In the Matter of the Review of the Commission's Assessment and Collection of Regulatory Fees for Fiscal Year 2024; Assessment and Collection of Space and Earth Station Regulatory Fees for Fiscal Year 2024
California’s legislature has passed a bill aimed at protecting consumers from having their medical debts reported to credit agencies. Senate Bill 1061, sponsored by State Senator Monique Limón (D-Santa Barbara) with support from California Attorney General Rob Bonta, has cleared both the Assembly and Senate, making it eligible for approval by Governor Gavin Newsom.
The Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) with its annual summary of activities to protect consumers in the debt collection arena. The summary is used by CFPB in its annual report to Congress on the activities of both agencies, which share law enforcement responsibility in this area.
“The banking industry continued to show resilience in the second quarter. Net income increased and asset quality metrics remained generally favorable. However, the banking industry still faces significant downside risks from uncertainty in the economic outlook, market interest rates, and geopolitical events. In addition, weakness in certain loan portfolios, particularly office properties, credit cards, and multifamily loans, continues to warrant monitoring.”
According to the latest financial performance data released today by the National Credit Union Administration, total assets in federally insured credit unions rose by $79 billion, or 3.5 percent, over the year ending in the second quarter of 2024 to $2.3 trillion. The delinquency rate at federally insured credit unions was 84 basis points in the second quarter of 2024, up 21 basis points compared with the second quarter of 2023. Net income for federally insured credit unions in the first half of 2024 totaled $15.7 billion at an annual rate, down $1.8 billion, or 10.1 percent, from the first half of 2023.
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