Credit and Collection News

LA Financial Federal Credit Union Data Breach Lawsuit | ClassAction.org

May 16, 2026

California Credit Union Settles Class Action Data Breach Lawsuit for $725,000

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 ...

May 13, 2026

Student Loan Defaults Hit 2.6 Million In Early 2026

Student loan defaults have surged since repayment resumed, with about 2.6 million federal borrowers falling into default in the first quarter of 2026 alone, according to new data from the New York Fed. What the 2.6 million figure means The ...

May 14, 2026

CFPB’s Vought Defends Terminating Citi Consent Order

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 ...

May 14, 2026

‘Consumer spending may slow this year’

MANILA, Philippines — Philippine consumer spending is expected to grow by 4.4 percent this year, slower than initially anticipated, as prices are likely to continue rising, according to research and analysis firm BMI. “We hold a cautious but positive outlook ...

May 14, 2026

Student Loan Defaults Surge As Treasury Assumes Collections

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 ...

AI Regulation and Governance 2024: Legal Challenges, Frameworks, and ...

May 14, 2026

The States Are Going Full Force On Regulating AI

Here's a comprehensive overview of the state AI regulatory landscape as of May 2026, with particular attention to areas most relevant to financial services, credit, and collections: The Big Picture State activity has exploded. Multistate.ai's tracker counts 1,561 AI-related bills ...

May 11, 2026

FDCPA and FCRA Filings Rebound in March While TCPA Drops

March brought a reversal from February, with FDCPA, FCRA and CFPB activity rising while TCPA filings declined slightly month over month, according to the latest WebRecon report. Consumer litigation activity shifted again in March, reversing several of the trends seen ...

May 12, 2026

Q1 NY Fed Report: Credit Scores for Mortgages Still Solid, Foreclosures Increase Slightly

The NY Fed released the Q1 Quarterly Report on Household Debt and Credit this morning. he Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows total ...

May 14, 2026

UK Bills Target Late Payments and Cybersecurity Threats

Cybersecurity, a voluntary digital ID and protections for small businesses will be the subjects of bills introduced in the United Kingdom’s Parliament. These bills were highlighted in the King’s Speech delivered Wednesday (May 13) by King Charles III during the ...

May 11, 2026

FTC warns Mortgage Connect over noncompete agreements

The chairman of the Federal Trade Commission sent a warning letter Friday to national mortgage services provider Mortgage Connect over employee contracts. Processing Content Andrew Ferguson, who has served as the agency's commissioner since April 2024, urged the company to ...