On April 4, 2024, the Oregon Governor signed Senate Bill 1595—the Family Financial Protection Act (SB 1595)—into law. SB 1595 increases the amounts exempt from execution by creditors, imposes new account review procedures for banks in responding to garnishments, and increases protections for debtors from unlawful debt collection practices.
WASHINGTON, D.C. – The Consumer Financial Protection Bureau and the Federal Reserve Board today jointly adjusted for inflation dollar amounts relating to the availability of customer funds.
On May 3, the Governor of Tennessee signed into law HB 2320 (the “Act”), which will amend pleading requirements for consumer debt suits and garnishment exemptions.
Credit cards are the most common lending product in America, with more than 550 million cards in circulation and more than a trillion dollars in outstanding debt. Unlike mortgages or auto loans, where you typically know how much you’ll borrow and the monthly payment, credit cards are different. When you take out a credit card, you may have no debt at all. In fact, you may be primarily using it as a payment device with the goal of paying your balance off each month.
According to an October survey of more than 2,100 U.S. consumers, 44% of respondents had paid for their most recent retail purchase in stores via debit card, while 28% paid with a credit card.
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