On 11/4/2020, the Internal Revenue Service (IRS), along with the state tax agencies and the tax industry, issued a warning of a new text scam that tricks people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment.

On 10/30/2020, the CFPB issued a 653 page final rule relating to debt collection practices. According to the CFPB’s release, the rule focuses on debt collection communications and gives consumers more control over how often and through what means debt collectors can communicate with them regarding their debts. The rule also clarifies how the protections of the Fair Debt Collection Practices Act (FDCPA), which was passed in 1977, apply to newer communication technologies, such as email and text messages.

On 10/29/2020, the joint regulators (OCC, CFPB, FDIC, Federal Reserve, and NCUA) issued a proposal outlining the agencies’ use of supervisory guidance for supervision of regulated financial institutions. This proposal would formalize the joint agencies’ prior September 2018 statement that clarified the differences between regulations and guidance.

On 10/22/2020, the CFPB released an advance notice of proposed rulemaking (ANPR) requesting feedback from the public as to how it might most efficiently and effectively develop regulations to implement Section 1033 of the Dodd-Frank Act, which provides for consumer rights to access financial records. In their release, the CFPB explains that consumer access to data collected by financial product and service providers allow consumers to manage their financial accounts and can enhance consumers’ control of their financial matters. While consumer access to financial records can enable the development of innovative and beneficial consumer financial products, it can also present consumer risks. Therefore, the CFPB’s ANPR is seeking comments and information on costs and benefits of consumer data access; competitive incentives; standard-setting; access scope; consumer control and privacy; and data security and accuracy.

On 10/21/2020, the Federal Trade Commission (FTC) released data related to recent social media scams. In their release, the FTC explains that their data reflects a tripling of scams that started on social media. Of the list of complaints received from consumers, online shopping through Facebook or Instagram where a purchased item was never received was the most reported scam that originated on social media. Other top scams that started on social media included romance scams, economic relief, or income opportunities.