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California Finalizes Commercial Financing Disclosure Regulations

Source: site The California Office of Administrative Law (OAL) has approved the California Department of Financial Protection and Innovation’s (DFPI) final regulations, which require providers of commercial financing, including nonbank lenders, to provide commercial borrowers with cost-of-credit disclosures similar to those…
Educational News

Department Of Education To Overhaul Federal Student Loan Servicing Systems

Source: site The Department of Education is preparing a major overhaul for the current student loan servicing systems.  (iStock) The Department of Education recently announced that it will overhaul its current federal student loan servicing systems, giving more power to borrowers to easily…
Educational News

CFPB Targets Student Loan Debt Relief Scam Reboot

Source: site On June 9, the CFPB filed a complaint and proposed order in California federal district court seeking final judgment against the owner of a student loan debt relief company for allegedly withdrawing more than $240,000 from the bank accounts of student borrowers without authorization. According…
Legal News

11th Circuit Holds TILA Statement May Be Subject To FDCPA

Source: site The U.S. Court of Appeals for the Eleventh Circuit decided a case last week in which it held that monthly mortgage statements required under TILA may (but do not necessarily) constitute communications in connection with the collection of a debt and therefore may be…
Legal News

States Encouraged By CFPB To Enforce Federal Consumer Financial Law

Source: site The Consumer Financial Protection Bureau (“the Bureau” or CFPB) released an Interpretive Rule—which is exempt from notice-and-comment requirements of the Administrative Procedure Act—that sets out its view on the power of states to bring enforcement actions pursuant to the federal Consumer Financial…
Bankruptcy News

Major cosmetics company Revlon set to file for bankruptcy amid heavy debt load

Source: site Cosmetics giant Revlon Inc. is preparing to file for Chapter 11 bankruptcy as soon as next week as it battles supply chain problems and a heavy debt load, according to people with knowledge of the matter. Talks around the…
Government News

Biden’s Federal Trade Commission Is Now At Full Strength – What That Means For Business Leaders

Source: site Breaking a partisan deadlock, there are now three FTC Commissioners appointed by Democrats, and two appointed by Republicans who are in charge of how the FTC spends its resources prosecuting the federal competition (or antitrust) laws. As one might…
Educational News

Tropical Financial Credit Union Awards $10,000 in Scholarships to Local Students – Coral Springs Talk

Source: site Three students, including one from Coral Springs, will have a little less financial stress heading into college thanks to a $10,000 in scholarships from Tropical Financial Credit Union. As the cost of everyday items continues to soar, the students…
Educational News

Education Department Not Ready For Student Loan Forgiveness

Source: site The U.S. Department of Education is not ready for student loan forgiveness — a top lawmaker says — and the results could be a disaster for student loan borrowers. Here’s what you need to know — and what it means for your student…
Legal News

CFPB Says Using Complex Algorithms Is Not A Legal Defense For Discrimination

Source: site The Consumer Financial Protection Bureau recently warned companies that, under federal anti-discrimination laws, they still owe consumers an explanation of specific reasons for denying credit applications, even if they use complex algorithms to determine creditworthiness. The move is both a reminder of…