The Consumer Financial Protection Bureau (CFPB) has officially withdrawn its proposed rule titled Protecting Americans from Harmful Data Broker Practices (Regulation V). Initially published in the Federal Register on December 13, 2024, this rule aimed to clarify and implement certain provisions of the Fair Credit Reporting Act (FCRA), including definitions of “consumer report” and “consumer reporting agency,” and the circumstances under which consumer reports can be shared or accessed.
The Federal Trade Commission has filed an amended complaint in its case against the Growth Cave business opportunity and credit repair scam. The amendment adds two defendants based on information the FTC learned after the original filing.
On May 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a proposed rule to rescind amendments to its Procedures for Supervisory Designation Proceedings, originally adopted in 2022 and 2024. This proposal marks a significant shift in the Bureau’s approach to supervising nonbank entities. Public comments on the rescission will be accepted until June 13, 2025.
Thirty percent of data breaches that occurred during the year ended Oct. 31 involved a third party, according to Verizon.
That percentage is up from 15% the previous year, the telecommunications company said in its Verizon 2025 Data Breach Investigations Report.
The report said third parties such as suppliers, vendors, hosting partners and outsourced IT support providers act as custodians to companies’ data and underpin critical parts of those organizations’ operations.
In a risk-conscious environment, many lenders and servicers have adopted blanket policies that restrict or outright block third-party debt settlement negotiators from engaging on consumer accounts. These measures are often rooted in compliance concerns: fear of fraud, unauthorized representation, or violations of privacy laws.
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