On May 29, 1453 the walls of Constantinople had stood unbreached for more than a thousand years. Yet on that day, the army of Sultan Mehmed II was able to force entry into the city through the Gate of St. Romanus. The Byzantine Emperor Constantine XI Palaeologus was killed and the city became Mehmed's new capital. The moral of the story is that even the most impregnable defenses can be breached.
Earlier this month, we discussed the lawsuit filed by ACA International, LLC and Collection Bureau Services, Inc. in the U.S. District Court for the District of Columbia against the Consumer Financial Protection Bureau (CFPB or Bureau) and Director Rohit Chopra. The lawsuit challenges the CFPB’s October 1, 2024 advisory opinion on medical debt collection practices. The plaintiffs are seeking an order vacating the advisory opinion and a stay of the effective date pending the conclusion of the case.
Banks and credit unions may feel like they offer a best-in-class digital experience — and the readiness to offer new services and options — when it comes to bringing lending products online. And they may see themselves as engaging with their customers across online channels. But their customers might beg to differ.
The percentage of unbanked households in the U.S. fell to its lowest level in 2023—4.2%–, the FDIC recently reported. The agency’s annual National Survey of Unbanked and Underbanked Households collected responses from almost 30,000 households in June 2023. In addition to issuing a full report on the Survey, the FDIC also issued an executive summary of the report.
On November 18, the plaintiff trade groups in Community Financial Services Association of America, Ltd.(CFSA) v. Consumer Financial Protection Bureau (CFPB) filed an Opposed Motion for Clarification of Stay Pending Appeal asking the U.S. Court of Appeals for the Fifth Circuit to clarify that its stay of the compliance date for the CFPB’s payday loan rule extends until the time for filing a new petition for certiorari with the Supreme Court has expired or, if the petition is filed, until the Supreme Court finally disposes of the case.
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