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CFPB Warns Of Consumer Risk Over New Payment Products, Foreshadows Supervision Of BNPLs

Moorari Shah, September 15, 2022 Recently, the CFPB released a report outlining the challenges and risks inherent in the rapid evolution of the payment ecosystem, with a particular focus on emerging uses cases involving “super apps,” buy now, pay later (BNPL), and embedded payments, as…
Government News

U.S. Foreclosure Starts Reach Pre-Pandemic Levels Nationwide

ATTOM Data Solutions, September 08, 2022 Illinois, Delaware and South Carolina had the Highest Foreclosure Rates; Completed Foreclosures Increase 28 Percent from Last Month IRVINE, Calif., Sept. 8, 2022 /PRNewswire/ — ATTOM, a leading curator of real estate data nationwide…
Bankruptcy News

Bank Profits Rise Despite Headwinds

DANIAL CLARK, September 09, 2022 U.S. bank profits climbed 7.8% in the second quarter of 2022 from the previous quarter, according to the Federal Deposit Insurance Corporation (FDIC). The agency said banks reported $64.4 billion in profits as higher net interest…
Educational News

University Credit Union and UC San Diego Announce Partnership In Support of California Higher Education

University Credit Union, September 08, 2022 LOS ANGELES, Sept. 8, 2022 /PRNewswire/ — University Credit Union (UCU) is excited to announce its newest partnership with UC San Diego. The partnership will seek further success within the California higher education sector…
Educational News

Some Wisconsin borrowers will still need help despite student loan forgiveness

Mallory Cheng, September 9, 2022 The Biden Administration recently announced a plan to forgive student loan debt for millions of borrowers. Student debt in Wisconsin totals $24 billion, according to a 2017 report from the Consumer Financial Protection Bureau. This…
Legal News

U.S. Bank Profits Climb 7.8% On Higher Interest Income

World Economy News, September 09, 2022 U.S. banks reported $64.4 billion in profits in the second quarter of 2022, as higher net interest income offset growing reserves to guard against loan losses, the Federal Deposit Insurance Corporation said Thursday. However,…
Legal News

CFPB, State Regulators, And Courts Take Aim At Convenience Fees

Hudson Cook, LLP, September 8, 2022 The first half of 2022 has seen a flurry of state and federal activity attempting to reign in “convenience fees”—fees charged by a creditor, debt collector, or third party to a consumer for making…
Government News

U.S Bank to raise minimum wage to $20 for U.S. and Canada employees

Paul Heaberlin, September 4, 2022 Minneapolis-based U.S. Bank will raise the minimum wage for its employees to $20 an hour later this year. In an announcement last week, the bank said all employees in the U.S. and Canada would make…
Government News

Collection Agency In Tampa Addresses Complaints On Debt Collection

OverPower Marketing, LLC, September 02, 2022 The Preferred Group of Tampa, a collection agency in Tampa, FL, has announced that they are addressing the common complaints regarding debt collection. Debt collectors are never going to be popular, but we want…
Educational News

Student Loan Payments Will Resume in January, but You May Have a New Loan Servicer

Courtney Johnston, September 2, 2022 What’s happening If Navient was your federal loan servicer, your loans have been transferred to Aidvantage. Why it matters With the federal loan pause ending at the end of the year, you’ll want to know…