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CFPB Encourages States To Use Federal Authorities To Bring Enforcement Actions

Source: site The Consumer Financial Protection Bureau (“CFPB”) issued  an interpretive rule on May 19, reiterating the authority that states have to pursue companies and individuals that violate federal consumer financial protection laws, including the Consumer Financial Protection Act of 2010 (“CFPA”). When…
Educational News

Education Department announces revamp of its student loan program

Source: site Chalk up another move in the right direction for student loans. In hopes of providing federal student loan borrowers with a 21st-century customer experience, the Department of Education’s (DOE) Federal Student Aid (FSA) office has announced that it is building out a…
Bankruptcy News

National Australia Bank to launch its BNPL offering

Source: site National Australia Bank has invited its customers to pre-register for the forthcoming launch of a new Buy Now, Pay Later offering named ‘NAB Now Pay Later’. Under the scheme, NAB customers will be able to access up to USD 1,000,…
Educational News

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.…