Regulatory & Compliance Updates: Feb. 14, 2024

FFIEC Issues Statement on Examination Principles: On February 12, the Federal Financial Institutions Examination Council (FFIEC) issued a statement on examination principles related to valuation and bias in residential lending. 

US Supreme Court Rules on Fair Credit Reporting Act (FCRA): On February 9, the Court issued its unanimous slip ruling finding that the FCRA waives sovereign immunity and the federal government can be liable for incorrect reporting that damages consumer credit scores.

State Junk Fees Litigation: On February 8, the New York Attorney General announced an historic judgment of $77M against three merchant cash advance companies accused of usury and fraud in illegal high-interest short-term loans with undisclosed fees on small businesses.

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