The North Carolina Supreme Court on Thursday, May 23 held that a credit union’s unilateral update to add an arbitration provision and class action waiver to its contract with one of its customers was valid under North Carolina contract law.
As part of the CFPB’s crusade against junk fees, CFPB Director, Rohit Chopra addressed credit report fees in prepared remarks at the Mortgage Bankers Association’s Secondary & Capital Markets Conference & Expo 2024. While Director Chopra began his remarks by commenting on the increasing cost of mortgage loan transactions, stating that both consumers and lenders are negatively affected, he focused most of his remarks on the increasing costs of obtaining consumer credit reports.
OAKLAND — California Attorney General Rob Bonta today led a multistate coalition of 19 attorneys general in filing an amicus brief in National Automobile Dealers Association et al. v. FTC, supporting the Federal Trade Commission’s defense of its new auto sales (CARS) Rule. The rule addresses several persistent unfair and deceptive practices in the auto sales industry.
Recent data from the Federal Reserve Bank of New York reveals a troubling trend in credit card delinquencies, particularly among young adults. Americans collectively owe an estimated $1.12 trillion in credit card debt, with 8.9% of credit balances falling into delinquency over the past year.
On May 16, the Illinois legislature passed Senate Bill (SB) 2933. The bill amends the Illinois Consumer Fraud and Deceptive Business Practices Act making it unlawful for a consumer reporting agency (CRA) to create a consumer report containing any adverse information that the CRA knows or should know relates to medical debt incurred by the consumer or a collection action against the consumer to collect medical debt.
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