WASHINGTON–U.S. Senators Chris Murphy (D-Conn.) and Mike Braun (R-Ind.), both members of the U.S. Senate Health, Education, Labor, and Pensions Committee, on Tuesday introduced legislation to strengthen consumer protections and improve transparency for medical debt practices.
On July 13, 2023, the CFPB and various state attorneys general, along with California’s Department of Financial Protection and Innovation, filed an adversary proceeding against a sales training company for deceptive marketing and debt collection practices relating to the company’s allegedly illegal student loan program.
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $15 million civil money penalty against American Express National Bank (American Express) for failing to govern and oversee a third-party affiliate and for violations of regulations relating to certain efforts to retain small business customers.
Navient Corp. agreed to a nationwide settlement worth $198 million with private student loan borrowers who say their bills should have been discharged in bankruptcy.
Although U.S. consumers have embraced "buy now, pay later" loans in part because of marketing claims that they offer zero-percent financing, shoppers should be on their guard. Some BNPL products charge exorbitant interest rates, along with heavy fees when you miss a payment, according to Consumer Reports.
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