TD Bank’s American unit is reportedly set to plead guilty to anti-money laundering failures. The Toronto-based bank is expected to pay a roughly $3 billion penalty and agree to limits on its growth in the U.S. as part of the plea deal, the Wall Street Journal (WSJ) reported late Wednesday (Oct. 9).
For over a year, the Consumer Financial Protection Bureau (CFPB) has been gearing up for a major rulemaking under the Fair Credit Reporting Act (FCRA) to regulate data brokers and their business practices. The proposal, initially tied to rules on medical debt credit reporting, has since been separated, with both rules expected to have significant effects on their respective industries.
The Supreme Court has granted certiorari in McLaughlin Chiropractic Associates v. McKesson Corporation (No. 23-1226) to address whether the Hobbs Act requires district courts to follow the FCC’s interpretation that the TCPA does not prohibit faxes received via “online fax services.” This case revisits a key question left unresolved in 2019’s PDR Network v. Carlton & Harris Chiropractic about the binding nature of FCC orders in TCPA litigation.
The CFPB is in the process of completing its final rule intended to ban the inclusion of medical debts in credit reports, bureau Director Rohit Chopra said at a White House session intended to focus on practices in the medical debt collection industry.
On October 7, the Consumer Financial Protection Bureau (CFPB or Bureau) published the Fall edition of its Supervisory Highlights, focusing on examinations of the auto-finance market completed between November 1, 2023, and August 30, 2024. The report highlights significant findings across various aspects of consumers’ experiences with vehicle finance, including origination disclosures, repossession activities, servicing practices, the handling of add-on products, and credit reporting.
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