It may have happened once or twice over the years, I’m not even sure (and who has the time to go through all of those blog posts?) but even if so, it’s exceedingly rare. February 2023 saw every category in our famous consumer complaint grid turn red, meaning all TCPA, FDCPA and FCRA lawsuits were down from the previous month, the same month in the previous year, and year-to-date. And CFPB complaints were down in all three categories as well. It’s quite a sight to see.
The Federal Reserve’s inspector general has begun a probe into Silicon Valley Bank’s collapse. A spokesperson for the Office of Inspector General (OIG) told PYMNTS Wednesday (March 29) that the office had begun an independent investigation into the failure of Silicon Valley Bank.
The CFPB has issued a determination that the Truth in Lending Act (TILA) does not preempt the commercial financing laws of New York, California, Utah, and Virginia. The determination will be effective on the date it is published in the Federal Register.
WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported a slight decline in the performance of first-lien mortgages in the federal banking system during the fourth quarter of 2022 compared to the previous quarter.
In the months before the crisis triggered by Silicon Valley Bank's failure, lenders were already tightening their standards; nevertheless, the economy remained robust with solid growth and a booming job market — and there may be an explanation why.
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