Washington, D.C. (Oct. 26, 2023)—The Independent Community Bankers of America (ICBA), the Independent Bankers Association of Texas (IBAT), and Texas First Bank today announced that the U.S. District Court for the Southern District of Texas has granted their request to expand injunctive relief from the Consumer Financial Protection Bureau’s Section 1071 final rule.
In the automotive world they’re called “add-ons.” But for many consumers, they really amount to junk fees on wheels that add to the cost of a car while subtracting from the transparency of the transaction. $1.1 million FTC and State of Wisconsin proposed settlements with Wisconsin dealership group Rhinelander Auto Center, its current and former owners, and its general manager allege the defendants deceptively tacked illegal junk fees onto what consumers had to pay and also discriminated against American Indian customers by charging them higher financing costs and fees.
Swipe-happy shoppers beware: Those enticing retail credit cards from your favorite merchants may put a bigger dent in your wallet than ever before. That's according to Bankrate's annual retail cards survey that shows the annual percentage rate (APR) on retail credit cards this year has hit a record high of 28.93% on average, up from 26.72% in 2022. That's well above the average APR of 21.19% for all credit cards, the survey shows.
Total bankruptcy filings rose 13 percent, and business bankruptcies rose nearly 30 percent, in the twelve-month period ending Sept. 30, 2023. This continues a moderate rebound after more than a decade of sharply dropping totals.
Largely due to high inflation and rising interest rates, 81% of adults said they did not contribute to their emergency savings this year, and 60% also said they feel behind when it comes to building a cash cushion, according to a new Bankrate report.
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