On June 15, 2023, the CFPB published a blog post authored by CFFP Director Rohot Chopra that talks about the Bureau’s intention to identify ways to simplify and streamline the existing mortgage servicing rules. According to Chopra, the CFPB will be using inputs from commenters to propose ways to simplify and streamline mortgage servicing rules.

On June 8, 2023, the CFPB took action against medical debt collector Phoenix Financial Services (Phoenix) for numerous debt collection and credit reporting violations. According to the CFPB, Phoenix continued to attempt to collect on debts that were not substantiated even after consumers disputed the validity of the debt.

On June 6, 2023, the CFPB released an issue spotlight that examines the use of chatbots in the banking industry. The spotlight specifically focuses on the use of artificial intelligence (AI) chatbots and the potential risks of violating the regulations when customer needs are not met.

On June 8, 2023, the FTC submitted its annual enforcement report to the CFPB on its enforcement efforts and related activities in 2022 on the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act (EFTA). The report highlights the FTC’s enforcement actions related to the acts and their implementing regulations, including in the areas of automobile purchases and financing, payday lending, credit repair and debt relief, other credit, and electronic fund transfers.

On June 1, 2023, the CFPB published an issue spotlight on digital payment apps heavily used by consumers and businesses. The CFPB also issued a consumer advisory for customers holding funds in these apps and how they can make sure their funds remain safe.

On May 25, 2023, the OCC released a revised Policies and Procedures Manual (PPM) for bank enforcement actions and related matters. The revised version of the manual, particularly  PPM 5310-3, replaces the version issued on November 13, 2018.

On May 24, 2023, the CFPB published a report providing an analysis of overdraft and NSF fees reported by banks with assets over $1 billion, which have been required to report OD/NSF fee revenue in Call Report data since 2015. Based on the report, data from the fourth quarter of 2022 data suggest over $5.5 billion reduction on an annual basis going forward but fees still totaled $7.7 billion in 2022.