Attorney General Jason Miyares is signing on in support of a lawsuit challenging the constitutionality of the Consumer Financial Protection Bureau. The lawsuit calls into question the funding model, which finances regulation of industries with money that comes from the industries that are regulated.
Bureau staff will provide information to help financial institutions determine whether they are covered financial institutions for purposes of the small business lending rule. This will include how to determine if transactions are covered credit transactions and whether businesses are small businesses.
On July 11, CFPB Director Rohit Chopra delivered prepared remarks at a public hearing on medical billing and collections. Chopra commented on the prevalence of medical debt in the country, which affects over 100 million Americans, while $433.2 billion of the national GDP is sourced from consumers’ out-of-pocket expenses.
As inflation remains stubbornly in place and credit gets ever more expensive, credit unions may have a secret weapon. Scott Young, managing VP of Emerging Services at PSCU, told PYMNTS that credit unions (CUs) stand to benefit from their lending operations, appealing to critical demographics, at the right time, with the right offers.
On July 13, the CFPB joined state attorneys general from Washington, Oregon, Delaware, Minnesota, Illinois, Wisconsin, Massachusetts, North Carolina, South Carolina, and Virginia in taking action against an education firm accused of engaging in deceptive marketing and unfair debt collection practices.
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