Beginning in February 2025, the DFPI will register and regulate debt settlement services, education financing, income-based advances, and student debt relief providers – all to protect California consumers and provide more transparency.
The Office of the Comptroller of the Currency (OCC) is revising its guidelines establishing standards for recovery planning by certain large insured national banks, federal savings associations, and federal branches at 12 CFR 30, appendix E/ The final guidelines are effective on January 1, 2025, with staggered compliance dates.
Today, the Consumer Financial Protection Bureau (CFPB) took action against Apple and Goldman Sachs for customer service breakdowns and misrepresentations that impacted hundreds of thousands of Apple Card users. The CFPB found that Apple failed to send tens of thousands of consumer disputes of Apple Card transactions to Goldman Sachs, and when Apple did send disputes to Goldman Sachs, the bank did not follow numerous federal requirements for investigating the disputes.
Recently, at the Federal Reserve Bank of Philadelphia, CFPB Director Rohit Chopra delivered important remarks about the newly finalized Personal Financial Data Rights rule. This landmark regulation is a significant development for consumers, promoting freedom, decentralization, and competition within our financial system.
A new wave of financial engagement is emerging among zillennials — those straddling the line between Generation Z and younger millennials. This microgeneration, currently ranging from their late 20s to early 30s, is prompting a major change in banking habits, primarily through mobile technology, while still maintaining ties to traditional financial institutions.
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