(Graphic courtesy of Consumer Financial Protection Bureau via Courthouse News)
BOSTON (CN) A pair of Maine laws designed to help people repair their credit after experiencing problems that weren’t their fault left the First Circuit stumped at oral arguments Wednesday.
The question was whether federal law preempts such a move, but the judges seemed to think the federal statute was badly written and hopelessly unclear.
A frustrated U.S. Circuit Judge David Barron peppered Maine’s lawyers for insight. “If I conclude that their position is untenable, I’d like to know what is tenable,” the Obama appointee said. “Or do we have two untenable positions?”
Credit Eco to Go- Credit Reporting: Truth be Told Published on: 10 May 2021 at 10:00 a.m. ET May 10, 2021, 10 a.m. May 10, 2021, 9:57 a.m. insideARM.com The iA Institute
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Episode Description
Frances Creighton, President and CEO of the Consumer Data Industry Association (#CDIA) stops by #CreditEcoToGo to talk about the core fundamentals of the credit reporting system and the challenges ahead for 2021. While state and federal regulators have been laser-focused on credit reporting accuracy, Frances tells us there are two bigger challenges. First is ensuring that more people can be included in the credit reporting system in order to gain better access to credit, Second
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(Reuters) - A chance conversation with a customer ended up saving Vincent Lipford, a self-employed barber in Memphis, Tennessee, more than $20,000.
Donald Hall and Vincent Lipford pose for a photo at a barber shop in Memphis, Tennessee, U.S., in this March 23, 2021 handout photo. Hope Credit Union/Handout via REUTERS
The 51-year-old single father was stuck in a subprime auto loan with a 25% annualized interest rate because he lacked the credit history that would allow him to obtain financing from traditional lenders. The interest would have cost him nearly as much as the Kia Forte itself if he followed the payment plan to fruition.
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