NEW YORK—The Federal Reserve Bank of New York today released a report quantifying sales of loans by Community Development Financial Institutions (CDFIs). The report, “Examining the Origination and Sale of Loans by Community Development Financial Institutions,” finds the amount of loans originated by CDFIs more than doubled between 2018 and 2022, reaching $67 billion.
On May 6, 2024, the Consumer Financial Protection Bureau filed a complaint and two proposed stipulated final judgments to resolve the Bureau’s claims against the National Collegiate Student Loan Trusts (the Trusts) and the Pennsylvania Higher Education Assistance Agency d/b/a American Education Services (PHEAA), respectively. PHEAA is a student loan servicer and has been the primary servicer for loans held by the Trusts since at least 2006.
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.
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