The Consumer Financial Protection Bureau (“CFPB”) has issued its proposed rule scaling back the interpretation of and regulations under the Equal Credit Opportunity Act (“ECOA”). While the agency placed the proposal on its official regulatory agenda months ago, conventional wisdom indicated that the rule would address interpretations of the Act’s applicability to prospective applicants and to disparate impact claims. The proposal does address those topics, and significantly narrows the availability of special purpose credit programs (“SPCPs”). Comments are due on the proposal within a short 30 days (by December 15, 2025).
In a packed open meeting held October 28th, the Federal Communications Commission voted unanimously to adopt the Improving Verification and Presentation of Caller Identification Information Further Notice of Proposed Rulemaking (“FNPRM”).
On November 13, the OCC released an updated version of its Servicemembers Civil Relief Act booklet, providing updated guidance for examiners regarding consumer protection provisions for servicemembers under the SCRA.
On November 13, the CFPB published a proposed rule in the Federal Register to amend Regulation B, which implements the ECOA. If adopted, the proposal would make three principal changes to Regulation B: (i) eliminating regulatory provisions that have lent support to the position that ECOA authorizes disparate-impact liability (and thus limiting liability to intentional discrimination); (ii) narrowing the regulation’s description of what would constitute “discouragement” for purposes of ECOA; and (iii) changing the requirements applicable to for-profit entities that wish to offer “special purpose credit programs” (SPCPs).
In an unpublished decision, the Ninth Circuit affirmed summary judgment in favor of a debt collector defendant, finding that the bona fide error defense applied to the debt collector’s efforts to collect a debt that may have been overstated.
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