Jan. 16, 2024 (DENVER)—Attorney General Phil Weiser announced today that his office reached an agreement with third-party debt collection company TrueAccord over illegal collection on high-interest debt. The company will pay $500,000 to the state under the agreement to be used for consumer refunds.
Massachusetts Attorney General Andrea Joy Campbell announced a $1.8 million settlement with Nelnet Inc. (Nelnet), a federal student loan servicer, to resolve allegations the company “failed to appropriately communicate with borrowers about renewing Income-Driven Repayment (IDR) plans that provide access to affordable payments,” according to a news release.
On January 10, HB 254, entitled the True Lender Act, was introduced before the Maryland House of Delegates. The Act would amend the Maryland Commercial Law to add an article containing both predominant economic interest and totality of the circumstance tests to determine the “true lender” of a loan.
The Consumer Financial Protection Bureau (CFPB) proposes to amend Regulations E and Z to update regulatory exceptions for overdraft credit provided by very large financial institutions, thereby subjecting that credit to consumer lending regulations, unless the overdraft fee is a small amount that only recovers applicable costs and losses.
DEARBORN, MI, January 16, 2024 - DFCU Financial has proudly secured its place among the nation's top credit unions, according to Newsweek magazine, placing the credit union in the esteemed top 5% of financial institutions
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