Collection Industry News

JULY 20, 2020

If you’ve checked the news, odds are you’ve seen or heard the misleading reports about debt collectors targeting consumers during the ongoing Covid-19 pandemic. Our industry is dedicated to ensuring consumers land on their feet when this is all over, while doing our part to contribute to our country’s broader economic recovery.

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Fico Collections

JUNE 16, 2022

Meeting Debt Collection Challenges Amid a Squeeze on Income. In order to deal with the rising cost of living and other challenges, anyone managing collections portfolios and effective debt recovery strategies needs these capabilities. As with most walks of life it also applies to effective debt collection.

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Collection Industry News

JUNE 28, 2021

Senate Democrats are calling on federal authorities to take action on aggressive medical debt collection, citing reports about hospitals suing patients over unpaid bills. In a letter to the the Consumer Financial Proection Bureau (CFPB), Democratic Sens. Chris Murphy (Conn.) and Chris Van Hollen (Md.) Chris Murphy (Conn.)

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Collection Industry News

APRIL 12, 2021

The CFPB issued a proposed rule that would extend implementation of both parts of its debt collection rule by 60 days — from November 30, 2021, to January 29, 2022. The post CFPB Proposes Delay To Implementation Of Its Debt Collection Rules appeared first on Collection Industry News.

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Collection Industry News

MAY 18, 2021

Despite objections from CUNA and NAFCU, the House of Representatives passed the Comprehensive Debt Collection Improvement Act on Thursday. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans. The bill, H.R. Maxine Waters (D-Calif.), passed the House with a 215-207 vote.

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Public Citizen

OCTOBER 24, 2020

  In addition, the Symposium welcomes discussion over the recent decision by the Uniform Law Commission to address debt collection efforts by third-party debt collectors or buyers based on default judgments.    Selected papers are due after the Symposium on June 4, 2021.   

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Troutman Sanders

DECEMBER 7, 2021

The CFPB also found that while small institutions with overdraft programs charged lower fees on average, consumer outcomes were similar to those found at larger banks. The research notes that, despite a drop in fees collected, many of the fee practices persisted during the COVID-19 pandemic. For more information, click here.

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Troutman Sanders

MAY 2, 2023

Khan appeared before the House Appropriations Subcommittee on Financial Services and General Government to discuss its FY 2024 budget request and the agency’s ongoing work. Senate Committee on Banking held a full committee hearing, titled “Oversight of the Credit Reporting Agencies.” Government Money Market Fund.”

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Troutman Sanders

NOVEMBER 13, 2023

On November 6, the Bank of England, Financial Conduct Authority, and Prudential Regulation Authority issued guidance explaining how current and proposed regulatory regimes governing “e-money, stablecoins, and tokenised bank deposits” will interact, indicating that applicable financial institutions will be subject to dual or triple regulation.

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The Kaplan Group

OCTOBER 19, 2020

FDCPA ( Fair Debt Collection Practices Act). The Fair Debt Collection Practices Act (FDCPA) is a federal law that restricts the behavior of collection agencies when they are attempting to collect money from individuals. The law does not apply to collecting from businesses. Credit Counselor.

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True Accord

APRIL 5, 2023

With uncertainties about how the end of various pandemic-era benefits will impact consumers, it’s more important than ever for creditors and collectors to implement strategies that consider consumer situations and preferences when attempting to collect. What’s Impacting Consumers and the Industry?

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Troutman Sanders

MARCH 21, 2022

By ignoring warning signs that the merchants were fake, millions of dollars of consumers’ credit card payments were laundered to the scammers from 2012 to 2013. The bill further “establishes debt collection protections during a public health emergency declared by the Mayor.” For more information, click here.

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Troutman Sanders

JUNE 21, 2022

On June 15, the Consumer Financial Protection Bureau (CFPB) issued an update about its December 2021 market monitoring inquiry into Buy Now, Pay Later (BNPL) — a short-term, no-interest consumer credit product that has become nearly ubiquitous at the point of purchase online and, increasingly, in brick-and-mortar stores.

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Collection Industry News

JULY 19, 2021

Circuit Court of Appeals ruled that the Fair Credit Reporting Act does not require consumer credit agencies to further investigate when a borrower disputes a debt collector’s ownership of their debt. Attorneys for the borrowers and credit agencies did not immediately reply to requests for comment on Friday.

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Troutman Sanders

JUNE 14, 2023

On June 8, the CFPB acted against a medical debt collector for numerous debt collection and credit reporting violations. In at least thousands of cases, the debt collector continued to attempt to collect on a debt that was not substantiated after a consumer disputed the validity of the debt.

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Collection Industry News

JULY 6, 2021

The CFPB will closely monitor their compliance, and we will use all the tools at our disposal including enforcement, to protect consumers during this critical time.”. As the nation begins moving people off financial assistance and onto their own two feet, accuracy in consumer credit reports will be essential to the process.

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Troutman Sanders

DECEMBER 21, 2021

Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology.

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Credit Corp

MAY 30, 2023

These payments are sent to the judgment creditor until your debt is paid. The Consumer Credit Protection Act caps these types of garnishments. Law enforcement may seize things like valuable collections or jewelry to be sold at auction. Sales proceeds are applied to your debt. Property levies. These laws vary.

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Collection Industry News

MARCH 2, 2021

It is among several proposals on medical debt collections introduced at the state and federal level this year. The COVID-19 Medical Debt Collection Relief Act , sponsored by U.S. ACA International’s team is reviewing the bill as well as other legislation cosponsored by Van Hollen, the Medical Debt Relief Act.

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Collection Industry News

JANUARY 25, 2021

The CFPB under Biden is expected to more closely scrutinize how lenders, consumer credit reporting bureaus, debt collectors, and others implement mandated Covid-19 consumer relief measures. The post CFPB’s New Temporary Director Pressing Forward With Biden Agenda appeared first on Collection Industry News.

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Troutman Sanders

OCTOBER 30, 2023

This bill would instruct the Consumer Financial Protection Bureau (CFPB) and the Government Accountability Office to conduct a study on BNPL and EWA services to help determine the degree to which consumers are utilizing both services for retail purchases. For more information, click here. financial institutions.

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Collection Industry News

AUGUST 30, 2021

Medical debt is still a uniquely American problem. of Americans had medical debt in collections as of June 2020, according to a study from the Journal of the American Medical Association (JAMA), which analyzed consumer credit reports between January 2009 and June 2020. Source: site. An estimated 17.8%

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Troutman Sanders

APRIL 4, 2022

The bill requires stablecoins to be backed by government securities with maturities less than 12 months or domestic dollars, while requiring stablecoin issuers to publicly release audited reports of reserves executed by third-party auditors. All three affect debt collection in D.C.; 3970 and H.R.

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Troutman Sanders

MAY 9, 2023

On May 4, the White House published technology standard document “United States Government National Standards Strategy for Critical and Emerging Technology.” For more information, click here. competitiveness and national security ….” On May 4, Colorado Governor Jared Polis signed SB93 into law. HB1443 will go into effect on November 1.

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Collection Industry News

MARCH 15, 2021

The DFPI is aggressively exercising its new authority to regulate a large group of newly covered financial services, including debt collectors, credit reporting and credit repair agencies, debt relief agencies and others.

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