On August 2, 2023, the California Department of Financial Protection and Innovation (DFPI) issued a final rule that prohibits certain persons from engaging in unfair, deceptive, or abusive acts or practices (UDAAP) in connection with offering or providing commercial financing or other financial products or services to small businesses, nonprofits, or family farms.
On August 18, a judge in the U.S. District Court for the Western District of New York granted the plaintiff’s motion for class certification for alleged violations of the Fair Debt Collections Practices Act (FDCPA) relating to an allegedly improper debt assignment notification.
Rates on 30-year mortgages edged lower Monday, moving further below last week's historic peak. Rates on 5/6 ARM loans showed the biggest daily drop, while averages for most other loan types were roughly flat.
OAKLAND – Joined by California Attorney General Rob Bonta, the Biden-Harris Administration today announced the approval of $72 million in borrower defense to repayment discharges for more than 2,300 students who attended Ashford University (Ashford) and applied for relief. Ashford University was an online, for-profit school based in San Diego. The approvals come from a review by the U.S. Department of Education (Department) of evidence presented by the California Department of Justice during a successful lawsuit brought against Ashford University and its parent company, Zovio, Inc. (Zovio), which resulted in a judgment against the company in March 2022.
The transaction, set to close by the second quarter of 2024, would push Five Star Credit Union’s assets to nearly $1 billion.
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