Katy Drahos, access to justice director at the Minnesota State Bar Association (MSBA), spoke at a February 9th press conference about the Bar’s Consumer Debt Litigation Report alongside Governor Tim Walz, Attorney General Keith Ellison, legislators, and Minnesotans affected by the burden of unfair medical debt.
Minnesota Debt Fairness Act developed by Attorney General Ellison includes provisions to ban medical debt from affecting someone’s credit score and cut interest on medical debt
Recently, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its first report on the results of its updated Terms of Credit Card Plans survey. The report found that for the first half of 2023, small banks and credit unions often offered lower interest rates than the largest 25 credit card companies across all credit score tiers
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.
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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