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.
On December 21, 2023, the Federal Communications Commission released an order updating its data breach rules. These updated rules require telecommunications providers to report breaches of customer proprietary network information, such as numbers that have been dialed and when they have been dialed, but also require reporting of personally-identifiable information (PII), such as driver’s license numbers, Social Security numbers, and credit card numbers.
In recent years, split-pay options have gained popularity among consumers of all demographic groups looking for greater flexibility in managing their expenses. But it’s not millennial, Gen Z, or low-income consumers who are most likely to use these plans — it’s high-income consumers.
A pair of bipartisan bills circulating in the state Legislature would try to redefine and reform short-term, high interest loans. In Wisconsin, a borrower can take out a payday loan if they have a bank account to use as collateral.
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