Regulatory & Compliance Updates: Dec. 11, 2024

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. 

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