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CFPB Zeroes In On Auto Lending Market

Source-site In a new blog post today, the CFPB signaled that it intends to increase its focus on the auto lending market. The bureau noted that prices for new and used cars have increased significantly over the last year, and that “we…
Legal News

Al Lawson Brings Back Small Business Debt Collection Protection Bill

Source-site U.S. Rep. Al Lawson, D-Fla., brought back his “Small Business Fair Debt Collection Protection Act” which he has championed in recent years. The bill extends protections under the Fair Debt Collection Practices Act (FDCPA) to small businesses with loans or obligations that…
Legal News

8th Cir. Holds FDCPA Plaintiff Lacked Article III Standing In Garnishment Communication Case

Source-site The U.S. Court of Appeals for the Eighth Circuit recently reversed a trial court’s judgment in favor of a consumer for claims of alleged violation of the federal Fair Debt Collection Practices Act, finding that the consumer lacked Article…
Legal News

Credit card debt is surging at a record-high rate

Source-site If you’re just making the minimum payments on your credit cards, it may be worthwhile to consider one of these debt repayment strategies. (iStock) Americans are racking up credit card debt at a record-setting pace, according to the Federal Reserve…
Government News

CFPB Steps Up Scrutiny of Student Loan Servicers That Deceive Borrowers About Public Service Loan Forgiveness

Source-site Washington, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released a bulletin detailing student loan servicers’ obligation to halt unlawful conduct regarding borrowers’ eligibility and benefits under the Public Service Loan Forgiveness (PSLF) Waiver. The bulletin recommends actions servicers…
Government News

CFPB Reminds Agencies That ‘Name-Only’ Matching Procedures Violate The FCRA

Source-site Although it seems self-evident that the uniqueness of a particular person can be more readily confirmed when many pieces of identifying information about them are considered, consumer reporting agencies (CRAs) like Equifax, Experian, TransUnion and background screening companies have…
Educational News

CFPB Issues Request For Information Regarding Junk Fees

Source-site On January 26, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services (RFI). In the RFI, the CFPB seeks public feedback regarding fees that are…
Legal News

Auto Lender Santander Agrees To Pay $5.5M Over Debt Collection

Source-site BOSTON (AP) — A subprime auto lender has agreed to pay more than $5.5 million to Massachusetts to resolve allegations that it did not provide proper explanations about its auto loan debt collection practices to consumers, the state attorney general’s office…
Legal News

Pennsylvania Federal Court Holds Debt Collector’s Communication With Vendor Could Violate FDCPA

Source-site The United States District Court for the Eastern District of Pennsylvania recently held that a debt collector’s communication with a letter vendor could constitute an FDCPA violation. See Khimmat v. Weltman, Weinberg & Reis Co., LPA, 2022 U.S. Dist. LEXIS 21076…
Legal News

Capital Federal Credit Union opens in Lubbock to serve underserved communities

Source-site LUBBOCK, Texas (KCBD) – The grand opening for Capital Federal Credit Union is scheduled to happen at 3 p.m. today at 4210 50th Street. The vision is to serve Lubbock’s underserved communities. Royce and Linda Lewis, owners of Capital…