On January 9, the Seventh Circuit overturned its own 39-year-old precedent to find that: (1) the definition of “transfer” for purposes of section 547 of the Bankruptcy Code depends on federal, not state, law; and (2) the date of “transfer” is the time at which the money passes to the creditor’s control.
Wells Fargo has come to a $300 million settlement with shareholders who claim in a class action lawsuit that the bank forced unneeded insurance policies on thousands of customers and concealed the practice from investors who lost money after the problem became public.
The CFPB is committed to making financial markets work for all consumers. We have launched a series of ambitious efforts to improve how we collect information from the public. These efforts will ensure our work is guided by the people we serve.
The Office of the Comptroller of the Currency (OCC) has appointed Kristen Baldwin as Chief Information Officer (CIO), effective February 26, 2023.
The president’s address promised a ban on “junk fees” from credit cards and other financial products, stemming from the Consumer Financial Protection Bureau’s work in this area. ACA International is continuing advocacy to clarify the industry’s use of fees.
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