NEW YORK, Dec 14 (Reuters) - U.S. consumers will fall behind on their personal loan and credit card payments next year at the highest rates since 2010, according to forecasts from TransUnion, a major consumer credit rating agency.
On Thursday, the Student Borrower Protection Center released a report that found, via a Freedom of Information Act (FOIA) request submitted by advocacy group Student Defense, that the Education Department continued to garnish student-loan borrowers' wages after Congress required the department to cease those collection tactics when the pandemic began in March 2020.
New York Governor Kathy Hochul recently signed legislation designed to prevent New York hospitals and medical providers from employing certain collection practices against patients with medical debt. This protection became effective immediately upon the Governor’s signing.
Our economy and our consumer finance markets are truly in transition, out of a pandemic and further into the digital era. I will offer some observations about the state of the economy today, as well as what the CFPB is doing to prepare for the future, especially as we confront the challenges of Big Tech in banking. I will also highlight a number of opportunities for bipartisan reforms.
In the third quarter of 2022, credit unions earned the largest share of automotive financing in the U.S., surpassing banks and other lenders in the amount of auto loans and leases produced, according to Experian.
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