Consumer Protection

In accordance with an executive order from President Donald Trump, the Consumer Financial Protection Bureau issued a policy statement June 27 describing its approach for determining potential criminal penalties for violations of the law. Read on »

The Senate passed the Republican-led tax and spending package, known as “One Big Beautiful Bill” by the narrowest of margins on July 1. Three Republicans broke party ranks to oppose the measure, resulting in a 50-50 split among voting members and Vice President J.D. Vance being called upon to cast the tie-breaking vote. Read on »

The federal banking agencies published comprehensive data depicting communities presenting opportunities for covered institutions to receive Community Reinvestment Act (CRA) compliance credit through outreach activities, as well as a list of banks recently evaluated for their efforts to fulfill their CRA obligations. Read about these reports and more in this regulatory roundup. Read on »

The Senate was divided over an amended budget bill provision proposing severe cuts to the Consumer Financial Protection Bureau’s annual funding ahead of its vote to pass the measure July 1, with Vice President J.D. Vance casting the tie-breaking vote. Read on »

Perhaps the most consequential scrutiny of the Republican-led congressional budget package lies in the hands of the Senate parliamentarian’s office, which determined several of the budget bill’s provisions violate Senate rules pertaining to budgetary matters while deeming others to be permissible. Read on »

Members of the House Financial Services Subcommittee on Oversight and Investigations debated whether, and to what extent, the Consumer Financial Protection Bureau improperly weaponized its enforcement authority against certain “disfavored” sectors of the financial marketplace under former Director Rohit Chopra. Read on »

Legislation aimed at prohibiting the use of “trigger leads” involving the sale of consumer credit information to solicit lending services to homebuyers moved a step closer to becoming law after both the Senate and House passed the Homebuyers Privacy Protection Act. Read on »

An Illinois federal judge denied a motion filed by the Consumer Financial Protection Bureau and Chicago mortgage broker Townstone Financial to vacate the settlement the two parties reached to resolve allegations of redlining against Townstone. One of the attorneys representing Townstone spoke to RESPA News, a sister publication to Dodd Frank Update, about the decision. Read on »

One of the key shifts in data privacy best practices is an emphasis on a concept known as “anonymization.” ICE Vice President of Loan Data Products Conrad Ficca spoke with Dodd Frank Update about the benefits of a new approach to data privacy and other key considerations for a technology provider entrusted with protecting sensitive personal identifying information (PII) from a dataset. Read on »

The Consumer Financial Protection Bureau announced its intent to distribute more than $4 million in long-awaited restitution to consumers harmed by a job training company’s deceptive marketing and unfair debt collection practices after receiving pressure from several state attorneys general. Read on »