Compliance & Regulatory Updates: Oct. 9, 2024

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.

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