On April 23, 2024, the Federal Trade Commission (FTC) voted 3-2 in favor of issuing a final rule that will essentially ban employers’ use of non-compete agreements in the workplace.
The Consumer Financial Protection Bureau (CFPB) has released two Supervisory Highlights for Spring 2024, covering Fair Credit Reporting Act (FCRA) Compliance, Supervision, Credit Reports, Scores and Identity Theft and Mortgage Servicing, Unfair, Deceptive, or Abusive Acts or Practices (UDAAPs), Deceptive Practices, and Mortgages. These Supervisory Highlights identify various issues and offer guidance to organizations on ensuring compliance with federal regulations concerning credit reporting and mortgage loan operations. If your focus is on mortgage servicing or credit reporting, these two CFPB Supervisory Highlights are for you.
On April 26, 2024, Financial Business and Consumer Solutions, Inc. (“FBCS”) filed a notice of data breach with the Attorney General of Maine after discovering unauthorized access to certain systems in its network
On April 19, Kansas Governor Laura Kelly signed House Bill (HB) 2560 to regulate earned wage access (EWA) products and services. HB 2560 enacts the Earned Wage Access Services Act that requires EWA providers to be licensed by the state bank commissioner and comply with certain disclosure rules. Kansas follows Nevada, Missouri, and Wisconsin in enacting EWA legislation.
The CFPB (or “Bureau”) filed a cross-motion for summary judgment in the lawsuit regarding the small business lending data collection and reporting rule, also known as the 1071 rule based on the Dodd-Frank section that requires the CFPB to adopt the rule (the “Rule”).
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