Details Released on State-by-State Student Debt Relief

The Biden administration and U.S. Department of Education (DOE) have released new details on the targeted student debt relief plan and student loan payments set to resume in January 2023, including state-by-state data on the impact for borrowers.

CFPB Plans to Increase Regulation over “Buy Now, Pay Later” Lenders

The Consumer Financial Protect Bureau (CFPB) issued a release on September 15, 2022, announcing its intent to issue additional interpretive guidance or rules to ensure “Buy Now, Pay Later” (BNPL) lenders comply with the same or similar regulations already established for credit cards following a study on the industry.

CFPB Releases RFI on Mortgage Servicing Rules Signaling Potential for Future Regulatory Reform

On Thursday, September 22, 2022, the Consumer Financial Protection Bureau (CFPB) issued a new request for information (RFI) regarding mortgage servicing, potentially opening the door for much-needed regulatory reforms. The RFI is focused on inquiries regarding refinances and, more generally, ways to streamline short and long-term loss mitigation options. It includes 37 specific requests, allowing 60 days for the public to submit comments and responses.

Buy Now, Pay Later Stretches Limits of Consumer Credit, According to Achieve Center for Consumer Insights Study

SAN MATEO, Calif., Sept. 22, 2022 /PRNewswire/ — The rapid growth of buy now, pay later (BNPL) financing has had a cascading effect on consumer debt levels, according to a new study by Achieve, the leader in digital personal finance.

NCUA Board Proposes Rule on Member Expulsion

ALEXANDRIA, Va. (Sept. 22, 2022) – The National Credit Union Administration Board held its first in-person open board meeting since the COVID-19 pandemic began, and its eighth open meeting of 2022, which included a live webcast, and unanimously approved two items:

Equifax, Experian and TransUnion Extend Free Weekly Credit Reports in the U.S. Through 2023

The three nationwide credit reporting agencies – Equifax® (NYSE:EFX), Experian (LON:EXPN) and TransUnion (NYSE:TRU) – are taking joint action to continue offering free weekly credit reports to consumers in the United States through the end of 2023. This benefit will help consumers manage their financial health during a period of rising inflation and unprecedented economic uncertainty coming out of the COVID-19 pandemic.

CFPB Examines Potential Impact of Rising Car Prices on Consumer Credit

On September 19, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential relationship between rising car prices and changes in auto loan performance. The CFPB found that the rate of delinquency, especially for low-income borrowers, has risen over the past year. For example, auto loans for consumers with deep subprime credit scores were 2.4% delinquent two quarters after origination, which is a 33% increase from the previous five-year high set in 2020.

U.S. bank CEOs set for congressional grilling by Democrats and Republicans

WASHINGTON, Sept 21 (Reuters) – The chief executives of JPMorgan, Bank of America, Citigroup, Wells Fargo and other major U.S. banks are set to be grilled by both Democratic and Republican lawmakers on Wednesday on the economy, consumer protections and the lenders’ stance on fossil fuel lending and firearms, among other issues.

CFPB Launches Effort to Spur New Opportunities for Homeowners in the Mortgage Market

Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) is asking for public input on ways to spur new mortgage products that help households. The CFPB seeks insights on ways to improve mortgage refinances for homeowners who would benefit from refinancing, especially for borrowers with smaller loan balances. The agency also seeks public input on ways to support automatic short-term and long-term loss mitigation assistance for homeowners who experience financial disruptions.

Utah federal court rejects constitutional challenge to CFPB’s funding mechanism

A Utah federal district court has rejected the attempt of The Center for Excellence in Higher Education (CEHE) to invalidate a civil investigative demand (CID) issued by the CFPB based on a challenge to the constitutionality of the CFPB’s funding mechanism.