The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights sharing key findings from recent examinations of auto and student loan servicing companies, debt collectors, and other financial services providers. The report also highlights consumer complaints about medical payment products and identifies concerns with providers preventing access to deposit and prepaid account funds.
The Office of the Comptroller of the Currency (OCC) is proposing to revise its guidelines establishing standards for recovery planning by certain large insured national banks, federal savings associations, and federal branches (recovery planning guidelines) at 12 CFR 30, appendix E. The OCC invites the public to comment on all aspects of the proposal. Comments are due on August 2, 2024.
Federal officials recently banned a software provider from selling, disclosing, or licensing any web browsing data for advertising purposes – and ordered to pay $16.5 million. The Federal Trade Commission (FTC) alleged that Avast unfairly collected, stored, and sold consumers’ browsing information without adequate consent or notice.
Fintech companies Wise and Affirm have revealed that the recent data breach suffered by Evolve Bank impacts some of their customers. The notorious ransomware group LockBit recently threatened to leak data allegedly stolen from the US Federal Reserve. The cybercriminals did leak data on June 26, but it turned out that the files actually originated from an Arkansas-based financial organization, Evolve Bank & Trust.
On June 17, the California DFPI proposed to amend the California Code of Regulations relating to requirements under the Debt Collection Licensing Act (DCLA) and will be accepting comments through July 3. The proposed amendments would define the phrase "net proceeds generated by California debtor accounts" and also clarify annual reporting requirements for DCLA licensees.
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