passed S. 1467, the Homebuyers Privacy Protection Act, which would amend Section 604(c) of the FCRA by adding new limitations on prescreening reports. Under the proposed amendment, when a person requests a consumer report in connection with a credit transaction involving a residential mortgage loan, the consumer reporting agency may not furnish a consumer report to another person unless the transaction is a firm offer of credit or insurance, and the recipient either has the consumer’s authorization, has originated or is the servicer of the consumer’s current residential mortgage loan, or is an insured depository institution or credit union holding a current account for the consumer. The act is now headed to the House. If enacted into law, the act would take effect 180 days after enactment.
The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $15.0 billion in the first quarter of 2025. The first quarter trading revenue was $408 million, or 2.7 percent, less than in the previous quarter and $297 million, or 1.9 percent, less than a year earlier.
Oregon has passed new legislation aimed at limiting the impact of medical debt on consumer credit reports. Governor Tina Kotek recently signed SB 605 A, a law that will prohibit consumer reporting agencies from including known medical debt on credit reports. Additionally, the law will bar health care providers from reporting the existence or amount of medical debt to credit reporting agencies.
Having previously announced that it was withdrawing its Buy Now, Pay Later rule, the CFPB recently said that it does not intend to issue a revised rule.
“The Bureau has determined that it does not intend to reissue the BNPL Interpretive Rule because it was procedurally defective and the interpretation included therein applied ill-fitting open-end credit regulations to BNPL products, which are generally structured as closed-end loans,” the CFPB said, in a status report it submitted in a lawsuit filed by the Financial Technology Association.
In a significant ruling today, the U.S. Supreme Court delivered its 6-3 opinion in McLaughlin Chiropractic Associates, Inc. v. McKesson Corporation, addressing the scope of judicial review under the Hobbs Act. The decision marks a pivotal moment in administrative law, particularly concerning the deference required to agency orders in enforcement proceedings. While the Supreme Court previously addressed whether the Hobbs Act applied in private litigation, it ultimately did not resolve whether a district court is required to follow a particular Federal Communications Commission (FCC) order interpreting the TCPA.
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