On April 4, 2024, the Oregon Governor signed Senate Bill 1595—the Family Financial Protection Act (SB 1595)—into law. SB 1595 increases the amounts exempt from execution by creditors, imposes new account review procedures for banks in responding to garnishments, and increases protections for debtors from unlawful debt collection practices.
A Consumer Financial Protection Bureau regulation that promised to save Americans billions of dollars in late fees on credit cards faces a last-ditch effort to stave off its implementation.
Gen Z consumers are tapping into credit at higher levels than their Millennial counterparts did in the early stages of adulthood (ages 22-24). TransUnion (NYSE: TRU) released these findings today at the company’s 2024 Financial Services Summit, attended by nearly 300 global financial services executives.
Many Americans are struggling financially due to factors such as high inflation and correspondingly high interest rates, which increase the costs of financing. And, once you get into debt, it can be hard to get out, considering that you not only need to save up enough or divert money toward the initial amount owed but also need to pay interest on the balances you've been carrying.
As Tuesday (May 14) looms, with a new rule from the Consumer Financial Protection Bureau (CFPB) slated to take effect that would drastically lower credit card late fees, several reactions might ripple across financial services.
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