For the first time since the Consumer Financial Protection Bureau (CFPB) began collecting credit card data, the nation’s related debt reached an all-time high of $1 trillion in 2022. New research released in late October examines how and why this debt grew, but also how emerging trends in card usage affect the day-to-day lives of consumers.
Browsing: Business
A recent study has outlined a disturbing trend across the nation: Increasing retirement woes among Black people, coming from several angles that indicate some could choose to work longer or seek more palatable options for savings and income.
Meanwhile, disparities in homeownership persist, disproportionately affecting minority communities, and access to mortgages remains an uphill battle.
For the second time this year, Congress’ inability to reach consensus on essential fiscal legislation has devolved into largely partisan bickering and literal, last-minute temporary financial band-aids. On September 30, the last day of the 2022-2023 federal fiscal year, a continuing resolution (CR) provided a 45-day reprieve, just in time to meet a midnight deadline that would have resulted in a federal government shutdown.
Days before student borrowers across the nation resume student loan payments after a more than two-year pause prompted by the COVID-19 pandemic, a diverse group of 20 cities and counties representing more than 1.2 million people with nearly $50 billion in student loan debt sent a letter on September 21 to President Biden. Although the letter began by applauding his leadership in pursuing debt relief, it also urged even more persistent and aggressive actions.
Over the course of the entire weekend, Maryland dispensaries earned $10.4 million for adult-use and medical sales, compared to $3.9 million in 2022 when only medical use was permitted. From July 1 to July 7, Maryland dispensaries grossed $20.9 million in medical and adult-use cannabis sales, according to an MCA report.
On August 28, the Consumer Financial Protection Bureau (CFPB) announced a $2.7 billion judgment against major members of this industry. An order now awaiting federal court approval would also ban these firms from telemarketing credit repair services for 10 years for illegal actions dating back as far as 2016.
Since its creation, , the Consumer Financial Protection Bureau (CFPB) has honored its mission by returning a cumulative total of $17.5 billion to 200 million consumers who have been harmed by violations of federal consumer financial protection law. Its Victim Relief Fund, administers the return of hard-earned monies to consumers such as cancelled debts, reduced principal, and other illegal transactions.
More importantly, these developments signal one of the very few times that Black student loan borrowers stand to become the initiative’s biggest beneficiaries. Recent data analyses underscore the extra student debt borne by Black America.
Some of the accusations are reminiscent of the Wells Fargo debacle from a decade ago, which involved the creation of millions of unauthorized consumer bank accounts.…