The Consumer Financial Protection Bureau (CFPB) is reportedly set to face a crucial year in 2024 as the Supreme Court’s decisions loom over its plans to reshape the banking industry’s handling of customer data and fees.
Consumer use of "buy now, pay later" (BNPL) products and programs has proliferated over the last few years. While federal oversight has not been extensive to date, new guidance from the Office of the Comptroller of the Currency (OCC) likely signals heightened attention and may be the precursor to more enforcement or supervisory developments.
The Justice Department announced today that is has secured a settlement against Billy Joe Goines, owner and operator of Goines Towing & Recovery, based near Marine Corps Base Camp Lejeune, to resolve allegations that he violated the Servicemembers Civil Relief Act (SCRA) by towing and then selling vehicles without disclosing to the court that they were owned by servicemembers.
On December 28, 2023, the Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System (Federal Reserve Board), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA), published a final rule amending the Uniform Rules of Practice and Procedure (Uniform Rules) in 12 CFR 19 to recognize the use of electronic communications in all aspects of administrative hearings and to otherwise increase the efficiency and fairness of administrative adjudications.
President Joe Biden has vetoed a resolution to nullify a Consumer Financial Protection Bureau rule requiring lenders to disclose credit applications they receive from small businesses, lending decisions and demographic data.
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