On October 29, the Consumer Financial Protection Bureau (CFPB or Bureau) officially rescinded its rule requiring nonbank entities to register certain agency and court orders with the Bureau. This decision follows a proposal made earlier this year (discussed here), which highlighted concerns about the regulatory burden and costs imposed on nonbank entities, which could ultimately affect consumers.
On October 28, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a new interpretive rule replacing its 2022 interpretive rule (withdrawn in May 2025) concerning the scope of preemption under the Fair Credit Reporting Act (FCRA). This new interpretive rule clarifies that the FCRA broadly preempts state laws related to consumer reporting, reinforcing Congress’s intent to establish national standards when information is used to determine a consumer’s eligibility for credit, insurance, employment and the like. This move replaces the previous rule, which was criticized for its potential to create regulatory confusion.
In a recent decision, the Superior Court of New Jersey, Appellate Division, upheld the dismissal of a class action lawsuit filed against First National Collection Bureau, Inc. (FNCB). In an unpublished opinion, the court affirmed the lower court’s ruling that the plaintiff’s complaint failed to state a claim under the Fair Debt Collection Practices Act (FDCPA). This decision clarifies the scope of third-party communications under the FDCPA, particularly in the context of using third-party vendors for mailing collection letters.
On August 29, the Federal Deposit Insurance Corporation (FDIC) announced updates to its Consumer Compliance Examination Manual, marking a pivotal shift in how potential discrimination under the Equal Credit Opportunity Act and Fair Housing Act will be evaluated. The FDIC will now focus solely on evidence of disparate treatment, removing all references to disparate impact analysis from its examination procedures. This action follows on the heels of the OCC’s announcement on July 14 that it had removed all references to disparate impact analysis from the Fair Lending booklet of the Comptroller’s Handbook and directed examiners to cease examining banks for disparate impact liability, discussed here.
On August 15, Illinois Governor JB Pritzker approved Public Act 104-0383. This legislation, effective immediately, amends the Student Loan Servicing Rights Act and introduces Article 7, focusing on Educational Income Share Agreements (EISAs).
The Consumer Financial Protection Bureau (CFPB or Bureau) is taking a significant step to modify its supervisory approach to nonbanks by publishing a proposed rule advancing a more stringent definition of “risks to consumers” in the context of § 1024(a)(1)(C) of the Consumer Financial Protection Act (CFPA) when designating nonbanks for supervision. This move aims to limit the Bureau’s oversight of nonbanks to cases where there is a high likelihood of significant harm to consumers, thereby narrowing the scope of its supervisory authority.
On August 8, the Consumer Financial Protection Bureau (CFPB or Bureau) published a series of proposed rules aimed at redefining what constitutes a “larger participant” in several key financial markets. Under § 1024 of the Consumer Financial Protection Act, the Bureau’s supervisory authority extends to “larger participants” offering consumer financial products or services. The proposed rules seek to amend existing thresholds in the consumer reporting, auto financing, consumer debt collection, and international money transfer markets to better align with current market conditions and regulatory priorities. The Bureau is accepting comments on these proposals until September 22, 2025.
On August 15, the U.S. Court of Appeals for the District of Columbia issued a decision in the case of National Treasury Employees Union (NTEU) v. Consumer Financial Protection Bureau (CFPB or Bureau). The appellate court vacated the district court’s preliminary injunction, which had previously restricted the CFPB’s actions to halt the Bureau’s operations and terminate its employees.
On July 24, Oregon Governor Tina Kotek signed House Bill 3865 (HB 3865) into law, introducing significant changes to the regulation of telephone solicitations within the state. This new legislation narrows the permissible calling hours, reducing communications during late evening hours by prohibiting calls after 8 p.m., down from the previous 9 p.m. Additionally, the bill expands the definition of telephone solicitations to include text messages.
Today, the New York City Department of Consumer and Worker Protection (NYC DCWP) announced another delay in the effective date of its amended debt collection rules. This marks the second postponement. As discussed here, the rules were initially set to take effect on December 1, 2024. Then the enforcement date was first postponed to April 1, 2025, following industry concerns and legal challenges, and then to October 1, 2025. However, the NYC DCWP has now stated that the rules will not go into effect on October 1, 2025, and has committed to providing an update at least three months prior to the new effective date.