Michigan legislators are tackling predatory lending practices, aiming to set standards for payday loans and maximum interest rates.
A ruling in a case that could overturn the Consumer Financial Protection Bureau’s rule on credit card late fees is due this week.
According to a recent report by WebRecon, court filings under the Fair Debt Collection Practices Act (FDCPA) and Fair Credit Reporting Act (FCRA) were down for the month of March while court filings under the Telephone Consumer Protection Act (TCPA) and complaints filed with the Consumer Financial Protection Bureau (CFPB) were up. Year-to-date everything is still up by double digits compared to 2023, including a notable 60.4% increase in CFPB complaints.
In the lawsuit challenging the CFPB’s final credit card late fee rule (Rule), the Fifth Circuit has denied the CFPB’s petition for a panel rehearing to reconsider the panel’s order vacating the district court’s order transferring the case to the U.S. District Court for the District of Columbia and issuing a writ of mandamus directing the district court to reopen the case.
The bureau alleges two student loan servicers violated the Consumer Financial Protection Act.
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