The settlement will resolve a class action stemming from a March 2023 data breach. California also recently fined Academy $825,000 for the same incident.
The rescission follows the CFPB’s recently finalized amendments to Regulation B, and the withdrawal of other federal guidance on special purpose credit programs.
Mortgage trade groups and consumer advocates said the bureau must carefully consider the impact on industry and consumers if it pursues changes to the TILA-Integrated Disclosure rule.
As federal regulators retreat from disparate-impact liability, some states are ramping up their enforcement, leaving lenders with conflicting requirements.