The California Senate passed a bill Friday that would impose tough new standards on banks and certain other companies that service education loans. Supporters expect the legislation, which is known as the Student Borrower Bill of Rights, to be approved … Continue reading →
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If you owe money, and especially if you’ve got debt collectors breathing down your neck, here’s some good news. A new California law takes effect Tuesday that prevents debt collectors from emptying your bank account. When SB 616 was approved … Continue reading →
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A fissure is forming in the U.S. credit card industry: Are consumers about to go bankrupt or bounce back? On one side, risk management pioneer Capital One Financial is reining in credit lines to reduce its exposure. On the other, … Continue reading →
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Only $5 for 5 months Getty Images Students in the class of 2020 finished pharmacy school with an average debt of $179,514, according to a July 2020 survey from the American Association of Colleges of Pharmacy. The average student debt … Continue reading →
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FREMONT, CA — California would require debt collectors and buyers operating in the state to be licensed under a bill approved Tuesday by the state Legislature that now goes to Gov. Gavin Newsom for consideration. State Sen. Bob Wieckowski (D-Fremont) … Continue reading →
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The Consumer Financial Protection Bureau is adopting new procedures for external peer review of important research—with out-of-statute debt disclosures and quantitative testing issued in February 2020 as a starting point. CFPB experts conduct various types of research to develop evidence … Continue reading →
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Credit Acceptance Corp., one of the nation’s largest auto lenders to people with low credit scores, was slapped with a lawsuit from Massachusetts on Monday. The suit, which was brought by the office of Massachusetts Attorney General Maura Healey, alleges … Continue reading →
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Healey BOSTON (Legal Newsline) – A debt collector is suing Massachusetts Attorney General Maura Healey, claiming an unconstitutional requirement violates its right to free speech. Credit Acceptance Corporation filed its case Aug. 21 in Massachusetts federal court in an effort … Continue reading →
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The Consumer Financial Protection Bureau (CFPB) issued a report Monday examining the early effects of the COVID-19 pandemic on consumer credit. The report found that consumers have not experienced significant increases in delinquency or other negative credit outcomes as reported … Continue reading →
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SKOWHEGAN, Maine (WABI) – According to a U.S. Census Bureau survey conducted last month, around a quarter of American adults have either missed a rent or mortgage payment, or expect to miss one soon. Staff at Franklin-Somerset Federal Credit Union … Continue reading →
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