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Legal News

CFPB Reacts Quickly and Favorably to Petition Submitted to it by Consumer Groups to Ban Pre-dispute Arbitration

Last week, a group of consumer advocate organizations filed a Petition for Rulemaking with the CFPB that would prohibit the use of pre-dispute arbitration clauses in consumer contracts in favor of arbitration clauses that would permit consumers to choose between arbitration and…
Government News

Fed declines to hike, but points to rates staying higher for longer

The Federal Reserve held interest rates steady in a decision released Wednesday, while also indicating it still expects one more hike before the end of the year and fewer cuts than previously indicated next year. That final increase, if realized,…
Editorial News

Crunch time after string of aggressive central bank rate hikes

LONDON, Sept 14 (Reuters) – It is crunch time. Major central banks have confounded economists with a string of interest rate rises that, so far, have moderated inflation without causing global recession. Now comes the challenge: how to pause monetary…
Bankruptcy News

Credit card losses are rising at the fastest pace since the Great Financial Crisis

Credit card companies are racking up losses at the fastest pace in almost 30 years, outside of the Great Financial Crisis, according to Goldman Sachs. Credit card losses bottomed in September 2021, and while initial increases were likely reversals from…
Legal News

Democratic US senators urge more funding to avoid public defender layoffs

Oct 6 (Reuters) – Twenty-three Democratic U.S. senators on Friday urged congressional appropriators to increase spending on federal public defenders beyond what is proposed in pending spending legislation or risk significant job cuts. In a letter to the leaders of the U.S.…
Educational News

Biden-Harris Administration Announces an Additional $9 Billion in Student Debt Relief

The Biden-Harris administration announced today that an additional 125,000 Americans have been approved for $9 billion in debt relief through fixes the U.S. Department of Education has made to income-driven repayment (IDR) and Public Service Loan Forgiveness (PSLF), and granting…
Government News

Inflation is driving up consumer credit card debt by billions of dollars

A combination of inflation and climbing interest rates seems to be stretching consumers’ balance sheets, but it’s not clear yet whether they’re getting to a breaking point. Newly released data from WalletHub says U.S. consumers took on $43 billion in additional…
Editorial News

Americans Are Dropping Their Home Insurance

Homeowners are increasingly forgoing home insurance, gambling that the likelihood of a disaster isn’t high enough to justify the cost of a policy. Some skipping insurance say they are doing so because they can no longer afford the rising premiums. The…
Bankruptcy News

US could face higher interest rates over long term

WASHINGTON – A year ago, Chair Jerome Powell delivered a stark warning: To fight persistently high inflation, the Federal Reserve would continue to sharply raise interest rates, bringing “some pain” in the form of job losses and weaker economic growth.…
Legal News

Treasury Announces Marketable Borrowing Estimates

WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1]for the July – September 2023 and October – December 2023 quarters. During the July – September 2023 quarter, Treasury expects to borrow $1.007…