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CFPB Fines Lender $2.25M for Misleading Veterans on Loan Costs

Account Recovery

million civil penalty against New Day Financial for deceiving veterans and active-duty servicemembers in connection with cash-out refinance loans. The CFPB’s findings indicate that this practice, which made the new loans appear cheaper than existing ones, affected over 3,000 borrowers. ” Learn more.

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Ed. Dept. Delays Start of Student Loan Collections Until 2025

Account Recovery

The Department of Education is making its student loan collection on-ramp a little longer, announcing that it will start reporting late or missed student loan payments to credit bureaus in early 2025, a delay from the originally planned start date this month.

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Public Prefers Medical Debt Forgiveness to Student Loan Debt Forgiveness: Poll

Account Recovery

With all the talk about medical debt this week as a result of the Consumer Financial Protection Bureau’s proposed medical debt credit reporting rule, it’s perhaps interesting to note that a majority of consumers feel forgiving medical debt is more important than forgiving student loan debt, according to the results of a new poll.

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DFPI Takes Action Against Student Loan Debt Relief Companies

Account Recovery

The California Department of Financial Protection and Innovation (DFPI) continues to flex its enforcement muscle, recently announcing actions against three student loan debt relief companies that will see them pay more than $260,000 in penalties and restitution. The enforcement actions require the companies to: The big picture: With 3.7

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How to Attract Multiple Generations to Open New Accounts and Apply for Loans

The experiences of every generation are characterized by their behaviors involving finances. Understanding these attitudes and using them to inform marketing messages enables community banks, regional banks and credit unions to better serve their customers.

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20% of Student Loan Borrowers Making No Payments: Study

Account Recovery

A new study released by Intuit Credit Karma reveals that a large majority of individuals with student loans have not made any payments following the end of the pandemic moratorium and many are worried about their financial stability going forward.

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Judge Dismisses FDCPA Claims in Long-Running Student Loan Case

Account Recovery

The background: The case stems from a series of private student loans taken out by one of the plaintiffs between 2003 and 2007 to attend college, with the other plaintiff — his father — co-signing for the loans.

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Exploring the Overlap: Cost Optimization and Digital Transformation

Speaker: Alex Jiménez, Managing Principal, Financial Service Consulting for EPAM

Many US banks are bracing for increased defaults and lower demand for mortgages and other loans as interest rates have increased. Global economic conditions are soft at best. From a budget standpoint, US banks are feeling the pinch. The largest banks have increased reserves to protect against deteriorating economic conditions.