In September 2023, the CFPB updated its UDAAP Examination Manual to remove the changes it made in March 2022 which provided that unfair acts or practices encompassed discriminatory conduct, even in circumstances to which federal fair lending laws, such as the Equal Credit Opportunity Act, did not apply.
On October 27, 2023, the Federal Trade FTC (FTC) approved amendments to its version of the Standards for Safeguarding Customer Information Rule (the Safeguards Rule) to require non-banking financial institutions regulated by the FTC, including financial technology companies, mortgage brokers, credit counselors, financial planners, and tax preparers, among others, to report certain data breaches and other security events directly to the FTC.1
WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, and U.S. Senator Roger Marshall, M.D. (R-KS) today released the following statement applauding key unions’ endorsement of their Credit Card Competition Act, including the International Brotherhood of Teamsters and the Service Employees International Union (SEIU):
LANSING – Michigan Attorney General Dana Nessel has filed suit in the 6th Judicial Circuit Court in Oakland County to dissolve two business entities in response to their purported practice of ‘cloning’ legitimate businesses and procuring their organizations with the Michigan Department of Licensing and Regulatory Affairs (LARA) by fraud.
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered online lender Enova International Inc. to pay a $15 million penalty for widespread illegal conduct including withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions.
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