On May 23, 2024, HUD issued a letter to announce that FHA-approved mortgagees are required to notify HUD when a “Cyber Incident” occurs. Specifically, FHA-approved mortgagees are to report cyber incidents to HUD within 12 hours of detection.

On May 22, 2024,  the FDIC  published its 2024 Risk Review which summarizes conditions in the U.S. economy, financial markets, and banking industry. According to the FDIC, economic conditions remained strong in 2023, and financial market conditions improved toward the end of the year. In addition, the banking industry demonstrated resilience after a period of stress in early 2023 as full-year net income remained high, overall asset quality metrics were favorable, and liquidity stabilized.

On May 22, 2024, the CFPB issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. Thus, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to conventional credit cards. 

On May 20, 2024, the CFPB took action against Western Benefits Group for charging illegal advance fees for student loan debt relief services and misrepresenting to consumers that advance fees would go toward paying down their loans. In addition, the company is alleged to have misrepresented that it was affiliated with and endorsed by the Department of Education, and that it would help consumers consolidate student loans, lower consumers’ monthly student loan payments, or obtain loan cancellation.

On May 16, 2024, the ABC News reported that the Supreme Court rejected a conservative-led attack that could have undermined the Consumer Financial Protection Bureau. The justices ruled 7-2 that the way the CFPB is funded does not violate the Constitution, reversing a lower court decision.