NCUA issued a regulatory alert (20-RA-07) detailing the Consumer Financial Protection Bureau’s final payday lending rule, including highlights of key provisions that affect credit unions. The CFPB issued the final rule in July, which rescinds several ability-to-repay, underwriting, recordkeeping and … Continue reading →
Read more: creditandcollectionnews.com
The economic impact of the pandemic cannot be overstated, yet some positive news regarding credit card delinquency rates could be cause for celebration. A recent report from Experian showed that, from January 2020 to June 2020, the average instances of … Continue reading →
Read more: creditandcollectionnews.com
Building in Washington that houses Fannie Mae headquarters. Photo: Andrew Harrer/Bloomberg News By Andrew Ackerman Close Andrew Ackerman Biography @amacker andrew.ackerman [email protected] Updated Aug. 25, 2020 4:49 pm ET WASHINGTON—Mortgage finance giants Fannie Mae and Freddie Mac will delay a contentious 0.5% … Continue reading →
Read more: creditandcollectionnews.com
You might think that right now is not a good time to make it easier for predatory lenders to take advantage of people and trap them in impossible-to-escape debt cycles. And yet. The United States is in the midst of … Continue reading →
Read more: creditandcollectionnews.com
PayPal Holdings says that it has begun taking action against for-profit educational institutions that have offered its consumer credit product in inaccurate or misleading ways. The company vowed a quick response to concerns raised by the Student Borrower Protection Center, … Continue reading →
Read more: creditandcollectionnews.com
A bipartisan group of Senators wrote to Federal Housing Finance Agency (FHFA) Director Mark Calabria last week to echo CUNA’s position that the Fannie Mae/Freddie Mac refinance fee set to go into effect Sept. 1 be withdrawn. Leagues have engaged … Continue reading →
Read more: creditandcollectionnews.com
RankCompanyCityStateCredit card loans Mar 31Credit card loans Year earlierChangeTotal loans and leases TotalTotal loans and leases % Cards1Navy Federal Credit UnionViennaVa.$19,897,478$17,377,81714.5$83,058,52323.962Pentagon Federal Credit UnionMcLeanVa.1,620,8771,682,207-3.619,913,9718.143Boeing Employees Credit UnionTukwilaWash.1,223,1771,179,5433.714,414,6078.494SchoolsFirst Federal Credit UnionSanta AnaCalif.814,288748,5768.811,681,3536.975Suncoast Credit UnionTampaFla.796,968709,99912.28,588,5399.286State Employees’ Credit UnionRaleighN.C.787,729757,0564.124,668,3963.197Pennsylvania State Employees Credit UnionHarrisburgPa.742,452741,4430.14,590,63916.178Digital … Continue reading →
Read more: creditandcollectionnews.com
Getty Images U.S. Secretary of Education Betsy DeVos today implemented President Trump’s memorandum extending relief on federally held student loans to borrowers through the end of the year. Her actions also addresses collections on defaulted loans and whether non-payments during … Continue reading →
Read more: creditandcollectionnews.com
Student debt is at an all-time high of $1.5 trillion. College is more expensive than ever as it is estimated the cost of tuition has raised about 25 percent in the last 25 years, and it shows no signs of … Continue reading →
Read more: creditandcollectionnews.com
In a 9-3 vote earlier this month, the California Assembly Banking and Finance Committee approved legislation requiring a license for debt collectors and debt buyers, entitled the Debt Collection Licensing Act (SB 908) (DCLA). The DCLA would prohibit a person … Continue reading →
Read more: creditandcollectionnews.com
