On September 21, the CFPB announced that it has initiated a rulemaking process under the Fair Credit Reporting Act (“FCRA”) that would remove medical bills from consumer credit reports.
On September 30, the New York City Department of Consumer and Worker Protection (Department) published proposed amendments to its rules relating to debt collectors.
Two groups of student loan debt relief scammers will be permanently banned from the debt relief industry and are required to turn over their assets as part of a settlement with the Federal Trade Commission.
Cyber attacks pose a significant threat to all businesses, with small businesses being especially valuable. Financially unprepared small firms may suffer significant losses and harm to their reputation, pricing strategy, productivity, staff morale, and other factors in the case of an unforeseen cyberattack. Understanding the potential severity of a cyber attack is crucial for entrepreneurs and small company owners to properly plan their operations. According to the report by the cyber security firm eSentire, the cost of cyber attacks is predicted to reach $10.5 trillion by 2025.
A New York federal district court has denied a motion to dismiss the lawsuit filed in January 2022 by the CFPB against three companies that purchase portfolios of defaulted debts (Corporate Defendants) and three individuals who are owners and/or officers of the Corporate Defendants (Individual Defendants).
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