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.
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.
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.
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.
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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