On May 6, 2022, the Consumer Financial Protection Bureau (CFPB) issued a 43-page Fair Lending Report to Congress outlining its work concerning fair lending in 2021. Highlights from the CFPB’s ...
The CFPB is conducting supervisory research to collect five metrics from more than 20 institutions about the consumer impact of their overdraft and non-sufficient fund (NSF) practices. These consumer-impact metrics ...
The House Financial Services Committee submitted a report on June 7, 2022, recommending passage of the Fair Lending for All Act (H.R. 166) (the “Act”), to establish an Office of ...
On June 3, 2022, House and Senate leaders released a draft bipartisan bill concerning a new data privacy framework. An overview of the draft bill’s key provisions includes the following: ...
The National Credit Union Association (NCUA) recently released NCUA Letter 22-CU-07 discussing the use of distributed ledger technology (DLT) by credit unions. The NCUA has taken the position that credit ...
The NCUA has told credit unions they can use the technology behind cryptocurrency as long as they follow NCUA principals to ensure compliance with existing regulations and don’t create undue ...
Trade associations, including the Credit Union National Association (CUNA), American Financial Services Association, Independent Community Bankers of America, and National Association of Federally-Insured Credit Unions filed a Freedom of Information ...
May 26, 2022 - The Consumer Financial Protection Bureau published a circular undercutting credit decisions based on artificial intelligence or machine learning models. These complex algorithms or and models are ...
On May 19, 2022, the CFPB released a new interpretive rule to clarify the authority that state officials have to prosecute violations of the Consumer Financial Protection Act (CFPA). Significantly, ...
The Consumer Financial Protection Bureau (CFPB) announced the opening of a new Office of Competition and Innovation to “help spur innovation in financial services by promoting competition and identifying stumbling ...