The Consumer Financial Protection Bureau (CFPB) has issued its final rule requiring nonbank entities, including debt collectors, to register with the bureau when they are subject to local, state, or federal court or agency enforcement actions. Debt collection companies that bring in more than $10 million annually are considered a nonbank entity. This substantial move to enhance consumer protection involves the creation and maintenance of a registry to collect information about specific publicly available agency and court orders.
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
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