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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.…
Legal News

FDIC and CFPB Take Action to Protect Against Misrepresentations about FDIC Insured Status and Misuse of Name and Logo

Source: site On May 17, the FDIC and the CFPB took parallel actions to combat the misuse of the name or logo of the FDIC and deceptive representations about deposit insurance. The FDIC approved a final rule implementing its statutory authority…
Legal News

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.…