VALDOSTA, Ga. – The former President and the former Controller of Southern Pine Credit Union in Valdosta both pleaded guilty to long-running multimillion-dollar bank loan and aggravated identity theft schemes.
Members of CUNA and NAFCU have approved the associations’ merger into America’s Credit Unions. The new organization is set to legally launch Jan. 1, 2024, and will spend the next several months aligning products and services to meet members’ needs, and committing to a culture that emphasizes accountability, transparency, and responsiveness.
Opportunity Financial LLC (OppFi) has filed a cross-complaint against the Commissioner of California’s Department of Financial Protection and Innovation (DFPI), asserting that the DFPI’s reliance on the so-called “true lender doctrine” in order to subject OppFi to interest rate limitations under the California’s Financing Law (CFL) constitutes adoption and enforcement of an “underground regulation”, which is impermissible under California’s Administrative Procedure Act (APA).
The Federal Trade Commission is taking action against personal finance app provider Brigit, alleging that its promises of “instant” cash advances of up to $250 for people living paycheck-to-paycheck were deceptive and that the company locked consumers into a $9.99 monthly membership they couldn’t cancel.
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a new analysis on state Community Reinvestment Act laws, highlighting how states ensure financial institutions' lending, services, and investment activities meet the credit needs of their communities.
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