The Federal Reserve plays a pivotal role in influencing the economy through its monetary policy decisions, particularly in setting the federal interest rates. Changes in these rates have far-reaching implications on consumers, businesses, and financial institutions.
On October 1, 2024, Truist Bank filed a notice of data breach with the Attorney General of California after discovering that an incident at Financial Business and Consumer Solutions, Inc. (“FBCS”) resulted in Truist data being exposed to unauthorized access.
On October 1, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion aimed at debt collectors and emphasizing their obligations under the Fair Debt Collection Practices Act (FDCPA) and Regulation F. The opinion specifically emphasizes the prohibitions on false, deceptive, or misleading representations, and unfair or unconscionable means to collect or attempt to collect medical debts.
As anticipated, Governor Gavin Newsom recently signed several key bills into law, focusing on consumer protections and financial fairness. These new laws are set to safeguard Californians from the burdens of medical debt, misleading subscription services, and unfair banking fees.
The Consumer Financial Protection Bureau (CFPB) recently issued guidance to prevent families from being targeted by illegal medical debt collection tactics. In the United States, an estimated 100 million people owe more than $220 billion in medical debt. The bills often are confusing and filled with errors, and predatory practices inflate healthcare costs.
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