After its creation the Consumer Financial Protection Bureau (CFPB) had a broad mandate covering nearly all consumer financial products. The CFPB wielded expansive rulemaking, supervision and enforcement powers. As noted in their Fiscal Year 2024 Financial Report, in 2024 alone, the CFPB conducted 26 public enforcement actions through settlement, litigation or default judgment. With the administration change, the CFPB has entered a deregulatory phase.
In less than 3 months, any company doing business in California impacted by a data breach must notify individuals within 30 days of the discovery under SB 446. The 30-day deadline may be delayed to (1) accommodate the needs of law enforcement, or (2) as necessary to determine the scope of the breach and restore the reasonable integrity of the data system.
NCUA Chairman Kyle S. Hauptman said that through the issuance of a policy statement he is reenforcing an agency policy to prohibit officials from setting new policy through enforcement actions.
In an unpublished case, the U.S. Court of Appeals for the Third Circuit held that actions to obtain a judgment and enforce that judgment in a collection lawsuit filed outside the statute of limitations do not create a continuing violation under the Fair Debt Collections Practices Act (FDCPA).
On October 6, the OCC announced five actions intended to reduce the regulatory burden on community banks. The actions included two bulletins revising examination procedures for community banks by (i) replacing fixed examination requirements with risk-based supervisory activity, and (ii) indicating the OCC will rely solely on the core assessment standards found in the “Community Bank Supervision” booklet of the comptroller’s handbook to examine for retail nondeposit investment products.
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