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US lenders lose court battle over CFPB rule to collect small business data

Aug 26 (Reuters) – A federal judge on Monday rejected a banking industry-backed challenge to a rule adopted by the U.S. Consumer Financial Protection Bureau that requires lenders to gather demographic data on small business borrowers. U.S. District Judge Randy…
Editorial News

Debt collection industry predictions for 2024

In 2023, The World Bank’s warning that the global economy would come ‘perilously close’ to a recession became a reality. As we step into 2024 still navigating uncertain waters, financial outlooks are still predicting that we’ll see the symptoms of a stretched…
Bankruptcy News

Average consumer now carries $6,329 in credit card debt. ‘People are stretched,’ expert says

Credit card debt is on the rise. Americans now owe a record $1.14 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday. The average balance per consumer stands at $6,329, up 4.8% year over year, according to a separate quarterly…
Legal News

National Public Data confirms massive data breach included Social Security numbers

National Public Data, which aggregates data to provide background checks, has confirmed it suffered a massive data breach involving Social Security numbers and other personal data on millions of Americans. The Coral Springs, Florida, company posted on its website a notice this week that…
Educational News

LL Flooring files for bankruptcy and will close 94 stores

LL Flooring, formerly known as Lumber Liquidators, has filed for bankruptcy and will close 94 of its stores across the United States. But the retailer is not liquidating itself immediately, as the company recently announced that it had entered Chapter 11,…
Government News

Stocks close lower as Wall Street struggles to stage a comeback

US stocks wavered Wednesday, giving back earlier gains as investors tried to recover from the week’s bruising losses. The Dow fell 234 points, or 0.6%, after gaining more than 400 points earlier in the day. The S&P 500 declined 0.8% and the…
Editorial News

7,640,112 Customers Hit By Massive Bank Breach – Exposing Names, Social Security Numbers, Locations and Bank Account Numbers

A US bank says more than seven million people are affected by a major hack and data breach that’s impacting multiple financial firms and their customers. A new data breach notice at the Office of the Maine Attorney General shows a total…
Bankruptcy News

US Banks Warn Of Disaster And Brace For Higher Delinquencies Despite Rate Cut Expectations

Some of the largest United States banks are bracing themselves for some significant losses coming out of their portfolio of personal loans and credit cards as indicated by their financial reports covering the second quarter of 2024. JPMorgan Chase, one…
Educational News

Debt Collector Taken To Court After Flouting Trade Ban

One of Australia’s largest debt collectors will be taken to court after allegedly operating in Victoria despite being banned for previous illegal conduct. Queensland-based debt collection company Panthera Finance, which operates nationwide, was prohibited from operating in Victoria after it…
Government News

Affirm Says CFPB’s Proposed BNPL Rules Will Confuse Customers

In commenting on the proposal, the BNPL provider said consumers would be better served by rules specific to BNPL transactions, as opposed to credit card regulations. The popularity of Buy Now, Pay Later exploded at the start of the coronavirus…