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Auto Lenders Brace For Higher Interest Rates, Recession

Source: site As the Federal Reserve boosts interest rates to beat inflation, all sorts of debt becomes more expensive. Much of the everyday focus may be on credit cards and mortgages. But amid the headlines noting that homebuyers are being priced…
Government News

US Consumer Spending Cools in Sign of Economy on Weaker Footing

Source: site (Bloomberg) — US consumer spending fell in May for the first time this year and prior months were revised lower, suggesting an economy on somewhat weaker footing than previously thought amid rapid inflation and Federal Reserve interest-rate hikes. Most…
Educational News

Walmart Hits Back At FTC’s Fraudulent Money Transfer Suit

Source: site Walmart (WMT) has been sued by the Federal Trade Commission (FTC) for allegedly allowing millions of dollars in fraudulent money transfer services, but the retail giant has slammed the suit, claiming it is “unfounded” and “ignores the billions” it has saved customers. In its…
Educational News

CFPB Moves To Reduce Junk Fees Charged By Debt Collectors

Source: site CFPB Moves to Reduce Junk Fees Charged by Debt Collectors Advisory opinion explains that most “pay-to-pay” fees charged by debt collectors violate federal law WASHINGTON, D.C. (June 29, 2022) — Today, the Consumer Financial Protection Bureau (CFPB) issued an advisory…
Legal News

DFPI Issues Proposed Commercial Financing Rules

Source: site On June 24, the California Department of Financial Protection and Innovation (DFPI) issued proposed regulations implementing certain provisions of the California Consumer Financial Protection Law (CFPL) related to commercial financial products and services. Written comments on the proposed regulations are…
Legal News

CFPB Clarifies Legality Of Debt Collector Pay-To-Pay Fees

Source: site The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on June 29, 2022, clarifying its view as to the legality under the Fair Debt Collection Practices Act (FDCPA) of “convenience fees” for optional methods of expedited payment not prescribed…
Bankruptcy News

Connecticut Bankruptcy Courts Rule That New Homestead Act Applies Retroactively to Claims Arising Before Act’s Effective Date

Source: site A homestead exemption is a law that protects a certain amount of equity in an individual’s primary residence from the claims of his or her creditors or, in some states like Florida, the amount of the exemption is unlimited…
Government News

Millions of California taxpayers to get ‘inflation relief’ payments

Source: site June 27 (UPI) — California lawmakers have reached a budget deal that will offer “inflation relief” payments to millions of taxpayers in the state. “California’s budget addresses the state’s most pressing needs, and prioritizes getting dollars back into the pockets…
Educational News

Travis Credit Union to offer free youth financial education at Diablo Valley College

Source: site Adulting can be challenging when it comes to finances. That’s why Travis Credit Union (TCU) is offering an in-person Mad City Money Youth Financial Boot Camp, designed to prepare the next generation with personal finance skills for the workforce.…
Educational News

About 2 million people are about to get a new student loan servicer

Source: site About 2 million federal student loan borrowers, many of whom are seeking debt relief from the Public Service Loan Forgiveness program, will get a new federal student loan servicer as soon as early July. FedLoan – an arm of…