ALEXANDRIA, Va. (June 6, 2024) – The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to Fair Break Federal Credit Union in Memphis, Tenn. Fair Break Federal Credit Union is the second federal credit union to receive a charter under the NCUA’s provisional charter pilot initiative.
The Predatory Loan Prevention Act1(“SSB 6025”) is effective on June 6, 2024. The Department
of Financial Institutions (“Department”) is providing this Interim Guidance to: (1) provide
additional information on the Consumer Loan Act; (2) describe changes to the Consumer Loan
Act as set forth in SSB 6025; and (3) grant a grace period for licensure and enforcement of
unlicensed activity. The Department anticipates rulemaking on this matter in Fall 2024.
The CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule, on June 3, 2024. The rule will require certain nonbank entities to register certain covered enforcement or court orders, and comply with ongoing, attested reporting requirements on the entity’s compliance with such orders.
Residential Loans Down Another 7 Percent, to Smallest Level Since 2000; Total Lending Activity Off Almost 70 Percent in Three Years; Purchase, Refinance and Home-Equity Lending All Decrease
Texas Attorney General Ken Paxton has launched a major data privacy and security initiative, establishing a team that is focused on aggressive enforcement of Texas privacy laws. The initiative, housed within the Consumer Protection Division of the OAG, will ensure companies respect Texans’ privacy rights and safeguard their personal data. The team is poised to become among the largest in the country focused on enforcing privacy laws.
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