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5th Circuit’s CFPB Decision Brings Challenges to Enforcement Actions

 

Several groups argue that the bureau’s enforcement actions, filed while using a funding source the 5th Circuit court has deemed unconstitutional, qualify them to be dismissed. 10/26/2022 12:00 P.M. 5 minute read Since the Consumer Financial Protection Bureau’s funding structure through the Federal Reserve was deemed unconstitutional by the U.S. Court of Appeals for the […]

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New York Governor Signs Bill on Student Loan Collection Fees

 

The legislation, which goes into effect April 1, 2023, prohibits state agencies from assessing additional student loan collection fees on outstanding student debts. 10/17/2022 11:00 A.M. 2 minute read New York Gov. Kathy Hochul signed legislation, S.B. 7862B, last week waiving the 22% collection fee on student-related debt. The legislation passed both the Assembly and Senate with […]

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Amended Credit Services Act Becomes Law in California

 

The California Credit Services Act, part of a multi-year advocacy effort by the California Association of Collectors, brings oversight of credit services organizations under the California Department of Financial Protection and Innovation. More states could consider similar legislation. 10/04/2022 4:00 P.M. 2 minute read The California Department of Financial Protection and Innovation (DFPI) will be […]

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Rhode Island Licensing Bond Available on NMLS

 

Surety bonds in Rhode Island must be entered into NMLS by Feb. 23, 2023. The Collectors Insurance Agency bond unit has resources to help members through this process. 09/28/2022 1:45 P.M. 1.5 minute read Debt collector licensees in Rhode Island will have access to Electronic Surety Bonds (ESBs) through the Nationwide Multistate Licensing System (NMLS) […]

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Creditors Adjustment Bureau Prevails in a Landmark California Appellate Court Decision

court scale with book

 

Creditors Adjustment Bureau’s settlement agreement guidelines were key in fighting a consumer’s case after he defaulted on a lease. 09/23/2022 11:30 A.M. 2 minute read Creditors Adjustment Bureau (CAB) recently prevailed in a landmark California appellate court decision, Creditors Adjustment Bureau, Inc. v. Ray Imani. This ruling establishes case law that provides specific guidelines and […]

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Details Released on State-by-State Student Debt Relief

student debt relief

 

The student debt relief plan for next year is expected to help over 40 million borrowers through loan forgiveness and give them time to prepare for payments that will resume in January. 09/22/2022 12:45 P.M. 3.5 minute read The Biden administration and U.S. Department of Education (DOE) have released new details on the targeted student […]

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