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The Consumer Financial Protection Bureau (CFPB) has finalized a rule that changes Regulation V of the Fair Credit Reporting Act (FCRA) to protect medical information in credit decisions. Previously, there was an exception allowing creditors to use medical debt information when deciding if someone qualifies for credit. With this new rule, creditors cannot use this information unless specific exceptions apply, and consumer reporting agencies are limited in what medical debt information they can share with creditors. This change aims to safeguard consumers' privacy and ensure medical information isn't wrongly used. The rule will become effective on March 17, 2024.

The Consumer Financial Protection Bureau (CFPB) plans to eliminate the "CFPB.003 Non-Depository Institution Supervision Database" system of records. This system's records have been incorporated into the modified "CFPB.002 Supervision and Examination Records" to create a single system for supervisory information. The change aligns with the Privacy Act of 1974 and Office of Management and Budget guidelines, streamlining records management. Public comments on this proposal are accepted until February 3, 2025, with the rescindment set to take effect on February 12, 2025, barring any contrary comments.

The Consumer Financial Protection Bureau (CFPB) has issued a policy statement introducing the Compliance Assistance Sandbox (CAS) program. This initiative aims to facilitate innovation while ensuring ethical standards, transparency, and competition in consumer financial markets. The CAS program offers companies "Approvals" that provide a safe harbor under federal consumer financial laws if they comply with specified terms. To receive these Approvals, companies must demonstrate that their products solve unmet consumer needs and adhere to strict conditions to prevent market manipulation and maintain fairness.

The Consumer Financial Protection Bureau (CFPB) has issued a policy statement on No-Action Letters (NALs) aimed at promoting innovation and competition in consumer financial services while ensuring ethical standards and transparency. This policy outlines conditions under which companies can receive a No-Action Letter, which indicates that the CFPB will not take enforcement action against them for certain practices. It also includes safeguards to prevent abuses, such as not granting letters to companies with recent legal issues and not allowing firms to misrepresent their regulatory status. The policy is designed to foster improvements in consumer financial markets without favoring particular companies or compromising market competition.

The Consumer Financial Protection Bureau (CFPB) is planning to propose a new rule aimed at helping victims of coerced debt, which often occurs in abusive relationships. This advance notice is seeking public input on changing the definitions of "identity theft" and "identity theft report" under Regulation V of the Fair Credit Reporting Act to cover these situations. The CFPB highlights how economic abuse, including coerced debt, significantly harms victims, especially those in abusive relationships, and is asking for comments on various aspects of how best to offer protections. Comments are due by March 7, 2025, and can be submitted through email or the CFPB's website.

The Consumer Financial Protection Bureau (CFPB) has released the 36th edition of its Supervisory Highlights, focusing on significant findings in the student loan market. It highlights issues such as deceptive practices by private lenders that misled borrowers about losing federal loan benefits when refinancing, unfair denial of benefits like disability discharges, and misleading information about autopay discounts. The report also examines improper loan collection tactics and the handling of federal student loan services during the COVID-19 pandemic repayment pause, pointing out issues like long call wait times and inaccurate billing statements. The CFPB is calling for corrective actions to protect consumers and ensure fair practices.

The Consumer Financial Protection Bureau (CFPB) has announced changes to its Regulation Z, affecting the criteria exempting certain creditors from the need to create escrow accounts for higher-priced mortgage loans. The asset-size threshold for this exemption is now set at $2.717 billion for regular creditors and $12.179 billion for certain smaller banks and credit unions. These adjustments, effective from January 1, 2025, are based on changes in the Consumer Price Index, and the rule aims to update the thresholds accordingly for institutions.

The Consumer Financial Protection Bureau (CFPB) has updated regulations for overdraft credit offered by very large financial institutions, such as banks and credit unions with more than $10 billion in assets. This new rule ensures that these institutions adhere to consumer protection laws that apply to other credit products, unless the overdraft fee is only meant to cover the costs incurred. By doing this, consumers will have better information to compare different credit options, making it easier for them to make informed decisions. The rule takes effect on October 1, 2025, and does not yet apply to smaller institutions, as the impact on the market will be assessed first.