The bureau and the Federal Trade Commission sued TransUnion’s rental reporting subsidiary for failing to ensure background checks were accurate. Separately, the CFPB ordered TransUnion to pay $8 million to resolve changes involving security freeze and lock failures.
The Supreme Court will hear oral arguments Oct. 3 in a case challenging the structure of the CFPB. Lenders are hoping that the CFPB emerges willing to collaborate on regulatory issues.
Proposed guidance from the CFPB and other regulators on reconsiderations of value was welcomed by many industry participants. Still, consumer advocates and lenders have divergent views on the matter.
The CFPB plans to issue a proposed rule in early 2024 to revise standards for loss mitigation. Separately, rising costs for homeowners insurance are a concern.
A Kentucky court has issued a nationwide injunction, blocking the CFPB from enforcing its small-business lending data collection rule until the Supreme Court decides the bureau’s constitutionality issue.
Consumer groups have submitted a petition for rulemaking with the CFPB to prohibit the use of pre-dispute arbitration agreements in the financial products and services industry.
The bureau outlined the procedure lenders must undertake when informing consumers of adverse credit actions triggered by the use of algorithms and other predictive decision-making technologies.
The DOJ sees its latest redlining settlement as sending a strong message to banks. Washington Trust downplayed the matter, noting no civil monetary penalty was required.
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