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October

11
2024
Compliance

CFPB’s Oversight of the Auto-Finance Market: Key Findings

The latest edition of the Consumer Financial Protection Bureau’s (CFPB) Supervisory Highlights focuses on issues within the auto-finance market, emphasizing efforts to address deceptive practices, improper repossessions, and violations of consumer protection laws. Auto loans are crucial for millions of American families, with debt in this sector reaching $1.616 trillion as of mid-2024, second only to mortgage debt. The CFPB’s report examines auto-finance companies’ practices and their impact on consumers, revealing significant issues that affect their financial well-being.

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October

11
2024
Industry News

Statement by Chairman Harper on Citadel Federal Credit Union’s Redlining Settlement

National Credit Union Administration Chairman Todd M. Harper released the following statement today on the U.S. Department of Justice’s settlement with Citadel Federal Credit Union to resolve lending discrimination allegations. Citadel is a $6 billion financial institution in Southeastern Pennsylvania.

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October

11
2024
Industry News

FTC, DOJ Issue Fiscal Year 2023 Hart-Scott-Rodino Notification Report and Announce Corrected Fiscal Year 2022 Report

The Federal Trade Commission, together with the Justice Department’s Antitrust Division, released their annual report detailing fiscal year 2023 data on the HSR Premerger Notification Program, which alerts the agencies to transactions that may substantially lessen competition in violation of federal law.

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October

11
2024
Industry News

CFPB Takes Action Against Arbitration Platform Ejudicate for Deceiving Student Borrowers

Today, the Consumer Financial Protection Bureau (CFPB) banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer financial products after the company misled student borrowers about its neutrality and initiated sham arbitration proceedings.

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October

11
2024
Strategy

How Consumer Spending Trends Impact Debt Settlement Enrollment

Consumer spending trends serve as a barometer of economic health and consumer behavior, reflecting the financial well-being of individuals and households. In recent years, the rise of debt settlement companies has become intertwined with evolving consumer spending patterns.

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