The CFPB has banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer financial products, saying that the company had misled student borrowers about the company’s neutrality and initiated sham arbitration proceedings.
On October 15, the Consumer Financial Protection Bureau (CFPB or Bureau) and the Department of Justice (DOJ) announced that they reached a settlement with Fairway Independent Mortgage Corporation (Fairway). This settlement addresses allegations of redlining in majority-Black neighborhoods in Birmingham, Alabama.
Kind of fun the way TCPAWorld.com reports the news and then all the other law firms get around to it weeks later. I actually really enjoy watching the articles trickling in. Seeing who is on their game and who isn’t.
A new bill introduced on Capitol Hill seeks to change how medical debt is reflected on credit reports, offering consumers the opportunity to improve their credit scores by including positive medical debt payments. Currently, medical debt can negatively impact credit scores, but paying off this debt doesn’t contribute to improving them. In response, U.S. Representatives Don Bacon and Marie Gluesenkamp Perez have introduced the bipartisan Reporting Medical Debt Payments as Positive Consumer Credit Information Act of 2024. This legislation aims to allow medical payments, once settled or paid, to be reported to credit reporting agencies (CRAs) in a way that can help boost an individual’s credit score.
On October 4, the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board (Fed) announced increased dollar thresholds used to determine whether certain consumer credit and lease transactions in 2025 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).
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