Current Industry News
Oregon Enacts Bill Changing Garnishment Exemptions and Procedures
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.
CFPB Files Complaint and Proposed Final Judgments Against Higher Education Assistance Agency and National Collegiate Student Loan Trusts
On May 6, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint and two proposed stipulated final judgments to resolve its claims against the National Collegiate Student Loan Trusts (the Trusts) and the Pennsylvania Higher Education Assistance Agency d/b/a American Education Services (PHEAA).
Nonbank Mortgage Companies Pose Financial Stability Risks, FSOC Says
(Bloomberg) — Nonbank mortgage companies, which increasingly dominate the sector, pose unique risks and vulnerabilities that can weaken financial stability, according to a new Financial Stability Oversight Council report.
Justice Department Secures Relief from Hyundai Capital America to Compensate Servicemembers Whose Federal Civil Rights Were Violated
The Justice Department announced today that Hyundai Capital America has agreed to pay $333,941 to resolve allegations that it violated the Servicemembers Civil Relief Act (SCRA) by illegally repossessing 26 vehicles owned by servicemembers.