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Americans increased spending tepidly last month as anxiety over the economy takes hold
WASHINGTON (AP) — U.S. shoppers stepped up their spending just a bit in February after a sharp pullback the previous month, signaling that Americans are shopping more cautiously as concerns about the direction of the economy mount. Retail sales rose just 0.2% in February, a small rebound after a sharp drop of 1.2% in January, […]
Navient faces $120M fine, ban over student loan abuse claims from consumer watchdog
The Consumer Financial Protection Bureau filed a proposed order Thursday to permanently ban Herndon-based Navient, formerly the nation’s largest student loan servicer, from servicing federal student loans and fine the company $120 million. “These bans would largely remove Navient from a market where it, among other illegal actions, steered numerous student loan borrowers into costly [&[...]
Surge of credit card defaults ahead?
Americans owe an all-time high of nearly $1 trillion on their credit cards, setting the stage for a possible surge in consumer delinquencies and defaults. “There are nascent signs of trouble brewing,” investment firm Glenmede Trust Co. warned in an April research note. “An ever–larger share of credit balances have transitioned to early stages of […]
UPDATED: Va. becomes 2nd state with consumer data protection law
Updated March 2: Gov. Ralph Northam signed the Consumer Data Protection Act on Tuesday. In a statement, sponsor Sen. David Marsden, D-Fairfax, said, “This is a huge step forward. By creating this omnibus bill, we take the lead in data privacy in the United States. This omnibus bill is clear, concise and holds companies accountable for […]
