On August 28, 2023, the CFPB entered into a proposed settlement with a ring of corporate entities operating some of the largest credit repair brands in the country, including Lexington Law and CreditRepair.com. The agreement follows a ruling from the court that the companies collected illegal advance fees for credit repair services through telemarketing. If approved, the settlement would impose a $2.7 billion judgment against the companies. 

On August 25, 2023, the CFPB issued technical corrections to the “Agency Contact Information” final rule that it published in the Federal Register on March 20, 2023. The final rule made non-substantive corrections and updates to Bureau and other Federal agency contact information found at certain locations in Regulations B, E, F, J, V, X, Z, and DD, including Federal agency contact information that must be provided with Equal Credit Opportunity Act adverse action notices and the Fair Credit Reporting Act Summary of Consumer Rights.

On August 22, 2023, the CFPB sued Heights Finance Holding Company, formerly known as Southern Management Corporation, a high-cost installment lender, as well as several of Heights’s subsidiaries (collectively, Southern), for illegal loan-churning practices that harvested hundreds of millions in loan costs and fees. The CFPB alleges that the company, which operates under a variety of trade names, identifies borrowers who are struggling to repay their existing loans, and then aggressively pushes them to refinance. The CFPB is seeking to end Southern’s unlawful loan-churning practices, to gain redress for harmed consumers, and to require Southern to pay a civil money penalty.

On August 15, 2023, CFPB Director Rohit Chopra spoke at a White House Roundtable on Protecting Americans from Harmful Data Practices where he announced that the Bureau has decided to launch a rulemaking to ensure that modern-day digital data brokers are not misusing or abusing consumers' sensitive data. According to Chopra, the proposals aim to ensure that modern-day data companies assembling profiles about consumers are meeting the requirements under the Fair Credit Reporting Act.

On August 14, 2023,  the FDIC  published its 2023 Risk Review, which summarizes conditions in the U.S. economy, financial markets, and banking industry. According to the FDIC, this year’s expanded report incorporates data and insights related to the recent stress to the banking sector through first quarter 2023.

On July 31 2023, the ABA Banking Journal published an article announcing a Federal judge’s decision to block the enforcement of the Consumer Financial Protection Bureau’s Section 1071 final rule while the Supreme Court hears a challenge to the constitutionality of the CFPB’s funding structure. This delay, however, does not apply to all financial institutions, so those needing more information regarding this delay should seek legal counsel.