The CFPB intends to issue a proposed rule to address the impact of credit reporting relating to accounts of survivors of domestic violence, elder abuse, and other forms of financial abuse.
On December 12, the Consumer Financial Protection Bureau (CFPB or Bureau) announced the finalization of its rule addressing overdraft fees. The rule targets financial institutions with more than $10 billion in assets, imposing new restrictions and requirements on how these institutions manage and charge for overdraft services. However, with the upcoming change in administration, questions remain as to whether the final rule will ever take effect.
On November 26, the U.S. District Court for the Northern District of Georgia received notice of a class-wide settlement reached between plaintiffs, an individual and a class of similarly situated harmed individuals, and the defendant, a deposit risk management firm, in a data breach case.
Any chancery you might be impacted by the Delaware Personal Data Privacy Act (DPDPA)?(See what we did there?) Impacted companies need to gear up and prepare for compliance as the DPDPA becomes effective on January 1, 2025. The article that follows explains who is covered by the law and provides details about the requirements those businesses need to be aware of.
Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on trends in the residential mortgage lending market. 2023 showed a significant decline in mortgage lending activities, with loan applications and originations dropping by about a third from 2022. The decline was more prominent in refinancing activity than home purchase, with single-family refinance originations down nearly two-thirds from 2022. Median total loan costs also jumped significantly in 2023, with a higher percentage of borrowers reported having paid discount points than any other year since tracking of the data began.
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