Findings from the Student Borrower Protection Center estimate that more than 2 million borrowers would be eligible to have their loans discharged if they declared bankruptcy. Additionally, the Consumer Financial Protection Bureau has begun examining the practices of institutions that offer private student loans. Here’s what to know about this week’s student loan trends.
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CFPB Announces Examinations of In-House College Lending
The Consumer Financial Protection Bureau will begin examining the operations of post-secondary schools, such as for-profit colleges, that extend private loans directly to students, according to a Jan. 20 news release.
Kessler Topaz Meltzer & Check, LLP: Securities Fraud Class Action Lawsuit Filed Against FirstCash Holdings, Inc.
RADNOR, Pa., Jan. 21, 2022 /PRNewswire/ — The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed against FirstCash Holdings, Inc. (“FirstCash”) (NASDAQ: FCFS). The action charges FirstCash with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of FirstCash’s materially misleading statements to the public, FirstCash investors have suffered significant losses.
Gen Z and Millennials Favor National and Online Banks, Survey Shows — What Does That Mean for the Future of Credit Unions?
With roots dating back to the mid-1800s, credit unions have become a pillar of America’s financial landscape, but their popularity could be waning. According to a new survey by GOBankingRates, Gen Z and millennials are less likely to bank with credit unions than they are with national and/or online banks.
USF Federal Credit Union Earns Community Development Designation
TAMPA, Fla., Jan. 24, 2022 /PRNewswire/ — USF Federal Credit Union (USF FCU) is now certified as a community development financial institution (CDFI). The CDFI Fund provides federal dollars to spur economic growth and opportunities in distressed, low-income communities. With its CDFI designation, the $1 billion USF FCU will be able to partner with groups and organizations to improve economic conditions for underserved areas in West Central Florida.
How mobile apps can play a larger role in mortgage lending
With technologically adept younger consumers now approaching prime earning years, and mobile use surging among mortgage customers in the COVID era, lenders are looking for ways to serve them with speed and simplicity in the digital space.
U.S. banks close record number of retail branches in 2021, Wells Fargo shutters most
U.S. banks closed a record number of retail branches in 2021 as customers increasingly turn to digital banking and the industry consolidates. On net, U.S. banks shuttered 2,927 branches last year, according to S&P Global Market Intelligence data. Banks closed nearly 4,000 branches and opened more than 1,000 branches, the analysis found.
Mortgage rates hit 22-month high — here’s how you can get a low rate
What’s more is the supply of homes for sale has hit a five-year low, with only one month of supply available according to Redfin. So, if no more homes were to come on the market and people were to continue buying at the same rate, the current supply of homes would completely vanish after one month. Plus, the Federal Reserve is planning on raising its record-low interest rates multiple times this year.
Some 36% of US millennials say student loan debt is stopping them owning homes
More than one third of millennials in the US say they feel locked out of buying a home because of their student loan debts, according to a new survey conducted by Legal & General, a UK-based financial services firm.