Credit and Collection News

May 17, 2026

DFPI Secures $1 Million Settlement With Yotta Technologies For Deceptive Practices

SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI) announced today that San Francisco-based Yotta Technologies (Yotta) must pay a $1 million penalty for engaging in deceptive acts or practices. An investigation determined that Yotta misled consumers by marketing its services as safe while falsely claiming ...

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 17, 2026

Senate Republicans Block Medical Debt Collection Measure

Senate Republicans just voted to block a Democratic move to restore recently rolled‑back CFPB protections related to medical debt and other consumer finance rules that had been changed under President Trump. What was blocked Democrats brought forward a measure in ...

May 20, 2026

Chapter 11 Bankruptcies Jump 42% in April

Epiq bankruptcy data shows growing financial strain on businesses and consumers as economic pressures continue to build. Commercial chapter 11 bankruptcy filings surged 42% in April compared to the same month last year, reflecting mounting financial pressure across both businesses ...

May 20, 2026

FTC warns 12 major tech firms of violating Take It Down Act

The Federal Trade Commission (FTC) on Wednesday said it has sent letters to a dozen major tech firms warning them that they are not in compliance with a law that sets standards for removing nonconsensual intimate images. The 12 firms ...

May 19, 2026

CFPB Final Rule Revises ECOA Framework, Narrows Disparate Impact And Discouragement Standards

Go-To Guide: The Consumer Financial Protection Bureau issued a Final Rule amending Regulation B, which implements the Equal Credit Opportunity Act. The amendments limit fair lending theories by (1) eliminating all references to an “effects test” or “disparate impact” form of ...

Rohit Chopra tapped to lead California consumer agency

May 17, 2026

Ex-CFPB Director Rohit Chopra To Lead New Consumer Agency

Ex-CFPB Director Rohit Chopra to Lead New California Consumer Agency Former Consumer Financial Protection Bureau Director Rohit Chopra is returning to the frontlines of consumer protection — this time at the state level. California Governor Gavin Newsom announced on May ...

May 14, 2026

Fed’s Debit Card Swipe Fee Appeal Hinges on Permitted Bank Costs

Here's a comprehensive breakdown of where this litigation stands and what's at stake. The Core Legal Fight The appeal in Corner Post, Inc. v. Board of Governors of the Federal Reserve System before the U.S. Court of Appeals for the ...

May 18, 2026

Largest Bitcoin ATM Operator Files For Bankruptcy

Bitcoin Depot (NASDAQ: $BTM), the largest operator of Bitcoin (CRYPTO: $BTC) ATMs in North America, has filed for Chapter 11 bankruptcy and is closing up shop. The Atlanta-based company filed for protection from its creditors and said it plans to ...

May 18, 2026

Bank of America agrees to $2.25M settlement in class-action lawsuit over ATM fees

Bank of America has agreed to a proposed 2.25 million dollar settlement to resolve a class‑action lawsuit over certain ATM fees charged at 7‑Eleven store ATMs operated by FCTI. What the lawsuit was about The case is Schertzer, et al ...