It’s unclear whether President Joe Biden’s student loan cancellation plan will survive a legal challenge now before the Supreme Court, but a different federal program may still offer relief to many borrowers. Some are already seeing relief under the program, and the government just extended a key deadline for some borrowers who must take special steps to qualify.
FTC Issues Guidance on Claims About AI-Powered Products
As lawmakers race to catch up on AI technology, the FTC has issued guidance warning marketers not to make false or unsubstantiated claims about AI-powered products.
NCUA: What it is and how it keeps your money at credit unions safe
The collapses of Silicon Valley Bank and Signature Bank have left consumers wondering what happens if their banks fail. The Federal Deposit Insurance Corp. (FDIC) is the agency that insures deposits at member banks, but the National Credit Union Administration (NCUA) is the government agency that protects credit union members’ share accounts.
Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank to make uninsured deposits totaling $30 billion into First Republic Bank
Mortgage rates drop in wake of bank failures
Washington, DC (CNN)–Mortgage rates dropped this week in the wake of several bank failures, reversing course after rising half a percentage point over the past month. But longer-term uncertainty is expected to hamper many homebuyers and keep the cost of buying unaffordable for many.
Consumer Watchdog Issues Warning to Private Loan Servicers
Bank Collapses Highlight Alternative Structure of Credit Unions
The collapse of two banks has put the U.S. financial sector into focus this week. Some are considering the alternative structures of institutions like credit unions. Troy Stang is the president and CEO of the GoWest Credit Union Association, which represents more than 300 credit unions in Oregon and five other states.
ChatGPT Powered Polymorphic Malware Bypasses Endpoint Detection Filters
The number of monthly users of ChatGPT exceeded 100 million at the end of January, which sets a new record for the fastest-growing app since it was launched at the end of 2022. Jeff Sims, who works at the HYAS Institute, has created a polymorphic keylogger using artificial intelligence called “Blackmamba,” which uses Python to tweak its program randomly based entirely on the input that has been taken from the user.
Paxton Secures Major Victory to Shut Down Texas Robocallers that Made Billions of Illegal Calls
Attorney General Paxton won judgments shutting down a massive robocall operation involving John Caldwell Spiller II and his business partner, Jakob Mears. Spiller and Mears owned the Texas-based Rising Eagle Capital Group LLC, JSquared Telecom LLC, and Rising Eagle Capital Group–Cayman.
OCC Enforcement Actions and Terminations
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.