Collection Industry News

JANUARY 13, 2024

household debt grew by $800 million from 2022 to 2023, including a 16.6% growth in credit card debt. While the new year marks a time for new beginnings and a fresh start, millions of Americans entered 2024 with more debt and less to put in their checking and savings accounts. household debt reached a record high of $17.3

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Troutman Sanders

MARCH 22, 2021

The Bureau is concerned that some of those desperately needed funds will not reach consumers, and will instead be intercepted by financial institutions or debt collectors to cover overdraft fees, past-due debts, or other liabilities. On March 10, the Oklahoma Senate passed a health care debt collection bill.

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True Accord

OCTOBER 10, 2023

After bottoming out in September 2021, analysts at Goldman Sachs report that since Q1 2022, credit card companies are seeing an increasing rate of losses at the fastest pace in almost 30 years, on par with the 2008 recession. Further, contacting first through a consumer’s preferred channel can lead to a more than 10% increase in payments.

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Troutman Sanders

MAY 9, 2023

For the first year after the effective date of the proposal, these firms would be subject to an excise tax of 10% of the costs of electricity they use in digital asset mining. billion in revenue over 10 years. The excise tax would then increase to 20% in the second year, and it would reach its maximum of 30% in year three.

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Troutman Sanders

JULY 5, 2022

Federal Activities: On June 30, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective for Spring 2022 , which includes a discussion of risks and suggestions for banks to consider on distributed ledger technologies and digital assets. Privacy and Cybersecurity Activities. For more information, click here.

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Better Credit Blog

APRIL 1, 2022

Along with inaccurate information about you, that debt collectors may report to Experian, Equifax, and TransUnion, you should also look out for signs of identity theft on your credit reports. This provision is scheduled to expire in April of 2022. Your good decisions will help your score eventually!

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Troutman Sanders

OCTOBER 30, 2023

The report found that in 2022 credit card companies charged consumers more than $105 billion in interest and more than $25 billion in fees. Total outstanding credit card debt eclipsed $1 trillion for the first time since the CFPB began collecting this data. For more information, click here. For more information, click here.

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Troutman Sanders

DECEMBER 19, 2023

On December 15, the Securities and Exchange Commission (SEC) denied Coinbase’s Petition for Rulemaking, which was submitted to the SEC on July 20, 2022, as “currently unwarranted.” Performance improved compared to third quarter of 2022, when 97.2% For more information, click here. For more information, click here.

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Troutman Sanders

AUGUST 1, 2023

An amendment in the NDAA to update the Fair Debt Collection Practices for Servicemembers Act passed in the Senate by a vote of 95-2. Examiners found that debt collectors continued collection attempts for work-related medical debt after receiving sufficient information to render the debt uncollectible under state worker’s compensation law.

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Troutman Sanders

NOVEMBER 8, 2022

If enacted, the Protecting Wages of Essential Workers Act of 2022 (H.R. On November 3, the Massachusetts Division of Banks issued a cease-and-desist order to a debt collector believed to have been operating within the state for more than six years without the requisite state licensure. For more information, click here.

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Troutman Sanders

MARCH 14, 2023

This upward trend continued in 2022, when the number of SARs-related check fraud nearly doubled. The bill subsumes debt buyers into the definition of “collection agency,” subjecting debt buyers to regulation by the state’s Collection Agency Board. Mail after a nationwide surge in such activity. For more information, click here.

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Troutman Sanders

MARCH 6, 2023

This upward trend continued in 2022, when the number of SARs-related check fraud nearly doubled. The bill subsumes debt buyers into the definition of “collection agency,” subjecting debt buyers to regulation by the state’s Collection Agency Board. Mail after a nationwide surge in such activity. For more information, click here.

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Better Credit Blog

APRIL 11, 2022

Freedom Debt Relief is a debt settlement company that has been in business for over 15 years and resolved over $10 billion in debt. That’s why many people turn to professional debt settlement companies for help.”. What if I've been contacted by a debt collector?

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Troutman Sanders

SEPTEMBER 20, 2021

On September 14, the Federal Trade Commission (FTC) voted to approve and make public a series of resolutions that will enable agency staff to efficiently and expeditiously investigate conduct in core FTC priority areas over the next 10 years. On January 31, 2022, the pause on interest and payments for federally held student loans will end.

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Troutman Sanders

MAY 3, 2021

The rule requires debt collectors seeking to evict tenants for nonpayment of rent to provide written notice to tenants of their rights under the Centers for Disease Control and Prevention (CDC) order. Privacy and Cybersecurity Activities. Any comments on the rule must be submitted by May 7. .”

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Troutman Sanders

MAY 2, 2023

Previously introduced in June 2022, the bill fortified its provisions regarding national security and cybercrime — a concern top regulators continue to express about digital assets. On April 26, the FTC, the commonwealth of Pennsylvania, and debt collection company International Credit Recovery, Inc. For more information, click here.

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Troutman Sanders

NOVEMBER 7, 2023

The guidance, which follows a consultation period that ended on August 10, clarifies the application of the financial promotion oversight regime to “qualifying cryptoassets.” The Treasury had placed Tornado Cash on the sanctions list in August 2022 after U.S. For more information, click here.

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