On January 7, 2025, the CFPB finalized a rule that bans the inclusion of medical bills on credit reports used by lenders and prohibits lenders from using medical information in their lending decisions. According to the CFPB, the final rule will remove an estimated $49 billion in medical bills from the credit reports of about 15 million Americans.

On January 6, 2025, the CFPB sued Vanderbilt Mortgage & Finance for setting families up to fail when they borrowed money to buy a manufactured home. The CFPB alleges that Vanderbilt’s business model ignored clear and obvious red flags that the borrowers could not afford the loans resulting in many families struggling to make payments.

On January 1, 2025, the CFPB opened the filing period for HMDA data collected in 2024.Submissions will be considered timely if received on or before March 3, 2025.

On December 17, 2024, the NCUA approved a final rule that will require federally insured credit union boards of directors to establish succession planning processes for key positions. 

On December 20, 2024, the CFPB sued the operator of Zelle and three of the nation’s largest banks, Bank of America, JPMorgan Chase, and Wells Fargo, for failing to protect consumers from widespread fraud on America’s most widely available peer-to-peer payment network. According to the CFPB, Early Warning Services, which operates Zelle, along with its owner banks rushed the network to market to compete against growing payment apps such as Venmo and CashApp, without implementing effective consumer safeguards.

On December 19, 2024, the Treasury released a report following the issuance of its 2024 Request for Information on the Uses, Opportunities, and Risks of Artificial Intelligence (AI) in Financial Services. The report summarizes key themes from respondent feedback and recommends several next steps.