On October 4, the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board (Fed) announced increased dollar thresholds used to determine whether certain consumer credit and lease transactions in 2025 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).
The Federal Trade Commission (FTC) has introduced a new “click-to-cancel” rule designed to simplify the process of canceling subscriptions and recurring payments. Under this rule, businesses must provide consumers with a cancellation process as straightforward as the one used for signing up. The rule, which aims to protect consumers from deceptive practices, will take effect 180 days after its publication in the Federal Register.
Quick analysis: Everything Up in Aug and YTD For the first time in several years, it is starting to look like the big three (TCPA, FDCPA and FCRA) may all have a year-over-year increase together. The next month or two will be more telling, but we’ll definitely keep an eye on this trend. In August, TCPA was up 20.9% over July and 4.4% over this time last year. FDCPA was up 3.5% over July and 13.1% over this time last year. And FCRA was up 4% over July and 14.8% over this time last year.
New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris today issued new guidance to assist regulated entities in addressing and combating cybersecurity risks arising from artificial intelligence. The guidance builds on the Department’s ongoing work to protect New Yorkers and DFS-licensed entities from cybersecurity risks through its nation-leading cybersecurity regulation (23 NYCRR Part 500) and follows recently adopted DFS guidance to combat discrimination by insurers using artificial intelligence.
Today, the Consumer Financial Protection Bureau (CFPB) and the Justice Department (DOJ) took action to end Fairway Independent Mortgage Corporation’s illegal mortgage lending discrimination against majority-Black neighborhoods in the greater Birmingham, Alabama area.
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