On December 5, 2024, the CFPB took action against student lender Climb Credit and its investors, including 1/0 (“One Zero”), filing a proposed order, which if entered will require the companies to stop making representations in their advertising about the quality of the training programs at their partner schools and graduates’ hiring rates and salaries. Climb Credit, Inc. is a Delaware corporation headquartered in Las Vegas, Nevada that markets private student loans.

Dec 10
Dec 10 CFPB to Distribute $1.8 Billion to Millions of Americans Harmed in Massive Credit Repair Scheme

Adam Witmer

Regulatory Update

On December 5, 2024, the CFPB announced that it is distributing $1.8 billion to 4.3 million consumers charged illegal advance fees or subjected to allegedly deceptive bait-and-switch advertising by a group of credit repair companies including Lexington Law and CreditRepair.com. According to the CFPB, payments to victims of Lexington Law and CreditRepair.com are the largest-ever distribution from the CFPB’s victims relief fund.

Dec 9
Dec 9 CFPB Proposes Rule to Prevent Data Brokers from Selling Sensitive Data to Scammers and Spies

Adam Witmer

Regulatory Update

On December 3, 2024, the CFPB proposed a rule to rein in data brokers that sell Americans' sensitive personal and financial information. According to the CFPB’s press release, the proposed rule would limit the sale of personal identifiers and make sure that people’s financial data is only shared for legitimate purposes.

Dec 9
Dec 9 Federal Court Suspends Beneficial Ownership Reporting Rule

Adam Witmer

BSA, Regulatory Update

On December 3, 2024, the ABA Banking Journal reported that a federal judge in Texas had issued a preliminary injunction blocking enforcement of the beneficial ownership reporting rule. This is less than a month before the January 1, 2025 deadline for businesses to report their beneficial owners to FinCEN.

Dec 5
Dec 5 Agencies Release Statement on Elder Financial Exploitation

Adam Witmer

Regulatory Update

On December 4, 2024, five federal financial regulatory agencies, FinCEN, and state financial regulators issued a statement to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation. The statement is intended to raise awareness and provide strategies to supervised institutions and does not replace previous guidance nor impose new regulatory requirements on this subject issued by any of the agencies.

Dec 5
Dec 5 CFPB Bans Student Loan Pro for Fee Harvesting Scheme

Adam Witmer

Regulatory Update

On December 4, 2024, the CFPB took action to permanently ban Student Loan Pro and Judith Noh, its owner, from offering or providing consumer financial products. The CFPB alleges that the company and its owner violated federal law by charging borrowers upfront fees to file paperwork on their behalf to access free debt-relief programs available to consumers with federal student loans.

Dec 4
Dec 4 Federal Agencies Seek Further Comment on Efforts to Reduce Regulatory Burden

Adam Witmer

Regulatory Update

On December 3, 2024, the federal bank regulatory agencies announced their third notice requesting comment to reduce regulatory burden. The agencies are required to review their regulations at least once every 10 years to identify outdated or otherwise unnecessary regulatory requirements for their supervised institutions.

Dec 5
Dec 5 OCC Updates its UDAAP Booklet of the Comptroller’s Handbook

Adam Witmer

Regulatory Update, UDAAP

On December 3, 2024, the OCC issued version 1.1 of the “Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices” booklet of the Comptroller’s Handbook. The “UDAP/UDAAP” booklet applies to the OCC’s supervision of community banks.

Nov 29

Nov 29 VIDEO: Get Ready for the July 2025 Reg CC Changes

Adam Witmer

Regulation CC

In this Compliance Clip (video), Adam talks about what you need to do now to prepare for the Regulation CC changes that will take effect in July 2025. Adam provides a short overview of the changes as well as the key steps in complying with the threshold amendments to Reg CC. A transcript of this video is now available.

Nov 26
Nov 26 FinCEN Partners with National Task Force to Combat Fraud and Scams Affecting Americans

Adam Witmer

BSA, Regulatory Update

On November 25, 2025, FinCEN joined a multi-sector national task force dedicated to the prevention of fraud and scams. The National Task Force on Fraud and Scam Prevention, organized by the Aspen Institute’s Financial Security Program, unites important groups such as financial services, technology companies, consumer advocates, information sharing centers, and federal agencies to fight fraud and scams.

Dec 11
Dec 11 CFPB Sues Climb Credit and 1/0 for Deceptive Coding Bootcamp Loans

Dec 10
Dec 10 CFPB to Distribute $1.8 Billion to Millions of Americans Harmed in Massive Credit Repair Scheme

Dec 9
Dec 9 CFPB Proposes Rule to Prevent Data Brokers from Selling Sensitive Data to Scammers and Spies

Dec 9
Dec 9 Federal Court Suspends Beneficial Ownership Reporting Rule

Dec 5
Dec 5 Agencies Release Statement on Elder Financial Exploitation

Dec 5
Dec 5 CFPB Bans Student Loan Pro for Fee Harvesting Scheme

Dec 4
Dec 4 Federal Agencies Seek Further Comment on Efforts to Reduce Regulatory Burden

Dec 5
Dec 5 OCC Updates its UDAAP Booklet of the Comptroller’s Handbook

Nov 29 VIDEO: Get Ready for the July 2025 Reg CC Changes

Nov 26
Nov 26 FinCEN Partners with National Task Force to Combat Fraud and Scams Affecting Americans

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