Collection Industry News

MAY 18, 2021

While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

Lender 40

Lender Foreclosure Collections Debt collector 40

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.

Financial services 52

Financial services Financial Institution Debt collector Fair Debt Collection 52

Troutman Sanders

MAY 2, 2023

Senate Committee on Banking held a full committee hearing, titled “Oversight of the Credit Reporting Agencies.” Chairman Sherrod Brown (D-OH) described consumer credit reports as “riddled with errors.” Brown argued that medical debt “correlates with illness,” not with credit risk. On April 27, the U.S.

Financial services 52

Financial services Trade Consumer Credit Government 52