Under the Treasury Offset Program, the federal government can collect delinquent debts owed to its agencies. Its rules state that up to 15 percent of a person's Social Security benefits can be withheld to recover defaulted federal student loans. Garnishments cannot lower the monthly benefit amount to less than $750.
The Department of Financial Protection and Innovation (DFPI) has released its 2024 report, highlighting increases in investigations, public actions, and consumer outreach under the California Consumer Financial Protection Law (CCFPL), one of the most expansive consumer financial protection laws in the nation.
Quick analysis: Everything Down in April, Most Things Up YTD
This was another one of those fun paradoxical months where consumer complaints and litigation in April were all down from March, but most of them (except FDCPA complaints) were still up YTD. Interestingly, the March stats showed everything up for the month, so it’s a complete flip from last month.
Alleging that Global Circulation, Inc. (GCI) threatened consumers with jail time, lawsuits, and wage garnishments to pressure them into paying debts they did not owe, the FTC entered into a stipulated order with GCI and its owner, Kenneth Redon III, to permanently ban them from the debt collection industry.
New York has included a “Buy-Now-Pay-Later Act” as part of its broader budget legislation for the 2025-2026 fiscal year. Encapsulated in Article 14-B, the Act aims to regulate the burgeoning market of buy-now-pay-later (BNPL) lenders but has raised concerns by its overreach and seemingly unequal treatment of national and state banks.
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