Current Industry News
CFPB denies petition to set aside investigative demand in student loan discharge probe
On September 19, the CFPB published a recent decision and order denying the petition of one of the nation’s largest private student loan servicers to set aside the CFPB’s civil investigative demand (CID) in connection with its investigation into potential violations of the CFPA’s prohibition of unfair, deceptive, and abusive acts and practices for attempting to collect on loans that had been previously discharged in bankruptcy.
Mastercard Tells Congress Credit Card Competition Act Is Bad for Consumers, Businesses
Mastercard has written a letter to several members of the United States Congress, outlining its opposition to the Credit Card Competition Act. The legislation would “remove consumer choice, erode security, eliminate rewards and prevent small businesses from investing in their future,” the company said in a Friday (Sept. 22) press release.