Breaking Down a Wild Weekend at the CFPB
- If there has ever been a weekend, or a period of time, where so many new developments have occurred that impact this industry, I don’t remember it. Going back to Friday morning, there has been a non-stop stream of developments involving the Consumer Financial Protection Bureau that, as of this morning, make it appear as though the operations of the CFPB have been effectively shut down, at least on a temporary basis. The best way to catch you up is just to break down everything that has happened in the past 72 hours.
- More details here
Sixth Circuit Upholds Ruling in FDCPA Case, But On Different Grounds
- The Court of Appeals for the Sixth Circuit has affirmed a lower court’s summary judgment ruling in favor of a defendant in a Fair Debt Collection Practices Act case, agreeing that the plaintiff lacked standing to sue, but on different grounds, even though the plaintiff suffered a monetary injury.
- More details here
Sorensen Reintroduces QUIET Act to Combat AI-Powered Robocalls
- Rep. Eric Sorensen [D-Ill.] is renewing efforts to crack down on robocalls by reintroducing the Quashing Unwanted and Interruptive Electronic Telecommunications (QUIET) Act. The bipartisan bill, co-sponsored by Rep. Juan Ciscomani [R-Ariz.], aims to increase penalties for scammers using AI to impersonate individuals and require robocallers to disclose when AI technology is being used.
- More details here
New Acting Director Named at CFPB as DOGE Incursion Raises Questions About Bureau’s Future
- The Consumer Financial Protection Bureau is under increasing pressure as Elon Musk’s Department of Government Efficiency has descended on the regulator and obtained access to some of its key information and departments. This development follows President Trump’s decision to place Russell Vought, a key figure behind Project 2025 and the newly confirmed Director of the Office of Management & Budget, as the new Acting Director of the CFPB. The developments have happened fast and furious in the past 36 hours and have created a mounting sense of uncertainty at the Bureau.
- More details here
Compliance Digest – February 10
- Has there ever been a more important time to stay on top of compliance news? Check out this weeks Compliance Digest and get insights from eight different experts — Leslie Bender, Brent Yarborough, Marissa Coyle, David Kaminski, Justin Penn, Brendan Little, Stefanie Jackman, and Issa Moe — on recent court cases, what’s going on at the CFPB, and new proposed legislation that has been introduced in Congress.
- More details here
- This series is sponsored by Bedard Law Group
WORTH NOTING: How helpful is Google when it comes to searching for financial products and advice? … Half of consumers have applied for a loan or financial product in the past 12 months, and half of them have been turned down at least once … This might have been the most important development from watching last night’s Super Bowl … The best, and worst, commercials from last night’s Super Bowl, where the ads were as disappointing as the game was … Your attitude had a lot to do with your experience during COVID … Americans are planning on spending a lot more on Valentine’s Day this year … Should Super Bowl Monday be declared a holiday? … Sites to help you find the perfect Zoom background.
Music Monday, part I
Music Monday, part II
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