Collection Industry News
AUGUST 17, 2023
The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. Credit card balances increased by $45 billion, from $986 billion in Q1 2023 to a series high of $1.03 Student loan balances fell by $35 billion and stood at $1.57 trillion in the Q2 2023, marking a 4.6%
Troutman Sanders
JULY 12, 2021
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. On June 30, the CFPB released a blog post regarding trends of commercial reporting on consumer credit.
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Troutman Sanders
OCTOBER 16, 2023
State Activities: On October 12, California’s Department of Financial Protection and Innovation (DFPI), announced, in its October bulletin, that final regulations to implement the Student Loan Servicing Act and the Student Loans Borrower Rights Law have been approved and will become effective January 1, 2024.
Collection Industry News
MARCH 15, 2021
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.
Collection Industry News
MAY 18, 2021
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 consumers’ credit report as a negative factor.
True Accord
MARCH 31, 2022
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. million U.S.
Troutman Sanders
AUGUST 31, 2020
Federal Activities: During the week of August 24, 2020, the Consumer Financial Protection Bureau (CFPB) updated pages relating to student loans and its guidance on protecting credit during COVID-19. ” Additionally, the CFPB recently released additional resources for Spanish speakers, which can be viewed here.
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