On April 9, the House of Representatives passed two Congressional Review Act (CRA) joint resolutions aimed at nullifying certain Consumer Financial Protection Bureau (CFPB) rules finalized in the final days of the Biden-Harris Administration. These resolutions, S.J. Res. 18 and S.J. Res. 28, target rules related to limiting the overdraft fees that may be charged by large financial institutions, and extending supervisory authority over certain providers of digital payments services, respectively. The CRA resolutions are now before President Trump for signature.
Republicans on the House Financial Services Committee have sent letters to financial regulators asking them to rescind a variety of measures the regulators issued during the Biden Administration.
The Consumer Financial Protection Bureau is announcing today that, with respect to the regulation titled Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders, 89 Fed. Reg. 56028 (July 8, 2024) (codified at 12 CFR part 1092), it will not prioritize enforcement or supervision actions with regard to entities that do not satisfy future deadlines under the regulation to submit registration information.
After exploring the Plastic Owl and Antelope Theories, I began thinking about what other animals could join our wildlife-inspired series on workplace behavior. Naturally, I turned to what I know best: collection calls.
Tariffs. Stock market volatility. Looming (?) recession fears.
All of this is leading consumers to rethinking their debt management strategies in profound ways. Economic pressures are prompting many to shift from aggressive repayment tactics to more cautious approaches. Many consumers also plan to shift discretionary spending into a savings account in order to build a financial buffer.
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