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Roughly eighteen months ago, the CFPB introduced its Monthly Complaint Reports which provide monthly summaries of complaints received in the complaint portal against financialservice providers regarding a number of financialservice products. Each month, the CFPB issues a report summarizing the information.
On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal studentloanservicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here.
On October 26, a House FinancialServices subcommittee drafted legislative proposals related to the buy now, pay later (BNPL) and earned wage access (EWA) market. On October 25, the CFPB released its biennial report to Congress on the consumercredit card market. financial institutions.
Federal Activities: On December 16, the ConsumerFinancial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. Department of Education’s decision to terminate its federal studentloan contracts with private collection agencies.
Federal Activities: On September 29, the ConsumerFinancial Protection Bureau (CFPB) released its fifth biennial report to Congress on the consumercredit card market, finding that the market’s growth over the last few years reversed course in 2020. Privacy and Cybersecurity Activities. Among other provisions, S.B.
On July 27, the Financial Innovation and Technology for the 21st Century Act passed the House Committee on Agriculture. The bill previously passed the House Committee on FinancialServices on July 26. On July 26, the CFPB published a blog focused on consumercredit scores. For more information, click here.
Meanwhile, eyes are on the Big Apple as the New York Department of FinancialServices (DFS) and the New York City Department of Consumer and Worker Protection are simultaneously engaged in amending their consumer debt collection rules. consumercredit card debt has increased to nearly $1 trillion.
On March 30, the ConsumerFinancial Protection Bureau (CFPB) sanctioned Edfinancial for deceiving studentloan borrowers about their eligibility for Public ServiceLoan Forgiveness, and the steps they could have taken to obtain loan cancellation. For more information, click here.
More specifically, the Department of FinancialServices will crack down on the “buy now, pay later” industry. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. To accomplish this goal, the governor’s office has proposed a crackdown on predatory business practices within the state.
More specifically, the Department of FinancialServices will crack down on the “buy now, pay later” industry. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. To accomplish this goal, the governor’s office has proposed a crackdown on predatory business practices within the state.
The DFPI is aggressively exercising its new authority to regulate a large group of newly covered financialservices, including debt collectors, credit reporting and credit repair agencies, debt relief agencies and others.
The four key trends we’re studying are: resumed foreclosure activity, extensive medical bills, the end of child tax credits and historically high inflation. Add these all together and the financial outlook for consumers, especially those in debt, is scary. But there are silver linings, as well.
2547 was sponsored by House FinancialServices Committee Chairwoman Rep. While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. The bill, H.R.
In 2021, the Office of Financial Technology and Innovation (OFTI) met with dozens of companies, venture capitalists, lawyers, industry advocacy groups, federal and state financial regulators, consumer advocacy groups, and academics to better understand stakeholder perspectives on what constitutes responsible innovation in financialservices.
A hike in the federal interest rate prompts a jump in the Bank Prime Loan Rate ( prime rate ), the credit rate that banks offer to their most credit-worthy customers and off of which they base other forms of consumercredit like mortgages and consumerloans.
The report highlights enforcement actions related to the acts and their implementing regulations, including in the areas of automobile purchases and financing, payday lending, credit repair and debt relief, other credit, and electronic fund transfers. For more information, click here. For more information, click here.
State Activities: On October 12, California’s Department of Financial Protection and Innovation (DFPI), announced, in its October bulletin, that final regulations to implement the StudentLoanServicing Act and the StudentLoans Borrower Rights Law have been approved and will become effective January 1, 2024.
On June 15, the ConsumerFinancial Protection Bureau (CFPB) issued an update about its December 2021 market monitoring inquiry into Buy Now, Pay Later (BNPL) — a short-term, no-interest consumercredit product that has become nearly ubiquitous at the point of purchase online and, increasingly, in brick-and-mortar stores.
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. State Activities. VantageScore decided to drop medical debt from its calculations.
Federal Activities: On April 14, the ConsumerFinancial Protection Bureau (CFPB or Bureau) published a report titled, “ StudentLoan Borrowers Potentially At-Risk when Payment Suspension Ends.” Pre-pandemic payment assistance on studentloans. Pre-pandemic payment assistance on studentloans.
While the Bureau is expected to continue investigations in these three areas, it will also increase its focus on other segments of consumercredit. Based upon this approach, the Bureau intends to increase its focus in the areas of redlining, mortgage and studentloanservicing and small business lending.
On November 2, the ConsumerFinancial Protection Bureau (CFPB) released a blog post, exploring the potential impact of studentloan payment reinstatement. The CFPB found that studentloan borrowers are increasingly likely to struggle once their monthly studentloan payments are reinstated.
On October 21, the Eighth Circuit temporarily blocked President Joe Biden’s studentloan forgiveness program. On October 20, Supreme Court Justice Amy Coney Barrett, who oversees Seventh Circuit emergency matters, rejected an emergency request to stop President Biden’s studentloan forgiveness program.
On January 13, the Federal Reserve Board (Fed) released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. On January 13, the Fed announced preliminary financial information, indicating that the Federal Reserve Banks had estimated net income of $58.4
On June 30, the CFPB released a blog post regarding trends of commercial reporting on consumercredit. State Activities: On July 14, Colorado’s attorney general (AG) will hold a virtual meeting to discuss new draft rules on studentloanservicing and collections. For more information, click here.
On July 6, the Federal Trade Commission (FTC) announced that, in cooperation with the state of Florida, it will send refunds to consumers nationwide allegedly defrauded by a telemarketing financialservices company, and related companies, into paying for credit card interest rate reduction and debt elimination programs.
On October 13, the CFPB, the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC) announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000. For more information, click here. For more information, click here.
House of Representatives that seeks to amend the Fair Credit Reporting Act to exclude COVID-19-related evictions from consumers’ credit reports. On March 5, the Nevada Financial Institutions Division (NFID) extended temporary guidance for licensees regarding working from home until May 31.
Meanwhile, millions of Americans may see significant changes to their credit reports in the coming months if they have either unpaid medical bills or studentloans, but the effects of each are opposite. for this year, increased to 3.0% at the three-year horizon, and declined to 2.7% at the five-year horizon.
Federal Activities: During the week of August 24, 2020, the ConsumerFinancial Protection Bureau (CFPB) updated pages relating to studentloans and its guidance on protecting credit during COVID-19. The no-action position is extended through December 31, 2020. For more information, click here.
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