NEW YORK (Reuters) - A federal judge on Monday put on hold a predatory lending lawsuit against Credit Acceptance Corp by the U.S. Consumer Financial Protection Bureau and New York Attorney General Letitia James, over objections from both regulators.
July 25, 2023 (DENVER)—Colorado Attorney General Phil Weiser applauded today’s announcement that the U.S. Department of Education will deliver $130 million in automatic loan forgiveness for 7,400 students who attended Colorado-based locations of CollegeAmerica between January 1, 2006, and July 1, 2020.
The CFPB has filed its reply brief with the U.S. Supreme Court in Community Financial Services Association of America Ltd. v. CFPB. In the case, CFSA has asked the Supreme Court to affirm the Fifth Circuit panel’s decision which held that the CFPB’s funding mechanism violates the Appropriations Clause of the U.S. Constitution.
The Biden administration’s latest student debt relief plan is facing a legal challenge on the grounds it does not fall under the requirement that Congress is designated to decide what debt can be cancelled, The Hill reports.
On July 26, the CFPB released its Summer 2023 Supervisory Highlights reporting unfair, deceptive, and abusive acts or practices (UDAAPs) across a number of consumer financial products, including auto origination, auto servicing, consumer reporting, debt collection, deposits, fair lending, information technology, mortgage origination, mortgage servicing, payday and small dollar lending, and remittances, in violation of the CFPA.
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