On January 12, 2024, the FDIC updated sections of the Consumer Compliance Examination Manual. The Consumer Compliance Examination Manual is a primary resource and reference tool for FDIC compliance examination staff when conducting Consumer Compliance and CRA examinations. It incorporates examination policies, procedures, and guidance and is available on the FDIC website as a resource for FDIC staff, bankers, and other members of the public.

On January 11, 2024, the CFPB issued guidance to consumer reporting companies to address inaccurate background check reports, as well as sloppy credit file sharing practices. In particular, the Bureau issued two advisory opinions with the aim to ensure that the consumer reporting system produces accurate and reliable information and does not keep people from accessing their personal data. 

On January 5, 2024, the FDIC revised parts of its Risk Management Manual of Examination Policies. The FDIC conducts examinations to help ensure the stability of insured depository institutions by identifying undue risks and weak risk management practices. 

The FDIC revised section 3.1 Asset Quality to to separate FDIC-only explanatory instructions from the specific Uniform Financial Institutions Rating System (UFIRS) Asset Quality component rating language.

The updated RMS manual can be found here.

On January 10, 2024, the ABA Banking Journal reported that the senate failed to override President Biden’s veto of a joint resolution to overturn the CFPB’s 0171 final rule. The Resolution cleared both houses of Congress by bipartisan votes but Biden vetoed the resolution in December. 

On January 5, 2024, the CFPB published an issue spotlight on the CFPB’s oversight of student loan servicing practices in the early months of the resumption of federal student loan repayments after over three years of a payment pause due to the COVID-19 emergency. The report shows that borrowers are encountering long hold times when trying to reach their student loan servicer, experiencing significant delays in application processing times for income-driven repayment plans, and receiving inaccurate billing statements and disclosures.

On January 2, 2024, the CFPB announced through a blog post that it has filed an amicus brief in the U.S. Court of Appeals for the First Circuit to help ensure consumers can hold debt collectors responsible when they make false representations. The CFPB reiterates that it is a violation against Fair Debt Collection Practices Act to tell consumers that they owe a debt or an amount of money that they don’t actually owe, particularly in medical debt collection.