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.
Credit card debt hit $1 trillion for the first time on record, according to new data, a troubling development as interest rates and delinquencies also rise.
A handful of principal mortgage rates moved up over the last seven days. The average 15-year fixed and 30-year fixed mortgage rates both grew. We also saw a rise in the average rate of 5/1 adjustable-rate mortgages.
On July 31, the District Court for the Central District of California entered judgment in favor of the court-appointed receiver for defendants against the non-party provider of payment processing and escrow services to defendants and its managing member in the amount of $75,000, following a July 10 order requiring defendant to pay $243 million in redress and civil penalties.
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