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The Federal Communication Commission (FCC) has finalized its rule under the Telephone Consumer Protection Act (TCPA), addressing prior express consent requirements for sellers to send advertisements and telemarketing notices using an automatic telephone dialing system (ATDS) or artificial/prerecorded voice. Notably, the one-to-one requirement has been removed.

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.

In a recent decision by the U.S. Court of Appeals for the Ninth Circuit, the court reversed a district court’s ruling and compelled arbitration in the case of Massel v. Successfulmatch.com dba Millionaire Match. The appellate court concluded that the plaintiff consumer received reasonably conspicuous notice of the Service Agreement (containing the arbitration clause), to which the plaintiff assented by checking the box required for account creation and continued use of the website.

On August 26, the U.S. Small Business Administration (SBA) took action to enforce President Trump’s directive by issuing a letter to its network of over 5,000 lenders. This letter mandates the cessation of alleged politicized or unlawful banking practices, requiring lenders to reinstate qualified customers who were wrongfully denied access to financial services based on political, religious, or ideological beliefs. It further warns that punitive measures will be taken against lenders who fail to comply with the directives. This move marks a significant step in implementing Executive Order 14331, Guaranteeing Fair Banking for All Americans.

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.

Last week, Illinois Governor JB Pritzker signed two landmark pieces of legislation aimed at protecting consumers from cryptocurrency scams and fraud. The Digital Assets and Consumer Protection Act (SB1797) and the Digital Asset Kiosk Act (SB2319) establish comprehensive regulatory frameworks for digital asset businesses operating in Illinois.