Articles

FTC Chair Testifies Before House Subcommittee to Discuss Ongoing Work

On May 15, 2024, the Federal Trade Commission Chair Lina M. Khan appeared before the House Appropriations Subcommittee on Financial Services and General Governmentto discuss the agency’s FY 2025 budget request and ongoing work to promote open, competitive markets and protect American consumers and businesses from fraud.

Supreme Court lets CFPB funding stand

The Supreme Court on Thursday rejected a challenge to the constitutionality of the structure used to fund the Consumer Financial Protection Bureau, the federal agency tasked with enforcing consumer finance laws. By a vote of 7-2, the justices reversed a decision by a federal appeals court in Louisiana, which had ruled that the agency’s funding violates the Constitution because it comes from the Federal Reserve rather than through the congressional appropriations process.

FTC Announces Tentative Agenda for May 23 Open Commission Meeting

Today, Federal Trade Commission Chair Lina M. Khan announced that an open meeting of the Commission will be held virtually on Thursday, May 23, 2024. The open meeting will commence at 1 pm ET and will begin with time for members of the public to address the Commission.

Wisconsin’s Debt Collection Laws Get an Update: What You Need to Know

In a notable development for debt collection in Wisconsin, the Great Lakes Credit & Collection Association (GLCCA) has played a pivotal role in securing updates to the state’s debt collection statutes after several years of collaboration with the Wisconsin Department of Financial Institutions (WDFI). The result of this collaborative effort is Wisconsin Act 267, formerly Senate Bill 668, signed into law by Wisconsin Governor Tony Evers on April 4, with an effective date of January 1, 2025.

Alliant Credit Union Launches SBL Edge: A Small Balance Commercial Real Estate Lending Platform

CHICAGO, May 16, 2024 /PRNewswire/ — Alliant Credit Union, one of the largest credit unions in the nation, announces the launch of SBL Edge, a lending platform designed for small balance commercial real estate borrowers in the multifamily, manufactured housing and self-storage sectors.

Looking to buy an exotic pet? Scammers are hoping to hear from you

Social media can connect us to friends and family across the country — but it can also connect us to scammers. Impersonators on TikTok, Instagram, and Facebook are pretending to sell exotic animals to try and get people’s money. Here’s how to spot and avoid these scammers.

PenFed Credit Union Highlights Continued Success and Incredible Value Provided to Members During 2024 Annual Meeting

TYSONS, Va., May 16, 2024 /PRNewswire/ — PenFed Credit Union, the nation’s second-largest federal credit union, highlighted its continued success in further increasing deposits, liquidity and capital in 2023 and the incredible value PenFed provides to the community at its 2024 annual meeting.

Supreme Court sides with the Consumer Financial Protection Bureau, spurning a conservative attack

WASHINGTON — The Supreme Court on Thursday rejected a conservative-led attack that could have undermined the Consumer Financial Protection Bureau. The justices ruled 7-2 that the way the CFPB is funded does not violate the Constitution, reversing a lower court.

Statement on Supreme Court Decision in CFPB v. CFSA

The Consumer Financial Protection Bureau issued a statement today regarding the Supreme Court’s decision in CFPB v. Community Financial Services Association of America: “For years, lawbreaking companies and Wall Street lobbyists have been scheming to defund essential consumer protection enforcement. The Supreme Court has rejected their radical theory that would have devastated the American financial markets. The Court repudiated the arguments of the payday loan lobby and made it clear that the CFPB is here to stay.”

Attorney General Ellison commends Senate for final passage of the Debt Fairness Act

Act reforms medical debt collection, wage garnishment, and bankruptcy, including banning automatic transfer of medical debt to one’s spouse and banning denying necessary medical care over unpaid bills