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 Other balances, which include retail cards and other consumer loans, increased by $15 billion.

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Fico Collections

AUGUST 29, 2022

Each year, we provide insight into the national average FICO® Score to help ensure consumers have a baseline measure of credit health standing. Government stimulus programs have been ramping down and payment accommodations reported in the credit bureau data have largely reverted to their pre-pandemic levels. Average U.S.

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Troutman Sanders

JANUARY 30, 2023

In 2021, the Office of Comptroller of Currency (OCC) issued Interpretive Letters 1174 and 1179 , governing the permissibility of national banks to issue dollar tokens. On January 25, the Consumer Financial Protection Bureau (CFPB) released a blog post on consumer credit score transitions during the COVID-19 pandemic.

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Collection Industry News

DECEMBER 21, 2022

Credit Card, Personal Loan Delinquencies Expected to Surge in 2023. The company’s 2023 Consumer Credit Forecast released Wednesday projects serious credit card delinquencies will climb to 2.6% government study shows, from almost 17 million in 2019 to 180 million in 2021.

Credit Card Debt 40

Credit Card Debt Personal loans Banks Loans 40

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. And lenders are happy to lend.

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Lender Personal loans Foreclosure Loans 58

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. For more information, click here.

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Fico Collections

JUNE 16, 2022

Unemployment rate is typically a key factor used in credit card loss forecasting models due to its high correlation with delinquency and loss. However, unlike during the Great Recession, government stimulus and payment deferral programs kept delinquency at bay when unemployment reached its peak in 2020. higher than March 2020.

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Fico Collections

FEBRUARY 21, 2023

Increasing of the fed funding rates leads to higher interest rates when seeking new credit or carrying balances on credit cards. For example, the average interest rate on credit cards accruing interest in Q4 2022 was 20.40% compared to 16.44% in Q4 2021 (Source: Federal Reserve G.19 19 report on Consumer Credit).

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Fico Collections

FEBRUARY 7, 2023

Saxon Shirley Fri, 05/20/2022 - 06:06 by FICO expand_less Back To Top Tue, 02/07/2023 - 19:10 As the independent standard in credit scoring, FICO® Scores are the leading credit scores used extensively across the lending ecosystem. million previously “unscorable” consumer files. Read the full post 3.

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Troutman Sanders

MARCH 11, 2024

Drawing on expertise from key governmental bodies, the proposed legislation seeks to establish a comprehensive framework for stablecoin governance. If enacted, the bill would, among other things, prohibit medical debts from being reported on consumers’ credit reports.

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Fico Collections

NOVEMBER 11, 2020

René is currently responsible for the market and liquidity risks teams and the risk modeling team, overseeing credit, market and liquidity models, contributing to policy design and governance at Banreservas; the largest bank in the Dominican Republic and one of the largest in the region. Tiffani Montez, analyst at Aite.

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Fico Collections

FEBRUARY 16, 2021

It marks the highest fine ever issued to a lender for what it deemed a breach of consumer credit rules. But more tellingly, the penalty related to the mistreatment of business and personal customers who fell behind on credit card and loan payments between 2014 and 2018 – well before many of us had even heard of COVID-19.

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Fico Collections

JANUARY 15, 2021

In our top post, Vice President and General Manager of Scores, Sally Taylor explained the new FICO Resilience Index, designed to provide lenders with a more precise assessment of consumer credit risk and consumers with demonstrated talent for weathering economic storms greater access to credit. As of July 2020, just 7.3%

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Lender Loans Consumer Credit Credit Card Debt 59

Troutman Sanders

OCTOBER 17, 2022

On October 13, the Federal Reserve and the CFPB announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2023 are exempt from Regulation Z (truth in lending) and Regulation M (consumer leasing). For more information, click here. For more information, click here. and the U.S.,

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Financial services Banks Student loans Student Loans 52

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.” Strengthen Retail (Consumer) Investor Protections. For more information, click here. competitiveness and national security ….” HB1443 will go into effect on November 1.

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Financial services Student loans Student Loans Loans 52

Consumer Financial Services Law

JUNE 11, 2016

includes consumer financial products including broadly the “extension of consumer credit”, as well as automobile leases, deposit accounts, debt management and settlement, check cashing and payment processing services, debt collection, credit reporting, and remittance transfers subject to the Electronic Funds Transfer Act.

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