SACRAMENTO — On December 4, 2023, Judge R. Gary Klausner granted the Department of Financial Protection and Innovation’s Motion for Summary Judgment in the case Small Business Finance Association v. DFPI.
Last week, Bloomberg Law reported that “Consumer Financial Protection Bureau officials have privately told industry executives that the regulator will likely unveil its long-awaited plan to crack down [on overdraft fees] in December, according to people familiar with the discussions.
The Federal Trade Commission is launching a claims process for consumers harmed by Credit Karma’s practice of misrepresenting that consumers were “pre-approved” for credit card offers. According to the FTC, many consumers were denied, costing them time and subjecting them to unnecessary credit checks.
The U.S. House of Representatives on Dec. 1 passed a resolution to stop the Consumer Financial Protection Bureau (CFPB) from enforcing its data collection rule. The resolution now moves to the president’s desk for consideration. The rule requires financial institutions to collect and report certain personal information on small business loan applicants to the CFPB.
Chartway Credit Union President/CEO Brian Schools, who will chair the America's Credit Unions Transition Board, wrote that credit unions are the best friend a consumer can have when it comes to securing a financial future. Writing in The Virginian-Pilot, Schools said credit unions exist to make member dreams and goals a reality.
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