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February

27
2024
Industry News

U.S. Department of Education Announces Updates and Additional Preparation Support for 2024–25 FAFSA Implementation

The U.S. Department of Education today announced updates on its progress on the 2024–25 Better FAFSA® implementation. “We are putting all hands on deck and using every lever we have to make sure we can achieve the transformational potential of the Better FAFSA to make higher education possible for many more of our nation’s students,” said U.S. Secretary of Education Miguel Cardona.

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February

27
2024
Industry News

CFPB Executes on Promise to Utilize ‘Dormant’ Authority to Supervise High-Risk Nonbanks

On February 23, 2024, the Consumer Financial Protection Bureau (CFPB) made public an order establishing supervisory authority over a nonbank installment lender on the basis the institution poses risks to consumers. The order gives insight into the procedural aspects of the CFPB’s exercise of this never-before-used authority – and the standards it might use to assess whether an institution poses risk to consumers, and therefore warrants ongoing supervision.

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February

27
2024
Industry News

PURDUE FEDERAL CREDIT UNION CELEBRATES 55 YEARS OF SERVICE

Founded in 1969, Purdue Federal Credit Union has been supporting its members for the last 55 years. A local credit union that was created by members, Purdue Federal has achieved this important milestone through trusted relationships and a thriving culture.

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February

27
2024
Industry News

CFPB Establishes Supervisory Authority Over World Acceptance

The Consumer Financial Protection Bureau (CFPB) has taken action to establish supervisory authority over installment lender World Acceptance Corp., saying it aims to ensure compliance with federal consumer financial protection laws.

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February

26
2024
Industry News

Navy Federal Credit Union named in class-action lawsuit alleging racial discrimination

ALEXANDRIA, Va. (WAVY) — A team of attorneys, including nationally-known civil rights advocate Ben Crump, claims Navy Federal Credit Union — the world’s largest credit union — used racially-motivated lending practices.

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