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Lawsuit claims USAA Bank benefitted from ‘excessive premiums’ amid pandemic

Source: site A lawsuit from a USAA Bank member in California claims the insurer profited off “excessive premiums” during the COVID-19 pandemic. Here’s what you need to know. USAA member Philip Johnson filed a class-action lawsuit last week in Southern California…
Editorial News

California Eyes $632 Million Plan to Help Students Attend State Colleges Debt Free

Source: site California is on track to remove any reason for its public university students to take out student loans. Known as Middle Class Scholarship 2.0, the “debt-free” program is slated to receive its first infusion of money this summer: a…
Legal News

CFPB Says Most Common Complaint Were Individuals Billed For Incorrect Debts

Source: site According to the Consumer Financial Protection Bureau, Americans’ most common debt collection complaints in 2021 were based on efforts to collect on a bill they said did not belong to them. In its April 2022 Complaint Bulletin, the CFPB found…
Legal News

CA Supreme Court Ends Bail Companies’ Debt Collection Efforts

Source: site ALAMEDA, CA – Last week, the California Supreme Court declined to review the California Court of Appeal’s decision holding that bail bonds companies must follow consumer protection laws that protect Californians from exploitative business practices. The Court of Appeal’s…
Educational News

Democrats face pressure from left, center on student loans

Source: site The question about what to do with an estimated $1.6 trillion in student loan debt is a growing headache for Democrats at a time when families are struggling with higher costs but centrist Democrats led by Sen. Joe Manchin…
Government News

Biden picks Barr as Fed bank czar

Source-site QUICK FIX It’s Barr — As MM foreshadowed earlier this week, former Treasury official Michael Barr is the pick for Federal Reserve vice chair for supervision, a surprisingly fast turnaround after Sarah Bloom Raskin withdrew her nomination for the same position…
Bankruptcy News

CFPB Releases Blog Post on the Dischargeability of Private Student Loans in Bankruptcy

Source-site On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled “Busting myths about bankruptcy and private student loans.” In the blog post, the CFPB argues that certain private education loans can be discharged in bankruptcy.…
Educational News

$1.7 billion in student debt canceled for 66,000 borrowers in Navient settlement

Source-site In January, 39 state attorney general offices announced that one of the nation’s largest student loan servicers would resolve allegations of widespread unfair, deceptive and abusive practices. Lawsuits claimed that Navient improperly drove some federal student loan borrowers into forbearance instead of…
Legal News

Feds say Virginia towing company illegally sold service members’ cars

Source-site NORFOLK, Va. — Federal prosecutors have filed a lawsuit accusing a Virginia company of illegally taking and selling service members’ vehicles. The lawsuit filed Friday accuses Steve’s Towing of Virginia Beach of illegally seizing and selling vehicles belonging to…
Legal News

FTC Action Results In $4.86 Million In Refunds To Victims Of Abusive Debt Collectors

Source-site Annual report reveals scope of abuse in debt collection industry The Federal Trade Commission (FTC) issued its annual report on enforcement of the Fair Debt Collections Practices Act (FDCPA) today and revealed that its enforcement actions resulted in millions of dollars…