Consumer Financial Protection Bureau and the Department of Justice Withdraw Joint Statement on Fair Lending and Credit Opportunities for Noncitizen Borrowers

The Consumer Financial Protection Bureau and the Department of Justice have withdrawn a joint statement regarding how creditors can consider an individual’s immigration status under the Equal Credit Opportunity Act. This withdrawal impacts how noncitizen borrowers are treated in credit union lending practices.
Source

Agencies Announce Dollar Thresholds for Applicability of Truth in Lending and Consumer Leasing Rules for Consumer Credit and Lease Transactions

- The CFPB and the FRB have announced dollar thresholds for determining applicability of Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). - These thresholds will be used to decide if certain consumer credit and lease transactions are subject to these protections.
Source

Agencies Announce Dollar Thresholds for Smaller Loan Exemption from Appraisal Requirements for Higher-priced Mortgage Loans

- The threshold for higher-priced mortgage loans subject to special appraisal requirements will increase from $33,500 to $34,200. - This change applies starting in 2026.
Source

CFPB’s Supervision Division Releases New 'Humility Pledge'

The CFPB's Supervision Division has changed its approach to exams; it no longer operates as a weaponized arm of the CFPB under new leadership. A 'Humility Pledge' was introduced.
Source

CFPB Notifies Court it Cannot Lawfully Draw Funds from the Federal Reserve

• The CFPB informed the court it cannot legally request funds from the Federal Reserve under Dodd-Frank. • This decision affects how the CFPB can access funding, potentially impacting its operations and regulatory activities.
Source

CFPB Reaches Settlement with FirstCash, Inc. and Its Subsidiaries for Military Lending Act Violations

• FirstCash, Inc., and its nineteen subsidiaries agreed to a settlement with the CFPB for Military Lending Act violations. • The stipulated final judgment and proposed order will resolve the lawsuit if approved by the court.
Source

CFPB Amends Wise Order for Remittance Practices

• The CFPB amended a January 30, 2025 consent order with Wise regarding inaccurate fee advertising and improper disclosure of exchange rates. • This amendment addresses issues related to remittance practices.
Source

CFPB Announcement Regarding Enforcement Actions Related to Buy Now, Pay Later Loans

• The CFPB will not prioritize enforcement actions related to the Truth in Lending Act for Buy Now, Pay Later loans accessed via digital user accounts. • This announcement does not specify any new requirements or changes but clarifies the current regulatory stance.
Source

CFPB Keeps Its Enforcement and Supervision Resources Focused on Pressing Threats to Consumers

The CFPB will not prioritize enforcement or supervision actions with regard to entities outside the stay imposed under Texas Bankers Association v. CFPB, No. 24-40705 (CA5).
Source

CFPB Offers Regulatory Relief From Registration Requirements for Small Loan Providers

• The CFPB will not prioritize enforcement or supervision actions for small loan providers who do not meet future registration deadlines. • This relief applies to entities that are subject to certain agency and court orders.
Source

2024 HMDA Data on Mortgage Lending Now Available

• The data includes loan-level information from financial institutions, modified for consumer privacy. • The data set is now available for 2024 HMDA reporting.
Source

CFPB Offers Regulatory Relief for Small Loan Providers

The Bureau will focus its resources on threats to consumers, particularly servicemen and veterans; no specific actions or deadlines mentioned for credit unions.
Source

CFPB Orders Wise to Pay $2.5 Million for Illegal Remittance Practices

Wise was ordered to pay $2.5 million for illegal remittance practices; the case involves violations of consumer protection laws.
Source

CFPB Updates List of Consumer Reporting Companies

The CFPB has released its annual list of consumer reporting companies; no specific changes or impacts mentioned for Texas credit unions.
Source

CFPB Finds Servicemembers Pay More in Auto Lending Market

• U.S. servicemembers face higher costs and greater financial risks in auto lending. • The CFPB report highlights issues specific to this demographic.
Source

CFPB Letter to Massachusetts State Legislature on Barring Medical Bills on Credit Reports

The letter discusses the potential impact of barring medical bills from credit reports. It does not provide specific guidance or rules for credit unions but highlights an issue that could affect consumer credit scores and financial behaviors.
Source

CFPB Letter to South Dakota State Legislature on Barring Medical Bills on Credit Reports

The letter discusses the potential impact of barring medical bills from credit reports. It highlights the need for balance between accurate reporting and avoiding financial harm due to inaccuracies.
Source

CFPB Letter to Oregon State Legislature on Barring Medical Bills on Credit Reports

The letter discusses the CFPB's stance on barring medical bills from credit reports. The CFPB supports legislation in Oregon to prevent medical debt from being reported as negative information on credit reports.
Source

CFPB Letter to Washington State Legislature on Barring Medical Bills on Credit Reports

The letter discusses the potential impact of barring medical bills from credit reports on consumers and financial institutions. No explicit action items are mentioned for credit unions.
Source

CFPB Report Finds Continued Challenges for Households that Rent

The CFPB reports highlight challenges faced by rental households; data covers September 2021 to November 2024.
Source

CFPB Report Finds Cash-Out Mortgage Refinance Borrowers Improve Credit Scores

• Cash-out refinance borrowers see improvements in their credit scores. • The report was published by the Consumer Financial Protection Bureau (CFPB).
Source

CFPB Finds More Vehicles Eligible for Repossession Than Pre-Pandemic

The rate of auto repossessions at the end of 2022 surpassed pre-pandemic levels; CFPB report highlights increased vehicle repossession rates.
Source