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CFPB Sues TransUnion on Credit Reporting Violations

Source: site Although debt collection has been a longtime leading issue reported to the Consumer Financial Protection Bureau (CFPB), during the COVID-19 pandemic, another issue emerged as the nation’s number one consumer concern: credit reporting. Of the more than 800,000 credit…
Legal News

CFPB Supervisory Report Finds Issues in Several Financial Institution Practices

Source: site On May 2, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Supervisory Highlights report on legal violations discovered during examinations in the second half of 2021. The Supervisory Highlights detail issues identified by CFPB examination teams across…
Editorial News

U.S. consumer spending rises sharply, but inflation climbs almost as fast

Source: site By Jeffry Bartash Incomes are falling after inflation is factored in The numbers: Consumer spending rose a sharp 1.1% in March, but the increase barely outpaced another surge in inflation as Americans confront the biggest price increases in 40…
Educational News

Student Loan Forgiveness Plans Enrage Boomers: ‘Unfair’

Source: site A number of people in the so-called “boomer” generation have hit out at President Joe Biden‘s reported plans to forgive some student loan debt for millions of people. The suggestion that Biden may follow through with one of his 2020…
Bankruptcy News

Tennis legend Boris Becker sentenced to more than 2 years in jail over bankruptcy ordeal

Source: site NEWYou can now listen to Fox News articles! Tennis legend Boris Becker was sentenced to more than two years in prison over bankruptcy offenses on Friday. Earlier this month, Becker was found guilty of illicitly moving hundreds of thousands…
Educational News

Maryland’s Attorney General Seeks To Cancel Student Debt

Source: site MARYLAND — Maryland Attorney General Brian E. Frosh has joined five other attorneys general to call on the U.S. Department of Education to cancel the federal student loan debt of thousands of students —including many in Maryland. Frosh said…
Legal News

California Filing Cross-Complaint Alleging FinTech Is “True Lender,” Seeks $100M Penalty

Source: site On April 8, the California Department of Financial Protection and Innovation (DFPI) filed a cross-complaint against a Chicago-based FinTech company alleging that as the “true lender” of consumer installment loans, it is subject to and also violated the Californian…
Legal News

CFPB Obtains Ban Against Debt Relief CEO Daniel Crenshaw

Source: site Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order to resolve its allegations that Performance SLC, a student loan debt relief business, and Performance Settlement, a general debt-settlement company, along with their owner and CEO,…
Government News

80% of US shoppers use buy now, pay later to avoid credit card debt

Source: site Dive Brief: Following previous reports of increased digital payment adoption, the Experian Global Insights Report found that 62% of respondents said they use mobile wallets, and 63% use traditional forms of payment, the credit reporting agency announced on Thursday. More…
Editorial News

Fact Check: Is Congress Exempt From Paying Off Student Loans?

Source: site The Biden administration announced changes on April 19, 2022 that would result in immediate student debt relief to some 40,000 borrowers. The Public Service Forgiveness Program eliminates the debts of government and non-profit organizations’ workers, who have accrued at…