The Small Business Administration is ending a 40-year moratorium on admitting new nonbank lenders to its 7(a) loan program, a move that opens up the agency’s flagship lending vehicle to fintech participation.
On April 7, California Attorney General Rob Bonta and Assembly member Brian Maienschein announced new legislative bill AB 1366, which creates a state Treasury Victims of Consumer Fraud Restitution Fund (VCFRF) to benefit victims of consumer fraud.
The U.S. PIRG Education Fund (PIRG) released a report analyzing consumer complaints submitted to the Consumer Financial Protection Bureau (CFPB) in 2021 and 2022. The report noted that consumer complaint totals set a new record in 2021 (496,000), only to have that record broken by a considerable margin in 2022 (800,394).
There’s a lot of hype around artificial intelligence (AI) these days. And cybercriminals are taking advantage of people’s interest in AI to spread harmful malware through online ads.
In Ingersoll v. Brandsness, the suit arose out of an effort by a collection agency and its counsel to obtain a judgment on unpaid medical bills. After the filing of the complaint, and the consumer’s filing an answer, the matter was referred to arbitration. Then, counsel for the collection agency moved for entry of default, which was denied in light of the consumer’s answer.
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