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Search resuls for: "California's Department of Financial Protection"


5 mentions found


☆ ‘I’ve had this black cloud looming over me’: How private lenders have left millions of college students with no hope for the future
  + stars: | 2023-08-21 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +15 min
We both do DoorDash, and probably when those federal student loans start up, it'll be more of a necessity to do that." While private debt makes up just about 10% of the $1.7 trillion student-debt mountain in the US — about $136 billion — the industry has exploded over the past decade: the amount of outstanding private debt has jumped an estimated 47% since 2014. "Regardless, the student loan debt that was supposed to be an investment in their futures is dragging them down." To be sure, some private servicers do disclose benefits private borrowers could lose should they choose to refinance. Moran said he didn't regret taking out private student loans because it allowed him to pursue his desired nursing career.
Persons: Brianne Jones, Jones, she's, We're, it'll, Michele Shepard, they've, it's, Shepard, Suzanne Martindale, —, Anna Anderson, you've, It's, Navient, Martindale, Ryan Moran, Moran, Moran isn't, Joe Biden, I've, Anderson, forbearance, Steve Cohen, didn't Organizations: Eastern Michigan University, West, Federal Direct Loan Program, Institute for College, California's Department of Financial Protection, National Consumer Law Center, Consumer Financial, Bureau, Consumer Financial Protection Bureau, — Maryland Locations: Florida, —, California
☆ A federal watchdog is suing a tech boot camp, accusing it of loading students up with 'predatory' debt and telling them it could collect 'more than the consumer legally owed'
  + stars: | 2023-07-18 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +5 min
The CFPB and state attorneys general sued a career boot camp that declared bankruptcy in 2022. Prehired sued nearly 300 former students last year, saying they'd defaulted on their loans. "Prehired also represented that consumers would pay nothing until they got a job and 'partner[ed] with' Prehired in their career. The lawsuit also accused Prehired of "falsely representing the amount of debt owed by consumers by stating that Prehired could collect more than the consumer legally owed." The complaint said Prehired filed more than 280 lawsuits in 2022 demanding that former students who it said had defaulted pay $25,000 each.
Persons: Prehired, they'd, Bob Ferguson, Washingtonians, bootcamps, Ben Kaufman Organizations: Service, Consumer Financial Protection, California's Department of Financial Protection, Innovation, LinkedIn, Delaware's Department of Justice, Washington Attorney General's Locations: Wall, Silicon, Prehired
☆ California banking regulator says SVB oversight inadequate
  + stars: | 2023-05-08 | by ( ) www.reuters.com   time to read: +2 min
Regulators have since pledged tougher oversight of the banking sector while lawmakers have also complained that officials were too slow to address its poor risk management. Former SVB chief executive Gregory Becker is due to testify before Congress next week. According to the report released Monday, DFPI played a supporting role, with primary oversight for SVB conducted by the Federal Reserve Bank of San Francisco, which could devote more staff to supervision. SVB "was slow to remediate regulator-identified deficiencies, and regulators did not take adequate steps to ensure SVB resolved problems as fast as possible," according to the report. In just one eight-hour period on March 9, SVB depositors submitted withdrawal requests amounting to about $42 billion.
☆ Crypto lender Nexo to quit United States
  + stars: | 2022-12-05 | by ( Elizabeth Howcroft | Thomson Reuters | Reports On The Intersection Of Finance | ) www.reuters.com   time to read: +1 min
LONDON, Dec 5 (Reuters) - UK-based crypto lender Nexo said on Monday it would phase out its U.S. products and services over the coming months due to clashes with regulators. Crypto lenders act like banks for the crypto world, offering customers interest on cryptocurrencies they deposit with the platform. The firms grew rapidly during the COVID-19 pandemic, but as crypto markets slumped earlier this year various crypto lenders froze withdrawals, leaving customers with large losses. Eight U.S. state regulators charged Nexo in September for allegedly failing to register its Earn Interest Product. Nexo said it will continue to process customer withdrawals "in real-time" as it withdraws from the United States.
☆ Eight U.S. state regulators charge Nexo for failure to register interest account
  + stars: | 2022-09-26 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Dado Ruvic/IllustrationSept 26 (Reuters) - Eight U.S. state regulators on Monday charged cryptocurrency lender Nexo Group for allegedly failing to register its Earn Interest Product, as authorities crackdown on digital asset platforms rocked by a crypto winter in recent months. "Since the SEC guidance on earn products in February 2022, Nexo has voluntarily ceased the onboarding of new U.S. clients for our Earn Interest Product as well as stopped the product for new balances for existing clients," the company said in an emailed statement. Nexo's interest accounts offered under the product promise an annual interest rate as high as 36%, according to California's Department of Financial Protection and Innovation. The regulatory clampdown comes in the midst of a crypto winter that has seen crypto prices have plummet this year as a risk-off sentiment and fears of a looming recession crushed risky assets, forcing some companies into bankruptcy. Register now for FREE unlimited access to Reuters.com RegisterReporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
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