Originally appearing in The Hill on April 11, 2023, Lexi Lonas quotes Abby Shafroth in attempting to answer whether President Biden will let the ticking timer on the resumption of student loan payments by the end of the summer go off. “There’s nothing in the HEROES Act that limits the relief that the secretary can…
Read More about The Hill: What are the chances Biden extends the student loan pause again?"
Originally appearing in NBC News on April 8, 2023, Shannon Pettypiece looks at the growing cascade of financial pressures around owning a car that are squeezing already strained consumers and quotes John Van Alst. “Because of the current labor market, a lot of people are able to get a job, but the number one thing…
Originally airing on CBS News Los Angeles, Carla Sanchez-Adams discusses how you’re not as protected by your bank as you may think if you become a victim of check fraud.
Originally appearing in ABC News, Eliza Haverstock of NerdWallet quotes Alpha Taylor in coverage of the impact of the Department of Education’s repayment plan overhaul on the 3.7 million parents who owe parent PLUS loans. “These are intergenerational debts. The parents have their own student loans, so they have their own debt that they’re carrying.…
Read More about NerdWallet: "Relief options if you're in debt from your kid's education"
Housing Law Experts to Probe “Zombie” Second Mortgages and Foreclosures on April 26 WASHINGTON — The Consumer Financial Protection Bureau’s (CFPB) upcoming field hearing will feature remarks from CFPB Director Rohit Chopra and leading national and local housing law advocates, including Andrea Bopp Stark, senior attorney at the National Consumer Law Center, on “zombie” second…
Read More about CFPB to Host Field Hearing on “Zombie Second Mortgage Debt” in Brooklyn
WASHINGTON – The Federal Housing Finance Agency’s (FHFA) proposed rule to codify several existing measures to ensure a fair and accessible housing finance system will require housing giants Fannie Mae and Freddie Mac (the Enterprises) to collect and report information about mortgage applicants’ language preference, according to Americans for Financial Reform Language Access Task Force…
In this episode of the Wharton Fintech Podcast, host Ryan Zauk sits down with Chi Chi Wu to discuss: The Fair Credit Reporting Act’s strengths and weaknesses The Big 3 Credit Bureaus…what’s broken, and how we can fix it Pros and cons of the new alternative data boom COVID’s devastating effects on individual credit Her…
Read More about Wharton Fintech Podcast: The Broken Credit Reporting System
Credit scores have been used for decades to assess consumer creditworthiness, but their scope is far greater now that they are powered by algorithms. Not only do they consider vastly more data, in both volume and type, but they increasingly affect whether you can buy a car, rent an apartment, or get a full-time job.…
Read More about MIT Technology Review: Can AI fix your credit?
Consumer Advocates Support Proposed Rule to Address False Advertising and Misrepresentations of Deposit Insurance Coverage WASHINGTON — New rules proposed by the Federal Deposit Insurance Corporation (FDIC) are needed to prevent crypto firms and fintech banking apps from misleading customers by representing or suggesting that these companies and accounts are insured by the FDIC, according…
Read More about Crypto Companies, Others, Must Stop Misusing FDIC’s Name and Logo
Comments on the CFPB proposed rulemaking to require that regulated nonbank entities annually register with the CFPB regarding their use of forced arbitration clauses and other terms and conditions in form contracts that pose risks to consumers.
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Utah’s Capital Community and First Electronic Banks and Kentucky’s Republic Bank & Trust accused of predatory lending, evasions of state interest rate limits WASHINGTON — A coalition of consumer advocates is urging the Federal Deposit Insurance Corporation (FDIC) to downgrade the Community Reinvestment Act (CRA) rating of three banks. Utah’s Capital Community Bank (CC Bank)…
Read More about FDIC Should Downgrade Three Banks Engaged in Predatory “Rent-a-Bank” Lending
The latest NCLC Digital Library article examines important developments at the Supreme Court, Second Circuit, and the district courts since the Fifth Circuit’s October ruling that the CFPB’s funding mechanism is unconstitutional and that a CFPB rule must thus be vacated. The article also offers updated litigation practice pointers for cases involving CFPB rules where defendants may challenge…
Read More about Digital Library: The Latest Developments on Constitutionality of CFPB Regulations
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