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Equifax, Experian & TransUnion Want to Add BNPL to Credit Reports

Source-site Buy Now Pay Later (BNPL) deferred payment options are becoming increasingly popular with 56% of consumers using them, up from 38 % in July of 2020 — an increase of almost 50% in less than one year, according to a Motley…
Legal News

Equifax, Experian, And TransUnion Are Removing Most Medical Debt From Consumer Credit Reports

Source-site The three major credit bureaus said nearly 70 percent of paid medical debt, which can drag down people’s credit scores, will be removed from consumer credit reports by July 1. Additionally, the bureaus — Equifax, Experian and TransUnion — said…
Government News

CFPB Ramps Up Hunt For Unfair Discrimination In Consumer Finance

Source: site Already with a heightened interest in vehicle repossessions, the Consumer Financial Protection Bureau (CFPB) announced changes last week to its supervisory operations involving what it deems to be illegal discrimination, including in situations where fair lending laws may not…
Legal News

CFPB appeals federal court ruling on trusts

Source-site In its ongoing lawsuit against the National Collegiate Student Loan Trust (NCSLT), the Consumer Financial Protection Bureau (CFPB) has asked a federal court to deny the NCSLTs petition to appeal an earlier decision that would allow them to be…
Government News

Connecticut regulators launch probe of utilities over payment demands during COVID-19

Source-site Connecticut regulators have opened an investigation into wage garnishment and payment demands by United Illuminating and Eversource of their customers during the pandemic despite a shut-off moratorium for nonpayment. Pictured here in 2018, a line crew for United Illuminating…
Government News

SEC Joins FTC in Voicing Concerns Over AI as Risk of Regulation Looms

Source-site Securities and Exchange Commission Chair Gary Gensler delivered his remarks on Thursday March 10 before the Investor Advisory Committee that was devoted to the use of artificial intelligence in robo-Advisory services and cybersecurity disclosures.  Gensler, who has previously raised…
Legal News

Study shows U.S. credit card debt on the rise

Souce-site STATEN ISLAND, N.Y. — The cost of living for Americans has become increasingly expensive, with rising prices at the gas pump, in the food store, and just about everywhere else. So it’s no surprise that U.S. consumers racked up…
Government News

New York Amends Contact Requirements For Certain Delinquent Borrowers

Source-site A&B ABstract: On February 24, Governor Kathy Hochul signed into law Assembly Bill 8771 (2022 N.Y. Laws 48), amending single point of contact requirements for certain delinquent borrowers.  What changes does the measure require for servicer protocols? New York SPOC…
Legal News

Utah Passes Privacy Legislation UCPA

Source-site At last count, at least 39 states have introduced (or passed) comprehensive privacy legislation. After what was previously a watch-and-wait game of legislative whack-a-mole, we are now seeing this legislation get passed and implemented more regularly and with greater…
Government News

American Express suspends operations in Russia and Belarus

Source-site WASHINGTON (Reuters) -American Express Co said on Sunday it was suspending all operations in Russia and Belarus, joining a growing number of Western corporations to boycott business there over Moscow’s invasion of Ukraine. © Reuters/DADO RUVIC A credit card…