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Big U.S. banks’ second quarter profits to tumble on higher bad loan reserves

Source: site NEW YORK (Reuters) – Second quarter profits at big U.S. banks are expected to fall sharply from a year earlier on increased loan loss reserves, as the pandemic recovery gives way to a possible recession. Analysts expect JPMorgan Chase…
Educational News

The Biden Administration’s Proposed Policy To Reduce Student Debt Is Only Going To Make the Problem Worse

Source: site On Wednesday, the Biden administration announced it was proposing new regulations for student loans owned by the Department of Education. The proposed rules call for an $85 billion expansion of existing federal student loan forgiveness programs. They would expand eligibility for programs created…
Educational News

Biden’s Education Department Proposes $85 Billion In New Student Loan Cancelations

Source: site Discussion about whether President Biden will forgive $10,000 in student loans for all borrowers dominates headlines. But behind the scenes, Biden’s Department of Education has canceled tens of billions of dollars by turbocharging existing loan forgiveness programs. A set of proposed…
Legal News

CFPB Furthers Protection Of Customer Privacy

Source: site The Consumer Financial Protection Bureau (CFPB) has issued a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the Fair Credit Reporting Act (FCRA). The CFPB’s new ruling clarifies that reporting…
Legal News

11th Cir. Reiterates That TILA Periodic Statements May Violate FDCPA

Source: site The U.S. Court of Appeals for the Eleventh Circuit recently held that periodic statements required by the federal Truth in Lending Act may violate the federal Fair Debt Collection Practices Act if they are not truthful and fair. A…
Bankruptcy News

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…