On September 12, 2024, the CFPB filed a proposed order against the student loan servicer Navient for its multiple failures and illegal actions in its student lending services. If entered by the court, the proposed order would permanently ban the company from servicing federal Direct Loans and would forbid the company from directly servicing or acquiring most loans under the Federal Family Education Loan Program.

On September 5, 2024, the CFPB issued its annual report on debt collection, which highlights aggressive and illegal practices in the collection of medical debt and rental debt. The report highlights issues with real estate software inflating rental debt and debt collectors pursuing medical bills already covered by non-profit aid, as well as insufficient financial assistance for low-income medical bills.

On August 29, 2024, the CFPB took action against repeat offender New Day Financial (NewDay USA) for deceiving active duty servicemembers and veterans seeking cash-out refinance loans. The CFPB found that NewDay USA gave misleading and incomplete cost comparisons to borrowers refinancing in North Carolina, Maine, and Minnesota, which made the company’s loans appear less expensive relative to their existing mortgages.

VIDEO: Disclosing Fees for an Expedited Debit Card

In this Compliance Clip (video), Adam answers the question whether a bank's fee schedule must disclose charges for expediting a debit card. Adam explores how Regulation DD and Regulation E apply to this fee and determine if it needs to be included in the bank's official disclosures. A transcript of this video is now available.

On August 28, 2024, FinCEN issued two rules to help safeguard the residential real estate and investment adviser sectors from illicit finance as part of its ongoing efforts to combat illicit finance and protect U.S. national security. One of the final rules will will apply anti-money laundering/countering the financing of terrorism (AML/CFT) requirements to certain investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC), as well as those that report to the SEC as exempt reporting advisers.