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The law requires that the Federal Reserve Board of Governors, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Federal Housing Finance Agency, and the Securities and Exchange Commission implement rules prohibiting compensation arrangements that encourage inappropriate risk-taking. The rules were supposed to be completed thirteen years ago.

A federal district court recently addressed a complex issue involving New Jersey’s Fair Credit Reporting Act and its implications for national credit reporting agencies (CRAs). The law, amended in 2019, mandated that CRAs provide credit file disclosures in English, Spanish, and at least 10 other languages upon consumer request. However, this requirement faced legal challenge from the Consumer Data Industry Association (CDIA), representing major CRAs like Equifax, Experian, and TransUnion.

The Federal Trade Commission will host an online compliance webinar on May 14, 2024, at 11a.m. ET to provide an overview of the FTC’s final rule banning noncompetes, which will include information on how to comply with the rule after its effective date.

The Consumer Financial Protection Bureau (CFPB) emphasizes the importance of institutions managing relationships with service providers to ensure compliance with Federal consumer laws. Verification of an established Compliance Management System (CMS) is crucial, as it serves as the framework for compliance oversight at the service provider. A robust CMS relies on effective policy and procedure management to guide all employees on adhering to the service provider’s processes. Let us look at why reviewing your service providers policy and procedures is important.

Aqua Finance provided financing for water treatment equipment sold door-to-door by dealers. But according to the FTC, the company filtered out the truth and left a sediment of deceptive and unfair financing practices that put many consumers in unexpected debt and made it more difficult for some of them to sell their homes.