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President Joe Biden Preparing To Make Announcement On Student Loans

Source: site President Joe Biden is preparing to announce his plan to forgive up to $10,000 of student debt for those who qualify based on their income, The Washington Post reported, citing three sources. White House staffers have been preparing drafts…
Legal News

CFPB Launches New Circulars to Provide Guidance on How the CFPB Intends to Enforce Consumer Financial Law

Source: site Recently, the CFPB announced that in an effort to promote fair competition and greater consistency among enforcers, the CFPB will issue Consumer Financial Protection Circulars (CFPCs), which will provide guidance to other agencies with consumer financial protection responsibilities on how the…
Legal News

New Yorkers Sued By Debt Collectors Can Now Get Legal Advice From Non-Lawyers

Source: site New Yorkers facing debt-collection lawsuits are poised to get a little extra help in the wake of a federal court’s ruling — and some observers say it could translate to a win for consumers across the country who have…
Government News

Governor Pritzker Signs Illinois Banking Development Districts Act

Source: site CHICAGO – Governor Pritzker signed HB 5194, the Illinois Banking Development Districts Act, into law on Friday. Sponsored by State Senator Doris Turner (D-Springfield) and State Representative La Shawn Ford (D-Chicago), this legislation creates a new incentive program for the…
Educational News

Senators Push Biden to Sign Off on Canceling Student Loan Debt

Source: site Senate Majority Leader Chuck Schumer (D-NY), Sen. Elizabeth Warren (D-MA), and Sen. Raphael Warnock (D-GA) pressed President Joe Biden during a White House meeting on Wednesday to quickly sign off on forgiving student loan debt, according to a new Bloomberg report. The…
Bankruptcy News

How Medical Debt Impacts Credit Scores Is Changing

Source: site ORLANDO, Fla. – Come July 1, 2022, paid medical collection debt won’t be used for credit scores and unpaid medical debt won’t appear for a full year, according to the three main credit reporting agencies (NCRAs) – Equifax, Experian and…
Educational News

Navient Agrees To Cancel Millions In Student Loans

Source: site Navient Corp. and student loan servicer Navient Solutions agreed to a settlement that will result in the cancelation of more than $3.5 million in student debt for New Hampshire student loan borrowers, according to the state’s Department of Justice.…
Legal News

FDIC and CFPB Take Action to Protect Against Misrepresentations about FDIC Insured Status and Misuse of Name and Logo

Source: site On May 17, the FDIC and the CFPB took parallel actions to combat the misuse of the name or logo of the FDIC and deceptive representations about deposit insurance. The FDIC approved a final rule implementing its statutory authority…
Legal News

CFPB’s Latest Existential Threat: Legal Challenges To Its Funding

Source: site By  Kate Berry The Consumer Financial Protection Bureau again faces an existential threat in the courts — this time over whether the agency’s funding by the Federal Reserve System is constitutional. Earlier this month, five judges on the U.S. Court…
Editorial News

CFPB Issues Reminder on Spanish-Language Disclosures

Source: site The bureau has model disclosures, including the debt collection model validation notice, available to help regulated entities provide materials to Spanish-speaking consumers. 1 minute read The Consumer Financial Protection Bureau has issued an updated list of disclosures in Spanish,…