A federal judge has granted the CFPB 30 days to try to settle the lawsuit challenging the bureau’s credit card late fee rule that was issued during the Biden Administration.
Starting Jan. 1, a new state law will prohibit health providers and debt collectors from reporting medical debt information to credit agencies. That means unpaid medical bills should no longer show up on people’s credit reports, which consumer advocacy groups say is a boon for patients with debt.
The House Subcommittee on Financial Institutions is set to review the current legal and regulatory framework for federal consumer protection in an upcoming hearing on March 26 at 10 a.m. ET. Titled “A New Era for the CFPB: Balancing Power and Reprioritizing Consumer Protections,” the hearing will evaluate several proposed reforms that could reshape the Consumer Financial Protection Bureau (CFPB) by focusing on funding mechanisms, oversight, and regulatory authority.
Economic pressures are mounting, and the landscape of debt collection is poised for a significant transformation in 2025. PYMNTS.com reported recently that 67% of Americans feel they are living paycheck-to-paycheck. This financial strain should reshape how banks and lenders approach recovering debts.
The Office of the Comptroller of the Currency (OCC) has commenced removing references to banks’1 reputation risk from its Comptroller’s Handbook booklets and guidance issuances. Concurrently, the OCC has instructed its examiners that they should no longer examine for reputation risk.
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