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.

Leagues, credit union continue advocacy in Washington, D.C.

Credit unions continued their advocacy in the nation’s capital this week, with Leagues representing credit unions from six states in Washington, D.C.

CFPB announces consumer reporting rulemaking

On September 21, the CFPB announced the beginning of its anticipated rulemaking regarding consumer reporting, including a proposal to remove medical bills from credit reports.

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

Delaware Joins States With Comprehensive Consumer Data Privacy Laws

On Sept. 11, 2023, Governor John Carney of Delaware signed into law the new Delaware Personal Data Privacy Act. Advertised as the “strongest privacy bill in the nation,” the law adds to the growing complex tapestry of state data privacy laws now in place in the U.S.

CFPB Unveils Plan To Remove Medical Debt From Credit Reports

The Consumer Financial Protection Bureau (CFPB) has taken a firm stance in a plan revealed last week to eliminate medical bills from consumer credit reports. This new direction, which the bureau introduced online and is headed by Vice President Kamala Harris, seeks to “aid families in bouncing back from medical emergencies, deter debt collectors from forcing unwarranted payments, and ensure accurate data devoid of inconsistencies is used by creditors,” according to the CFPB.

Calls for action as credit card interest rates soar

WASHINGTON (NEXSTAR) — Right now, Americans are facing credit card interest rates over 20%. The issue is prompting calls for actions in Washington.

Goldman: Credit Card Losses Climbing at Quickest Rate Since 2008

Credit card companies are seeing losses rise at the fastest rate since the Great Recession. That’s according to a widely shared Goldman Sachs research note published Friday (Sept. 22), which said that losses have been climbing quickly since early 2022, jumping at speeds not seen since the 2008 financial crisis.

ACA International Responds to Sweeping CFPB Proposal on Medical Debt Credit Reporting

September 21, 2023 – Washington, D.C. – ACA International (“ACA”) has responded to the Consumer Financial Protection Bureau (“CFPB”) latest rulemaking, which focuses on the Fair Credit Reporting Act, medical debt, and data brokers, with the following statement from CEO Scott Purcell:

Consumer advisory: People have the right to cancel credit repair services

People working to improve their credit situations can feel trapped. Some companies use this stressful situation to take advantage of consumers by selling a promise of credit repair services. However, these services often charge fees without delivering on their promises.