CFPB Starts FCRA Rulemaking Against ID Theft and Coerced Debt: The Consumer Financial Protection Bureau (CFPB) is seeking information in advance of preparing a proposed rule to address concerns related to information furnished to credit bureaus and other consumer reporting agencies concerning coerced debt. 

CFPB Credit Card Late Fee Rule Struck Down: On December 7, the United States District Court of Northern Texas issued an order to deny the lifting of the temporary injunction which had been issued in July. 

Joint Agency Statement on Elder Financial Exploitation: The National Credit Union Administration joined five other regulatory agencies in issuing a statement to provide financial institutions with examples of risk management and other practices to effectively combat elder financial exploitation. 

​BOI Reporting Rule National Injunction: On December 3, the Eastern District of Texas Federal Court issued a nationwide injunction on the Department of Treasury Financial Crimes Enforcement Network’s (FinCEN) final rule for Beneficial Ownership Interest (BOI) reporting. 

Privacy and Credit Reporting Laws For Your Members Residing in California: Earlier this year, California enacted three laws which may extend to members of Minnesota credit unions residing in the state. 

​CFTC Digital Asset Fraud Resource: The Commodity Futures Trading Commission has published an online resource for fraud and market manipulation in the “spot” digital commodity markets to prevent financial grooming frauds referred to as “pig butchering” and other types of digital commodities fraud.

FinCEN Issues Alert on Deepfake Media Fraud Schemes: Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an alert to help financial institutions identify fraud schemes associated with the use of deepfake media created with generative artificial intelligence tools. 

CFPB Releases Report on Consumer Privacy Protections: On November 12, the Consumer Financial Protection Bureau (CFPB) issued a report examining federal and state-level privacy protections for consumers’ financial data. 

CFPB Orders Navy Federal Credit Union to Pay $95M for Illegal Overdraft Fees: On November 7, the Consumer Financial Protection Bureau (CFPB) ordered Navy Federal Credit Union (Navy) to repay $80M to members for illegal surprise overdraft fees collected by Navy from 2017-2022. The Bureau also issued a $15M fine for those illegal acts.  

​The CFPB In 2025: With former President Donald Trump returning to the White House, significant changes are anticipated beyond the very likely resignation of the Consumer Financial Protection Bureau’s (CFPB) Director, Rohit Chopra.

CFPB Small Business Data Collection Rule Update: On November 1, 2024, the Fifth Circuit ruled it will not delay the deadlines for compliance of the Consumer Financial Protection Bureau’s (CFPB) small business lending data collection rule. 

CFPB Issues Guidance Against Unchecked Surveillance of Employees: On October 24, the Consumer Financial Protection Bureau (CFPB) issued guidance to protect workers from "unchecked digital tracking and opaque decision-making systems" based on its public inquiry. 

FFIEC New IT Examination Handbook: Last month, the Federal Financial Institutions Examination Council (FFIEC) issued a new Development, Acquisition, and Maintenance booklet which replaces the 2004 version. 

​CFPB Open Banking Rule (Section 1033) Lawsuit: Immediately after the Consumer Financial Protection Bureau (CFPB) issued final rule on open banking went into effect on October 22 the Kentucky Bankers Association and Bank Policy Institute filed a lawsuit. 

FinCEN Renews Real Estate Geographic Targeting Orders
On October 15, the Financial Crimes Enforcement Network (FinCEN) announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate effective beginning October 16, 2024, and ending on April 14, 2025. 

​America’s Credit Unions Challenges CFPB’s 2022 Exam Manual Update
On October 14, America’s Credit Unions challenged the Consumer Financial Protection Bureau’s (CFPB) 2022 lawsuit over Exam Manual updates which would create substantial burden and costs by filing an amici curae brief with the United States Court of Appeals for the Fifth District.

CFPB Supervisory Highlights Wrongdoing On Auto Loans: On October 7, the Consumer Financial Protection Bureau published Supervisory Highlights announcing its findings related to illegal practices in auto financing including lender repossessions after timely payments and loan extensions. 

​CFPB Announces Rulemaking on Consumer Credit, Lease Transactions, and High-Priced Mortgages: On October 4, the Consumer Financial Protection Bureau (CFB) and Federal Reserve Board announced dollar thresholds to determine whether certain consumer credit and lease transactions in 2025 are subject to protections in Reg Z (Truth-In-Lending) and Reg M (Consumer Leasing). 

​Post Chevron Doctrine Administrative Regulatory Precedent: After the U.S. Supreme Court’s decision in Loper Bright Enterprises v. U.S. Department of Commerce, ending the 40-year old Chevron Deference Doctrine to administrative agencies, courts are starting to address the preservation of regulatory agency precedent for consideration.

NCUA Updated CECL Tool: On September 23, the National Credit Union Administration released the September 2024 update of its Simplified CECL Tool which provides the latest life-of-loan or Weighted Average Remaining Maturity factors and includes refinements on the factors for unsecured credit cards loans, payday alternative loans, and leases receivable. 

​NCUA Incentive Based Compensation Rule: The Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, and National Credit Union Administration seek comment on a proposed rule to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

NCUA Final Rule Simplifies Share Insurance Regulations; Aligns with FDIC Coverage of Trust Accounts: On September 19, the National Credit Union Administration (NCUA) board met and unanimously approved a final rule that simplifies the NCUA’s share insurance regulations by establishing a “trust accounts” category. 

​CFPB Proposes Amendment to Remittance Rule: On Thursday, September 20, Consumer Financial Protection Bureau (CFPB) issued a proposed rule with a narrow amendment to disclosure requirements for certain international money transfers, or remittances.