Governor Kathy Hochul today signed legislation (S.6522A/A.7363A) to protect patients facing steep medical bills that can lead to wage garnishment or liens against their property.
Citigroup needs to address weaknesses in how it manages financial data, according to a review of the biggest banks’ so-called living will plans, U.S. banking regulators said Wednesday.
On November 16, 2022, the Consumer Financial Protection Bureau (Bureau) released its Fall 2022 Supervisory Highlights. The 32-page report discusses the Bureau’s key examination findings in the areas of auto servicing, consumer reporting, credit card services, debt collection, deposit accounts, mortgage origination and servicing, and payday lending between January 1 and June 30, 2022.
On November 21, 2022, Receivables Performance Management LLC reported a data breach with the Attorney General of Maine after the company learned that it had been the target of a 2021 ransomware attack compromising sensitive consumer information stored on its computer network. According to RPM, the breach resulted in the names and Social Security numbers belonging to certain individuals being compromised.
Full Title: Rules and Regulations Implementing the Telephone Consumer Protection Act of 1991; Petition for Declaratory Ruling of All About the Message, LLC
The Office of Management and Budget has signed off on a Federal Communications Commission rule requiring gateway providers to block calls on a “do-not-originate list,” part of the agency’s May report and order designed to block overseas robocalls from reaching U.S. phones, according to a Federal Register notice published on Nov. 18.
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Living Wills Submitted by JPMorgan Chase, Wells Fargo, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, State Street, and Bank of New York Mellon
Bailouts of large, dominant, or politically connected firms are a sign of cronyism, not capitalism. In the last crisis, the government took a number of extraordinary steps, including providing bailouts from the public, to prevent the failure of very large financial institutions from inflicting even more catastrophic damage on the economy.
Arizonans Approve Decrease to Maximum Interest Rate on Medical Debt and Increases to Homestead and Other Exemptions
With 72% voting in favor, Arizonans approved Proposition 209 decreasing the maximum lawful annual interest rate on “medical debt” from 10% to 3%, and increasing the amount of the homestead and other exemptions. These changes, which are effective immediately following certification of the vote and issuance of a proclamation by the governor (the governor does not have the authority to veto), only apply prospectively.
Biden-Harris Administration Continues Fight for Student Debt Relief for Millions of Borrowers, Extends Student Loan Repayment Pause
Today, the U.S. Department of Education announced an extension of the pause on student loan repayment, interest, and collections. The extension will alleviate uncertainty for borrowers as the Biden-Harris Administration asks the Supreme Court to review the lower-court orders that are preventing the Department from providing debt relief for tens of millions of Americans.
The Federal Trade Commission joined the Consumer Financial Protection Bureau (CFPB) in filing an amicus brief with the U.S. Court of Appeals for the Eleventh Circuit in the case of Louis v. Bluegreen Vacations Unlimited, Inc. The brief asks the appeals court to overturn a lower court decision that denied servicemembers the right to sue to invalidate a contract that they allege violates the Military Lending Act.