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📑Rescission of State Notification Rules and Business Implications

This direct final rule rescinds the Consumer Financial Protection Bureau's (Bureau's) procedures by which a State official must notify the Bureau when the official takes an action to enforce the Consumer Financial Protection Act.

⚖️CFPB Proposed Rule

The Consumer Financial Protection Bureau (Bureau) is proposing to rescind the amendments it adopted to the Rules of Practice for Adjudication Proceedings (Rules of Practice) on February 22, 2022, and March 29, 2023.

🏦Sunshine Act Meetings Notice from National Credit Union Administration

The National Credit Union Administration has announced an open Sunshine Act meeting, set to discuss key financial matters, including the quarterly report on the Share Insurance Fund and updates on Voluntary Separation Programs. This meeting will provide essential insights for stakeholders involved in the credit union industry.

🏦NCUA Proposes Extension of Call Report for Credit Unions

The NCUA has approved the publication of a proposal to extend for three years the NCUA Call Report (Form 5300), which is a currently approved information collection, for public comment. Revised instructions are included to improve clarity and accurate reporting. The NCUA is submitting the following extension of the currently approved information collection and revised instructions to the OMB for review and clearance. The revised instructions are proposed to take effect with the September 30, 2025 report date.

📊NCUA Notice on Information Collections and Compliance Requirements

The National Credit Union Administration (NCUA) will submit the following information collection request to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice.

📅CFPB Advisory Council Meeting Notice - February 2025

Under the Federal Advisory Committee Act (FACA), this notice sets forth the announcement of a public meeting of the Community Bank Advisory Council (CBAC or Council) and the Credit Union Advisory Council (CUAC or Council) of the Consumer Financial Protection Bureau (CFPB). The notice also describes the functions of the Councils.

📈2025 Update

The NCUA Board (Board) is amending its regulations to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation. This action, including the amount of the adjustments, is required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.

📜CFPB Proposes Rule to Ban Unfair Contract Terms in Financial Services

The Consumer Financial Protection Bureau (CFPB) is proposing to prohibit certain contractual provisions in agreements for consumer financial products or services. The proposal would prohibit covered persons from including in their contracts any provisions purporting to waive substantive consumer legal rights and protections (or their remedies) granted by State or Federal law. The proposal would also prohibit contract terms that limit free expression, including with threats of account closure, fines, or breach of contract claims, as well as other contract terms. The proposal would also codify certain longstanding prohibitions under the Federal Trade Commission's (FTC) Credit Practices Rule.

📅NCUA Sunshine Act Meeting Scheduled for January 16, 2025

🚫New CFPB Rule Prohibits Medical Debt in Credit Decisions

The Consumer Financial Protection Bureau (CFPB) is issuing a final rule amending Regulation V, which implements the Fair Credit Reporting Act (FCRA), concerning medical information. The FCRA prohibits creditors from considering medical information in credit eligibility determinations. The CFPB is removing a regulatory exception that had permitted creditors to obtain and use information on medical debts notwithstanding this statutory limitation. The final rule also provides that a consumer reporting agency generally may not furnish to a creditor a consumer report containing information on medical debt that the creditor is prohibited from using.