The Consumer Financial Protection Bureau (CFPB) is requesting public comments as it prepares a proposed rule to address issues surrounding coerced debt and its impact on credit reporting. The initiative aims to amend certain provisions within Regulation V, which implements the Fair Credit Reporting Act (FCRA), to better protect consumers.
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.
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.
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.
New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris today proposed a regulation to ensure nonbank mortgage lenders are supporting access to home loans in the communities they serve. This expansion of New York’s Community Reinvestment Act (CRA) encourages equitable lending practices that benefit all neighborhoods, particularly those with low- and moderate-income residents.
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