Scale of the Default Crisis The numbers are staggering. According to New York Fed data, roughly 1 million borrowers defaulted in Q4 2025 and an additional 2.6 million defaulted in Q1 2026 — bringing the total newly defaulted since late ...

A Southern California credit union that experienced a cyberattack in mid-2024 has agreed to pay $725,000 to resolve a class action lawsuit alleging inadequate cybersecurity safeguards. The settlement covers nearly 35,000 current and former members whose sensitive personal and financial ...

The state’s Department of Financial and Professional Regulation says the system will bridge gaps caused by declining federal resolutions. The Illinois Department of Financial and Professional Regulation announced the launch of a new online portal designed to consolidate consumer complaints ...

Fintech innovations could unlock Africa's digital talent for the global economy by dramatically reducing cross-border payment frictions that currently hinder remote work opportunities. Research by Harvard Business School shows that cutting payment-related transaction costs by 50% could create 900,000 to ...

Quick Hits The California Court of Appeal, First Appellate District, affirmed the holding that an employer could not enforce an arbitration agreement since it was neither a signatory to the contract nor an “affiliate” of the staffing agency. The court ...

The New York Fed reported minor debt shifts overall, though serious mortgage delinquencies ticked up, and a significant wave of severe student loan defaults was moved to federal collections. U.S. household debt levels remained practically unchanged during the opening months ...

Millions of student loan borrowers fell into default earlier this year — and a second wave of delinquencies could be on its way, the Federal Reserve Bank of New York said Tuesday. About 1 million borrowers fell into default in ...

The report refers to a not‑yet‑announced plan by CFPB leadership to bring employees back to the office more than a year after its Washington, DC, headquarters was closed and staff were largely sidelined under Trump‑appointed acting director Russell Vought. What ...

Here's a full breakdown of where this story stands: Background: The 2023 Consent Order The original order, issued in November 2023, found that Citi engaged in a pattern of discrimination against Armenian American credit card applicants from 2015 through 2021 ...