Financial Institutions

CFPB Issues Policy Statement on Abusive Acts of Practices.

On April 3, 2023, the Consumer Financial Protection Bureau (CFPB) issued a Policy Statement on abusive acts and practices. Since Congress passed the Consumer Financial Protection Act of 2010 (CFPA or “Act”), the CFPB has used the provisions of the Act to condemn those who engage in the prohibited abusive conduct.

To learn more about this statement, click HERE.

CFPB Final Rule Amends Federal FCRA Summary of Rights.

The Consumer Financial Protection Bureau (CFPB) has updated the Federal Fair Credit Report Act (FCRA) Summary of Rights (“Summary”) for the first time since 2018. The final rule (“Rule”) makes only non-substantive corrections and updates, including updated contact information and chapter headings. The Rule will be effective April 19, 2023, but the mandatory compliance date is March 20, 2024.  

To learn more about this amendment, click HERE.

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