Virginia’s legislative session resumed this week, representing an important moment for collection agencies as they navigate amendments proposed by Governor Glenn Youngkin. One of the significant changes under scrutiny is the reevaluation of HB 34 concerning the statute of limitations for medical debt.
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California Attorney General Warns California-Chartered Banks and Credit Unions On Surprise Overdraft Fees and Returned Deposited Item Fees
On February 20, 2024, California Attorney General Rob Bonta issued a letter warning California-chartered banks and credit unions with assets under $10 billion that charging surprise overdraft fees and returned deposited item fees is likely an unfair business practice that violates California’s Unfair Competition Law (UCL), Bus. & Prof. Code, § 17200 et seq., and the federal Consumer Financial Protection Act (CFPA), 15 U.S.C., § 5536.
Acting Comptroller Issues Statement on the FDIC’s Proposals Related to Change in Bank Control Act
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued the following statement at the Federal Deposit Insurance Corporation’s (FDIC) board meeting concerning the FDIC memorandum and resolution for proposals related to Change in Bank Control Act:
DFPI Takes Action Against MOHELA to Protect California Student Loan Borrowers
SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI) announced today it has entered into a consent order with Higher Education Loan Authority of the State of Missouri (MOHELA) for failing to timely provide contact information for Californians with older student loans, whose last chance to qualify for debt relief ends on April 30. As part of the settlement, MOHELA agreed to pay administrative penalties of $27,500.
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on Reviewing Investments in and Takeovers of Banks
Thank you, Mr. Chairman, for holding this meeting today. It is particularly timely. This is our first board meeting since Sam Bankman-Fried was sentenced to twenty-five years in prison. Bankman-Fried was convicted on seven counts of fraud and conspiracy in a multibillion-dollar scheme involving FTX and an investment fund known as Alameda Research. During the sentencing process, the court heard compelling stories from victims who suffered enormous losses. It’s critical we make sure we truly understand the implications for the FDIC from this massive fraud and take appropriate action.
CFPB Takes Action to Stop Illegal Junk Fees in Mortgage Servicing
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights describing the agency’s actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. CFPB examinations found servicers charging illegal junk fees, such as prohibited property inspection fees; sending deceptive notices to homeowners; and violating loss mitigation rules that help struggling borrowers stay in their homes. In response to the CFPB’s findings, financial institutions refunded junk fees to borrowers and stopped their illegal practices.
FTC Announces Rule Banning Noncompetes
Today, the Federal Trade Commission issued a final rule to promote competition by banning noncompetes nationwide, protecting the fundamental freedom of workers to change jobs, increasing innovation, and fostering new business formation.
Minnesota House Passes Key Provisions of Debt Fairness Act
On April 15, the Minnesota House of Representatives passed the Commerce Policy Omnibus bill, which includes key provisions of the Minnesota Debt Fairness Act. Minnesota AG Keith Ellison supports this bill and celebrated its passage.