American households saw another significant jump in net worth as well as hefty increases in debt and credit, the Federal Reserve reported Thursday. Thanks in good part to a big surge in stock market earnings, total household net worth rose to $141.7 trillion through the second quarter of 2021, the central bank’s Financial Accounts of the United States report showed. That was good for a $5.85 trillion increase, or 4.3% from the first quarter. Looking back to a year ago, when the nation was in the early days of the Covid-19 pandemic, the net worth total represents a 19.6% increase.
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FTC Testifies before the Senate Special Committee on Aging About the Agency’s Work to Halt Practices that Prey on Older Americans
Bad actors who prey on older Americans should be stopped in their tracks, and today, the Federal Trade Commission is testifying before the Senate Special Committee on Aging on our work to protect older adults and ensure that these predators face consequences.
Consumer Complaint Research Brief: Consumer complaints throughout the credit life cycle, by demographic characteristics
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released its first in-depth report analyzing complaint submission patterns by U.S. Census tract. The report, “Consumer complaints throughout the credit life cycle, by demographic characteristics,” finds that the complaints from wealthier communities and communities with higher percentages of white, non-Hispanic residents were more frequently about loan origination and performing servicing, while the complaints from communities of color and lower income communities were more frequently about credit reporting, identity theft, and delinquent servicing.
New York Adds Text Messaging to Telemarketing Law
Bringing the law into the 21st century, the New York legislature has updated the state’s telemarketing statute to add text messaging. Joint bills in the Senate and Assembly modified Section 399-z of the General Business Law to include the term “electronic messaging text” to multiple definitions in the statute, such as “telemarketer,” “telemarketing” and “telemarketing sales calls.”
California: CPPA Board seeks public comment on proposed rulemaking under CPRA
The California Privacy Protection Agency Board (‘CPPA Board’) issued, on 22 September 2021, an invitation for preliminary comments on proposed rulemaking under the California Privacy Rights Act of 2020 (‘CPRA’). In particular, the CPRA amends and extends the California Consumer Privacy Act of 2018 (‘CCPA’), and to implement the law, the CPPA Board was vested with the administrative power, authority, and jurisdiction to implement and enforce the CCPA, where responsibilities include updating existing regulations, and adopting new regulations.
DFPI Sanctions Debt Collector in First Action Under the California Consumer Financial Protection Law
SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI) today issued its first enforcement action against a debt collector and debt buyer, Murrieta-based F & F Management Inc. (F & F), for violating the California Consumer Financial Protection Law (CCFPL) by unlawfully threatening to sue consumers and garnish their wages, and submitting negative information to a credit bureau without notifying consumers as required, a practice known in the industry as debt parking.
Paycheck Protection Program: Program Changes Increased Lending to the Smallest Businesses and in Underserved Locations
The COVID-19 pandemic resulted in significant turmoil in the U.S. economy, leading to temporary and permanent business closures and high unemployment. In response, in March 2020, Congress established PPP under the CARES Act and ultimately provided commitment authority of approximately $814 billion for the program over three phases. When initial program funding ran out in 14 days, concerns quickly surfaced that certain businesses were unable to access the program, prompting a series of changes by Congress and SBA.
Consumer Financial Protection Bureau Announces New Advisory Committee Members
WASHINGTON, D.C. – CFPB Acting Director Dave Uejio today announced the appointment of new members to the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC). These committee members will advise Bureau leadership on a broad range of consumer financial issues and emerging market trends.