As we have reported previously, including here, here, and here, the CFPB’s section 1071 small business loan data collection and reporting rule is facing court challenges. The U.S. Court of Appeals for the Fifth Circuit has stayed compliance with the rule for many financial institutions.
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) announced on March 28, 2025, in light of recent litigation, their intent to issue a proposal to rescind the Community Reinvestment Act (CRA) final rule issued in October 2023 (2023 CRA Final Rule). The proposal also would reinstate the CRA framework that existed prior to the 2023 CRA Final Rule, which currently remains in effect.
The Federal Trade Commission today highlighted actions taken to protect consumers from impersonations scams since the Government and Business Impersonation Rule took effect in April 2024. Scams impersonating businesses and government are consistently among the top frauds reported to the FTC; these scams resulted in $2.95 billion in consumer losses in 2024.
With the rise of digital financial solutions, it's crucial for collections executives at banks, lenders, and agencies to explore new channels that improve recovery rates and customer interaction. One promising approach is working with debt settlement companies in an automated or bulk fashion, streamlining the process and maximizing efficiency.
The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in January 2025.
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