Articles

Attorney General Bonta Co-Leads Coalition in Support of Department of Education Efforts to Expand Access to Student Loan Forgiveness

OAKLAND – California Attorney General Rob Bonta, co-leading a multistate coalition with Illinois Attorney General Kwame Raoul and Massachusetts Attorney General Maura Healey, filed a comment letter in support of the U.S. Department of Education’s (ED) continued efforts to improve access to several critical student loan discharge programs, including the Public Service Loan Forgiveness (PSLF) and Temporary Expanded Public Service Loan Forgiveness (TEPSLF) programs. The letter builds on the Attorney General’s ongoing efforts to improve access to student loan forgiveness. Last week, Attorney General Bonta announced that the California Department of Justice will take part in the California Student Loan Debt Challenge to encourage Californians to take advantage of the PSLF Limited Waiver before the October 31 deadline.

Businesses That Use Consumer Data or Data Products (Everyone?) Take Heed: FTC Moves Ahead with Rulemaking Process on “Commercial Surveillance” Practices

On August 11, 2022, the Federal Trade Commission (FTC) issued an Advance Notice of Proposed Rulemaking (ANPR) and announced it was exploring a rulemaking process to “crack down on harmful commercial surveillance” and lax data security.  The agency defines commercial surveillance as “the collection, aggregation, analysis, retention, transfer, or monetization of consumer data and the direct derivatives of that information.”

Florida credit union buys bank for 10th such combo this year

Cantonment, Florida-based Harvesters Credit Union will acquire Panama City-based First National Bank Northwest Florida, according to a press release seen Monday by CUToday and American Banker.

ACTS Retirement Services Faces Class Action over Data Breach

ACTS Retirement Services, Inc. (ACTS), a non-profit corporation that manages retirement communities, suffered a data breach in April 2022, which led to unauthorized access to thousands of current and former employees’ personal information. Specifically, names, Social Security numbers, and financial information were effected. As a result of this incident, ACTS now faces a data breach class action suit in which the plaintiffs allege that ACTS failed to implement adequate security systems to protect employee information, which led to the access of their information by cyber criminals.

STCU hits $5 billion, eyes more branches in the Tri-Cities

Five years after it expanded into the Tri-Cities, STCU reports it has hit important milestones on its way to becoming a $5 billion institution, making it Washington’s third largest credit union after Boeing Employees and Gesa.

New York Proposes Bigger Cyber Role for Bank, Insurer Boards

Boards of directors at financial institutions would have to step up their oversight of cybersecurity risks under proposed updates to regulations from New York state’s Department of Financial Services.

Examining the factors driving high credit card interest rates

When consumers face unexpected expenses and lack the cash to make it from one paycheck to the next, credit cards can provide essential flexibility. More than 175 million Americans have at least one credit card, and at any given time, about half of active credit card accounts carry a balance .

FTC looking at rules to corral tech firms’ data collection

WASHINGTON (AP) — Whether it’s the fitness tracker on your wrist, the “smart” home appliances in your house or the latest kids’ fad going viral in online videos, they all produce a trove of personal data for big tech companies.

Credit union difference on display for state legislators

CUNA, Leagues, and credit unions engaged with hundreds of state lawmakers from around the country over the last few weeks at the American Legislative Exchange Council (ALEC) in Atlanta and the National Conference of State Legislatures (NCSL) in Denver.

CFPB publishes report on impact of medical debt reporting changes

The CFPB recently published a report analyzing how certain actions announced earlier this year by the three largest national consumer reporting agencies—Equifax, Experian, and TransUnion—will affect people who have allegedly unpaid medical debt on their credit reports  The new report is the CFPB’s third report issued this year on medical debt.