-
1 week ago | 
jdsupra.com | Ethan G. Ostroff
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week. Federal ActivitiesState ActivitiesFederal Activities:On May 23, the Consumer Financial Protection Bureau (CFPB) filed a status report in the U.S. District Court for the Eastern District of Kentucky, indicating its intent to vacate the Biden-era open banking rule under § 1033 of the Dodd-Frank Act.
-
1 week ago | 
jdsupra.com | Ethan G. Ostroff
The U.S. Senate’s proposal to regulate stablecoins, known as the GENIUS Act, has successfully cleared a significant procedural hurdle, moving closer to a full floor debate. On May 19, lawmakers voted to invoke cloture on the bill, marking a pivotal moment in its legislative journey. This vote followed an earlier setback on May 8, when Democrats withdrew their support to engage in further negotiations.
-
2 weeks ago | 
jdsupra.com | Ethan G. Ostroff
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week. Federal ActivitiesState ActivitiesFederal Activities:On May 16, Commissioner Christy Goldsmith Romero announced her departure from the Commodity Futures Trading Commission (CFTC), effective May 31, marking the end of her 23-year tenure in federal service.
-
3 weeks ago | 
jdsupra.com | David Anthony |Stefanie Jackman |Ethan G. Ostroff
Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed its decision to withdraw the proposed rule titled “Protecting Americans from Harmful Data Broker Practices (Regulation V)” in the Federal Register. The rescission is scheduled to be published today. This withdrawal marks a significant shift in the Bureau’s approach to regulating data brokers and other updates to Regulation V under the Fair Credit Reporting Act (FCRA).
-
3 weeks ago | 
openlegalblogarchive.org | Ethan G. Ostroff
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week. Federal ActivitiesState ActivitiesOn May 9, the Consumer Financial Protection Bureau (CFPB) announced the withdrawal of 67 regulatory guidance documents, including interpretive rules, policy statements, and advisory opinions that have been issued since the CFPB’s inception in 2011.
-
3 weeks ago | 
jdsupra.com | Ethan G. Ostroff
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week. Federal ActivitiesState ActivitiesFederal Activities:On May 9, the Consumer Financial Protection Bureau (CFPB) announced the withdrawal of 67 regulatory guidance documents, including interpretive rules, policy statements, and advisory opinions that have been issued since the CFPB’s inception in 2011.
-
4 weeks ago | 
jdsupra.com | Jason Cover |Mark J. Furletti |Ethan G. Ostroff
The Consumer Financial Protection Bureau (CFPB or Bureau) announced a significant shift in its enforcement priorities, choosing not to prioritize actions related to Buy Now, Pay Later (BNPL) loans under the Truth in Lending (Regulation Z). This decision aligns with the CFPB’s broader strategic adjustments outlined last month, and discussed here, which emphasize focusing resources on more pressing consumer threats, particularly those affecting servicemen, veterans, and small businesses.
-
1 month ago | 
jdsupra.com | Ethan G. Ostroff
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week. Federal ActivitiesState ActivitiesFederal Activities:On May 3, Democratic senators expressed significant opposition to recent changes in a bipartisan cryptocurrency bill, creating turmoil in the Senate over one of President Donald Trump’s legislative priorities. The bill, led by Sen.
-
1 month ago | 
insidearm.com | Ethan G. Ostroff
Lenexa, Kan. — Today TrueAccord Corp. (TrueAccord), a digital-first debt collection agency that is reinventing the collections experience with the use of machine learning technology to help customers resolve their debts, announced it has acquired Sentry Credit, Inc. (Sentry). Through this strategic acquisition, TrueAccord continues to accelerate its industry-leading growth with an expanded client portfolio and the addition of Sentry’s first-party collection and litigation services.
-
1 month ago | 
insidearm.com | Ethan G. Ostroff
On April 21, the U.S. Department of Education announced that its Office of Federal Student Aid (FSA) will resume collections on defaulted federal student loans starting Monday, May 5th. This decision ends a collections pause that has been in place since March 2020. According to the announcement, the resumption of collections is intended to protect taxpayers from bearing the cost of federal student loans that borrowers undertook to finance their education.
