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SEATTLE, Nov. 10, 2022 /PRNewswire/ -- BECU, the country's largest community credit union with over 1.3 million members and $30.2 billion in assets, today announced the selection of Beverly Anderson as its next president and chief executive officer (CEO).

The percentage of automotive loans that are at least 60 days delinquent hit 1.65 percent in the third quarter of 2022. That’s the highest rate of delinquencies in more than a decade, which indicates that vehicle owners are increasingly struggling to make payments on their vehicles.

The California Court of Appeal recently ruled that California law treats default interest measured against the unpaid principal balance of a loan as an unenforceable penalty. In Honchariw v. FJM Private Mortgage Fund, LLC (see link), the court held that under section 1671 of the California Civil Code, a default interest charge must bear a "reasonable relationship" to the lender's actual damages from the breach to be enforceable.

Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a circular to affirm that neither consumer reporting companies nor information furnishers can skirt dispute investigation requirements. The circular outlines how federal and state consumer protection enforcers, including regulators and attorneys general, can bring claims against companies that fail to investigate and resolve consumer report disputes.

The Consumer Financial Protection Bureau (CFPB) on October 27, 2022 took the long-anticipated first step to issue a regulation implementing Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.¹ This followed a preview by CFPB Director Rohit Chopra at the Money 20/20 conference on October 25 in which he outlined the “CFPB’s new approach to regulation,” which is designed to create “catalysts for more competition.” With respect to Section 1033, Director Chopra said that the CFPB is “exploring safeguards to prevent excessive control or monopolization by one, or even a handful of, firms”² and will be working toward avoiding regulations that could be “rigged in favor of some players over others.”³ Director Chopra’s focus on competition as an essential element of consumer protection has been a hallmark of his directorship.⁴