The Trump administration has delayed compliance with the rule until mid-2026 at the earliest and the CFPB is working to revise the Biden-era requirements. Trade groups representing lenders provided plenty of suggestions to reduce burdens from the rule.

The bureau is considering raising the bar for triggering oversight of nonbanks in consumer reporting, consumer debt collection, automobile lending and international money transfers.

The Bank Policy Institute and others stressed that industry participants shouldn’t have to comply with a rule given that the CFPB plans to substantially revise it.

Home equity investment activity is growing thanks to ongoing home price appreciation and strong demand from both homeowners and investors in the secondary market. Regulation of the products is currently limited to a handful of states.

Currently, banks charge an average of $35 for overdraft loans, raking in billions of dollars per year. The CFPB proposed a safe harbor for overdraft loans that would be as low as $3.

Industry participants and consumer advocates separately applauded the CFPB’s Section 1033 proposal on open banking. There were also plenty of suggestions for adjustments among the thousands of comment letters submitted.

The CFPB estimated that its proposal to establish oversight of payments providers would apply to 17 companies. Companies subject to the proposal are seeking exemptions while consumer advocates called for more expansive protections.

The CFPB and nonbank mortgage lender Townstone Financial presented their arguments to the Seventh Circuit Court of Appeals. The arguments centered on whether ECOA applies to prospective applicants.

The civil monetary penalty and consumer redress are tied to freezes on unemployment benefits accounts during the pandemic.

Illinois delays vote on CRA regulations; FCC closes lead generator loophole; Biden vetoes bill disapproving 1071; CFPB adjusts asset thresholds under HMDA, TILA; bureau issues report on overdraft fees; CFPB shutters medical debt collector.