Current Industry News
Banks Report Lending Slows as Corporate Borrowers Pay Down Debt
The largest U.S. banks are reporting a slowdown in lending. Bank of America and PNC were the latest to do so, with the former reporting Tuesday (April 16) that lending was “sluggish” and the latter saying its lending dropped 1%, the Financial Times (FT) reported Tuesday.
CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred for Deceiving Students and Hiding Loan Costs
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an order against BloomTech and its CEO, Austen Allred, for deceiving students about the cost of loans and making false claims about graduates’ hiring rates. The CFPB found that BloomTech and Allred falsely told students the school’s “income share” agreement contracts were not loans, when in fact the agreements were loans carrying an average finance charge of around $4,000.
Attorney General James Secures More than $700,000 from Pathward Bank for Illegally Freezing Bank Accounts and Turning Over Consumer Funds to Debt Collectors
NEW YORK – New York Attorney General Letitia James today secured more than $700,000 from Pathward, National Association (Pathward), a national bank formerly known as MetaBank, for unlawfully freezing customer accounts and illegally transferring money to debt collectors.
Biden-Harris Administration Releases First Set of Draft Rules to Provide Debt Relief to Millions of Borrowers
The Biden-Harris Administration today released its first set of draft rules that propose to provide student debt relief for tens of millions of borrowers across the country. These plans were announced last week by President Biden in Madison, Wisconsin.