The phrase “manic Monday” is getting a pretty good workout these days. Far from being a cute top 40 song from the ’80s, the ongoing drama at the Consumer Financial Protection Bureau (CFPB) has put a new spin on catching up with the weekend news.
Significant amendments to the Telephone Consumer Protection Act (TCPA) have taken effect, introducing stricter consent and revocation requirements for marketers for telephone marketing and text messages.
As of January, the Federal Communications Commission (FCC) mandated that businesses obtain explicit, individualized consent from consumers before sending telemarketing robocalls or texts, effectively closing the "lead generator loophole."
As we previously blogged about, Acting Director Scott Bessent circulated a message throughout the CFPB on February 3 directing “…all employees, contractors, and other personnel of the Bureau:
Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) requested and was granted a 90-day stay in the litigation involving trade associations Cornerstone Credit Union League (Cornerstone) and the Consumer Data Industry Association (CDIA). This case, which challenges the CFPB’s Final Rule on the prohibition of medical debt information in consumer reports, has been temporarily halted as the Bureau undergoes significant leadership changes.
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down an agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal.
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