| Date | Action | Agency | Summary |
|---|---|---|---|
| 2025-04-28 | Dismissal of Civil Enforcement Action Against National Collegiate Student Loan Trusts |
CFPB
|
The CFPB has dismissed its lawsuit against National Collegiate Student Loan Trusts, abandoning a $2.25 million proposed settlement that would have gone to harmed borrowers. The CFPB had accused the company of bringing improper debt collection lawsuits against private student loan borrowers, suing consumers for debts they couldn’t prove were owed and attempting to collect on debts after they were legally allowed to do so. |
| 2025-04-25 | Dismissal of Civil Enforcement Action Against Credit Acceptance |
CFPB
|
CFPB drops enforcement action against subprime auto lender ‘Credit Acceptance,’ ending its effort to seek redress for what the bureau had said were deceptive practices and usury law violations. |
| 2025-04-24 | Fed rescinds 2022 crypto guidance for banks |
Federal Reserve
|
The Fed rescinded its 2022 supervisory letter that set the expectation that state member banks provide advance notification of planned or current crypto-asset activities. Crypto activities are known to be risky and fraudulent. By removing the expectation that banks show that they can manage this risk before taking it on, the Fed has invited illegal and dangerous activity into the banking system. |
| 2025-04-24 | Fed withdraws from the 2023 interagency crypto guidance |
Federal Reserve
|
The Fed joined the FDIC and OCC in withdrawing 2023 crypto guidance. Crypto activities are known to be risky and fraudulent. By removing the expectation that banks show that they can manage this risk before taking it on, the Fed has invited illegal and dangerous activity into the banking system. |
| 2025-04-24 | Justice Department Shutting Branch That Prosecutes Consumer Fraud Cases |
Other
|
The Department of Justice reportedly plans to eliminate its Consumer Protection Branch, the division responsible for bringing the DOJ’s cases against fraudsters, deceptive marketing, and unsafe health products. |
| 2025-04-21 | FDIC Continues to Cut Staffing |
FDIC
|
FDIC continued to cut staffing; aiming to shed a total of 1200 positions from its starting point of 6200. Fewer FDIC staff to supervise banks (now and in the future), manage the deposit insurance fund, conduct resolution of failed banks, and protect consumers will directly lead to a banking system that is weaker and less safe. A shortage of trained and experienced examiners was found to be a key cause of the 2023 bank failures. This decision will hurt the agency and banking system now and for years to come because the examiner pipeline will be empty. |
