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Total Household Debt Reaches $17.06 Trillion in Q2 2023; Credit Card Debt Exceeds $1 Trillion

Collection Industry News

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. Credit card accounts expanded by 5.48 quarterly increase. million to 578.35

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Q1 Industry Insights: Consumers Will Consume, Lenders Will Lend, Delinquencies Will Rise

True Accord

The four key trends we’re studying are: resumed foreclosure activity, extensive medical bills, the end of child tax credits and historically high inflation. Add these all together and the financial outlook for consumers, especially those in debt, is scary. But there are silver linings, as well. The Downside. million U.S.

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California DFPI Continues To Expand Consumer Protection Efforts During The COVID-19 Pandemic

Collection Industry News

It has taken actions to collect data on a number of new industries, including debt relief and earned wage access providers, and has filed a cease-and-desist order against a student loan debt relief company charging borrowers exorbitant fees for the false promise of getting their student debt wiped.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On October 11, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion concerning consumers’ requests for information regarding their accounts with large banks and credit unions. For more information, click here. For more information, click here.

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Passage Of Debt Collection Bill Could Be A ‘Slippery Slope’ For Lenders

Collection Industry News

In a letter sent to the leaders of the House and Senate , CUNA President/CEO Jim Nussle stated his objections to section 403 of the bill, which would amend the Fair Credit Reporting Act to prohibit credit scoring models from treating certain medical debt information on consumerscredit report as a negative factor.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link]. Privacy and Cybersecurity Activities. Among other provisions, S.B.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Community banking organizations must follow different rules and requirements based on their risk profile and asset size.