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CFPB Releases Supervisory Highlights Focused on Credit Scoring Models and AI
On January 17, 2025, the CFPB issued Supervisory Highlights: Advanced Technologies Special Edition, Winter 2025. This Winter 2025 special edition focuses on financial institutions that use credit scoring models, including those built with artificial intelligence (“AI”), when making credit decisions. In the highlights, the CFPB noted that there is no “advance technology” exception to federal consumer financial laws.
CFPB Approves Financial Data Exchange as Standard Setting Body under Open Banking Rule
Section 1033 of the Consumer Financial Protection Act of 2010 (CFPA) provides that, subject to rules prescribed by the CFPB, a covered person (which includes financial institutions such as banks and credit unions) must make information in their control or possession concerning consumer financial products or services available to a consumer upon request.
Escheating Automatically Renewing Time Accounts
QUESTION: For escheat purposes, how does the three-year dormancy period apply to automatically renewing time deposits?
Compliance Dates for Section 1071, Small Business Lending Data Collection Rule, are Partially Paused (Again!)
While the CFPB’s Section 1071, Small Business Lending Data Collection (SBLDC) Rule (codified in 12 FR Part 1002, Subpart B) survived past legal challenges, the rule is back in the spotlight due to a recent court order to pause the SBLDC Rule’s compliance dates for the plaintiffs and intervenors in a court case against the CFPB.
NCUA’s 2025 Supervisory Priorities
On January 7, 2025, the National Credit Union Administration (NCUA) issued “NCUA’s 2025 Supervisory Priorities” under its examination program. NCUA 25-CU-01.
FDIC Sues Former Silicon Valley Bank Executives Involved in the 2023 Collapse
Many BCG Members likely recall the sudden collapse of Silicon Valley Bank (“SVB”) in March 2023. On January 16, 2025, the FDIC filed a complaint against 17 former officers and directors of SVB (“Executives”), alleging that their mismanagement led to the bank’s downfall (the “Complaint”).
Table of Contents
CONSUMER FINANCE
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CFPB Releases Supervisory Highlights Focused on Credit Scoring Models and AI
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CFPB Staff Instructed to “Freeze” All Work, Including Rulemaking, Enforcement, and Supervisory Activities
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CFPB Rescinds Prior Guidance on Earned Wage Access Products Under Regulation Z
BANKING OPERATIONS & FINTECH
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CFPB Approves Financial Data Exchange as Standard Setting Body under Open Banking Rule
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CFPB Drops its NSF Fee Proposal
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CFPB Proposal Would Ban Certain Contractual Terms & Conditions
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CFPB Sues Big Banks Over Zelle
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CFPB Takes Issue with Capital One’s Savings Account Interest Payment Practices
Banking Operations & Fintech Q&A
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Escheating Automatically Renewing Time Accounts
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Periodic Statements on Dormant Accounts
Commercial Lending
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Compliance Dates for Section 1071, Small Business Lending Data Collection Rule, are Partially Paused (Again!)
CREDIT UNIONS
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NCUA’s 2025 Supervisory Priorities
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NCUA Releases Final Rule Requiring Credit Unions to Have Succession Plans
CORPORATE GOVERNANCE
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FDIC Sues Former Silicon Valley Bank Executives Involved in the 2023 Collapse
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Fifth Circuit Rejects NASDAQ Diversity Disclosure Rules
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SEC Rescinds Staff Accounting Bulletin No. 121 Related to Guidance on Crypto Assets
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