Earlier this week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its second report detailing changes in the credit reporting of medical debts made by the three national consumer reporting agencies (CRAs) to reduce the number of medical bills on credit reports.
The Consumer Financial Protection Bureau continues to expand its presence into different businesses, including for-profit colleges. On April 17, 2024, the CFPB issued a consent order against a for-profit college for computer programming.
Financial trade organizations have their sights trained on several pressing regulatory issues that were not as widely publicized as others but are still critical to their operations. In this roundup, we examine what some of the largest associations representing banks and credit unions have to say about potential rulemaking activities and pending legislative matters that could affect their members’ businesses, detailed below:
A new data breach disclosure requirement under the Federal Trade Commission’s Safeguards Rule goes into effect May 13, 2024. The amendment requires non-bank covered entities to report breaches involving the information of at least 500 consumers to the FTC within 30 days of the event.
A health savings account (HSA) is a type of tax-advantaged savings account available to consumers enrolled in High Deductible Health Plans (HDHPs) to use for certain healthcare expenses. The prevalence of HSAs among consumers has surged in recent years, with approximately 36 million HSAs reported in 2023.
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