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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,…
Legal News

CFPB Releases Spring 2022 Supervisory Highlights

Source: site The CFPB recently issued its Spring 2022 Supervisory Highlights, discussing findings from its examinations in connection with auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. This is the…
Educational News

Illinois Will Stop Helping Cities Collect Some School Ticket Debt From Students

Source: site Illinois’ top financial official has banned local governments from using a state program to collect debt from students who have been ticketed for truancy, eliminating a burden for families struggling to pay steep fines. A number of school districts…
Bankruptcy News

Recession odds within next year now 30%, survey shows

Source: site The odds of a U.S. recession within the next year are steadily rising. The probability of a recession over the next 12 months is now 30%, the highest since 2020, according to the latest Bloomberg monthly survey of economists.…
Educational News

Federal Student Loan Interest Rates Set To Rise In July

Source: site Borrowing federal student loans is about to get more expensive. Federal student loan interest rates are tied to the 10-year Treasury note and determined using a formula set by federal law. After Wednesday’s 10-year Treasury note auction, interest rates…
Legal News

CFPB And FTC Continue To Take Action Against Debt Settlement Companies

Source: site On April 29, the CFPB filed a proposed order in federal court seeking final judgment against three California-based defendants for engaging in unlawful fee-charging practices and deceptive telemarketing. According to the complaint, the defendants, a student loan debt relief business…
Government News

United States Settles Suit Against VoIP Service Providers for Facilitating Millions of Illegal Telemarketing Calls about COVID-19

Source: site Voice over Internet Protocol (VoIP) service providers, VoIP Terminator Inc. and BLMarketing Inc., and their owner, Muhammed Usman Khan, agreed to a court order resolving Federal Trade Commission (FTC) allegations that they facilitated tens of millions of illegal telemarketing…
Educational News

NY Bars Transcript Withholding Over Student Bills

Source: site Colleges in New York State are now barred from withholding transcripts as a means of collecting student debt. Democratic governor Kathy Hochul signed legislation Wednesday prohibiting the practice known as “transcript ransoming,” calling it in a statement “an unfair, predatory practice…
Bankruptcy News

Consumer Debt Soared By $52 Billion In March

Source: site San Francisco CNN Business — Americans are racking up debt at record rates. Consumer debt levels for March 2022 climbed by $52.4 billion, an annual increase of 14%, seasonally adjusted, according to Federal Reserve data released Friday. Revolving credit, which…