Good afternoon. I am Kristen Clarke, Assistant Attorney General for Civil Rights at the U.S. Department of Justice. I am delighted to be here today to address America’s credit unions. Credit unions are a cornerstone of a strong economy, and an economy that is equally accessible to all people.
An increasing number of former bank customers are transitioning away from those institutions in favor of becoming credit union members. These newly minted members are migrating to credit unions due to the appeal of competitive interest rates, lower fees and the accessibility of staffers, The Wall Street Journal reported Tuesday (March 5)
The auto finance market has seen significant change over the past two years. Car prices have risen substantially, leading to larger loan amounts and higher monthly payments. These more expensive loans are beginning to have an impact on consumer and household financial stability.
On February 23, 2024, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) published an order establishing supervisory authority over a small-loan consumer finance company, using a Dodd-Frank Act provision that allows the Bureau to supervise certain nonbanks that it has reasonable cause to determine pose risks to consumers (the “Order”). The Order represents the CFPB’s first publicized use of this authority in a contested case.
In the realm of debt collection, adherence to regulations isn’t just a suggestion—it’s a legal obligation. Recently, Minnesota has adjusted the dates that collection agency’s licenses must be renewed. This change sparked ideas on how to potentially audit your Minnesota collection agencies to adhere to the new adjustment as well as verifying that already implemented laws are being followed.
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