AFSA received a copy of a CFPB memo that outlines changes to the Bureau’s supervision and enforcement priorities. Some of the highlights from the memo are:
- The Bureau is prioritizing “pressing threats to consumers, particularly service members and their families and veterans.”
- The Bureau is shifting resources away from enforcement and supervision that can be done by states.
- CFPB Supervision is tasked with decreasing the number of “events” by 50%.
- The Bureau will focus on “the largest banks and depository institutions” and reduce focus on nonbank companies.
- The Bureau will focus on fraud against consumers and target the following products:
- Mortgages
- FCRA/Reg. V data furnishing
- FDCPA/Reg. F
- Fraudulent overcharges and fees
- Inadequate controls to protect consumer information
- The Bureau will reduce its participation with States in supervision and enforcement to avoid duplicative events.
- The Bureau will coordinate with other federal agencies to avoid action outside its jurisdiction and to avoid duplication.
- The Bureau will take a more measured approach to enforcing Fair Lending laws and “pursue only matters with proven actual intentional racial discrimination and actual identified victims.”
Along the same lines, we noted an article indicating that Scott Bessent is holding meetings with federal banking agencies to assert leadership over banking regulatory policy and to streamline regulation. The nominee to be the next CFPB Director is leading these meetings, according to the report.
AFSA will continue to monitor for more information on these topics.
AFSA received a copy of a CFPB memo that outlines changes to the Bureau’s supervision and enforcement priorities. Some of the highlights from the memo are:
- The Bureau is prioritizing “pressing threats to consumers, particularly service
…
Read the rest
Today, AFSA sent a letter to Reps. Andy Barr (R-KY) and Vicente Gonzalez (D-TX) in support of HR 1653 – the “Civil Investigative Demand Reform Act” (CID Reform Act).
Under the previous CFPB Director, the Bureau severely… Read the rest
Join us Thursday, April 24th at 2:00 p.m. EST!
Join Nick Babinsky, CPO of Solutions by Text, to learn how business-to-consumer messaging has evolved from the simplicity of SMS to the rich media of MMS, and now the interactive potential of RCS.… Read the rest
On April 11, 2025, the CFPB issued an announcement that the Bureau will not base enforcement or supervision decisions on participating in the Non-Bank Registry. The Non-Bank Registry was established to require certain finance companies… Read the rest
The FCC announced today that it is granting a one-year extension on the compliance date for portions of TCPA rules scheduled to go into effect April 11. The delayed implementation relates to the requirement to stop ALL calls or texts when … Read the rest
On April 2, 2025, AFSA commented on the CFPB’s rule regarding data brokers under the Fair Credit Reporting Act (FCRA). AFSA requested that the CFPB withdraw the rule.
The proposed rule would expand the definitions of “consumer report” and … Read the rest
AFSA’s April State Government Affairs white paper is now available. This month’s white paper highlights the rapid growth of non-housing consumer debt, with debt settlement companies emerging as a popular but often misleading solution… Read the rest
On April 1, AFSA posted comments on the CFPB’s proposal to establish Regulation AA. This new regulation would establish new limitations on consumer credit that exceed the CFPB’s authority.
The proposal would prohibit provisions in contracts… Read the rest
This week AFSA and other financial trade groups signed on to a letter in support of H.R.1777, the “Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act.”
Introduced by Reps. Cliff Bentz (R-OR)… Read the rest
AFSA appreciates the decision by the Consumer Financial Protection Bureau to suspend enforcement of the Payday, Vehicle Title, and Certain High-Cost Installment Loans regulation, specifically related to the payment withdrawal provisions… Read the rest
