At a glanceFriday, December 02, 2022

Collection Industry News At A Glance - December 2, 2022
Friday December 2, 2022
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Student Loan Forgiveness: Federal Court Upholds Ruling That Biden’s Plan is Unlawful

In another blow to millions of borrowers, a federal court declined to reverse a ruling blocking President Joe Biden’s student debt relief program on Nov. 30.

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Supreme Court Agrees to Hear Federal Request to Restore Student Loan Forgiveness Plans

The U.S. Supreme Court has agreed to review a request from the Biden administration to restore its student loan forgiveness plan, The Hill reports. While the court has agreed to review the case, it denied a request to immediately reinstate the program, according to the article.

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CFPB Cautions That No Surprises Act Violations Can Implicate Fair Lending Laws

The Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using abusive, unfair, or deceptive practices when collecting consumer debts. The Consumer Financial Protection Bureau (CFPB) enforces the FDCPA and in a in a 2014 study, the CFPB determined that more than 43 million Americans have overdue medical debt reported on their credit reports.

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The CFPB Ombudsman’s Office shares its FY2022 Annual Report

The Ombudsman’s Office is an independent, impartial, and confidential resource that assists consumers, financial entities, consumer or trade groups, and others in informally resolving process issues with the CFPB. As we mark ten fiscal years of advocating for fair process in consumer financial protection, our report includes a 10 Year Anniversary section that highlights some key milestones over the years and describes some of the various ways we have assisted the CFPB and the public from our unique vantage point.

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CFPB Petitions High Court to Consider Decision Holding Funding Structure Unconstitutional

On November 14, 2022, the Consumer Financial Protection Bureau (“CFPB”) filed a petition for a writ of certiorari in connection with the Fifth Circuit’s recent decision in Community Financial, which held that the CFPB’s funding structure violated the Constitution’s Appropriations Clause.

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Protecting borrowers’ control over their money

As the economy recovers from the global pandemic, American families and businesses are experiencing higher prices as well as higher interest rates. This includes the interest rates for some credit cards.

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Attorney General James Reaches Multistate Agreement with CarMax to Protect Drivers’ Safety

NEW YORK – New York Attorney General Letitia James and a multistate coalition of 35 attorneys general today secured $1 million from CarMax for failing to disclose open safety recalls on their used vehicles to consumers before sales.

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Murphy, Van Hollen Reintroduce Legislation to Protect Consumers from Medical Debt

WASHINGTON—U.S. Senators Chris Murphy (D-Conn.) and Chris Van Hollen (D-Md.) on Wednesdayreintroduced legislation to strengthen consumer protections and reform medical debt practices.

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CFPB Takes $19 Million Action Against Loan Doctor and Edgar Radjabli for Offering Fake High-Yield Bank Accounts

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against Loan Doctor to resolve the CFPB’s claims that the company and its founder, Edgar Radjabli, broke the law by deceiving consumers into thinking they were depositing funds into a guaranteed return savings product within a commercial bank.

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FCC Declares that “Ringless Voicemails” are “Calls” that Require Consumer Consent to Avoid TCPA Liability

On November 21, 2022, the Federal Communications Commission (FCC or Commission) issued a declaratory ruling finding that “ringless voicemails” to wireless telephones require consumer consent because they are “calls” made using an artificial or prerecorded voice, and thus are covered by the federal Telephone Consumer Protection Act, 47 U.S.C. § 227 (TCPA)

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Pax­ton Con­cludes Data Breach Inves­ti­ga­tions, Col­lects Set­tle­ments of Over $1.5 Mil­lion from Exper­ian and T‑Mobile

Attorney General Ken Paxton has announced that his office, along with a coalition of other state attorneys general, has obtained settlements totaling more than $16 million with Experian Data Corp., Experian Information Solutions, and T-Mobile.  

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ACA International Leads Advocacy Against NCLC Petition for Rulemaking on Medical Debt Credit Reporting

ACA International is pushing back on a petition from the National Consumer Law Center, which asks the Consumer Financial Protection Bureau for a rule banning medical debts from credit reports.

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Office of Research blog: Higher interest rates leading to higher debt burdens for mortgage borrowers

Mortgage interest rates rose sharply over recent months. While we’re beginning to see the impact of these changes on borrowers and potential homebuyers, fresh data can provide valuable and timely insights into the risks and trends in the overall mortgage markets that would otherwise not be available until later time.

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FTC Halts Debt Relief Scheme that Bilked Millions from Consumers While Leaving Many Deeper in Debt

The FTC has temporarily shut down a credit card debt relief scheme operated by Sean Austin, John Steven Huffman, and John Preston Thompson and their affiliated companiesthat allegedly took millions from people by falsely promising to eliminate or substantially reduce their credit card debt.

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Millennials have the most credit card debt in these 10 places — and California’s not on the list

On average, millennials owe about $4,930 in credit card debt, according to the latest data from credit bureau Experian. But in some places, the average amount of credit card debt for millennials, who range in age from 26 to 41, is even higher. In Alaska, for example, millennials carry an average balance of about $5,388, according to Experian’s 2021 study, the most recent data available on the state level.

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NY Gov. Signs Legislation Prohibiting Property Liens Over Medical Debt

November 29, 2022 - New York Governor Kathy Hochul has signed legislation aiming to protect patients with medical debt from facing wage garnishment or liens on their property.

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Cyber Monday deals lure in consumers amid high inflation

NEW YORK (AP) — Days after flocking to stores on Black Friday, consumers are turning online for Cyber Monday to score more discounts on gifts and other items that have ballooned in price because of high inflation.

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CFPB Seeks Supreme Court Appeal of Funding Ruling

On November 14, the Consumer Financial Protection Bureau (“CFPB”) filed a Petition for a Writ of Certiorari with the Supreme Court for Community Financial Protection Bureau et al. v. Community Financial Services Association of America, Ltd. et al

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CFPB Releases Analysis of Consumer Complaints Related to Crypto-Assets

Pointing to a growth in consumer complaints related to crypto-assets, on November 10th, 2022, the Consumer Financial Protection Bureau (the “CFPB”) released a Complaint Bulletin, which analyzed in excess of 8,300 consumer complaints that the CFPB had received related to crypto-assets.

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Good news: Personal loan interest rates edge down for 5-year fixed-rate loans

Borrowers with good credit seeking personal loans during the past seven days prequalified for rates that were higher for 3-year fixed-rate loans and lower for 5-year loans compared to the previous seven days.

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Here Are Mortgage Rates for Nov. 28, 2022: Rates Decrease

Some important mortgage rates tailed off over the last week, though rates are generally expected to rise this year. If you're shopping for a mortgage, see how your future mortgage payments could be affected by interest rate hikes.

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Industry Events

RMAi 2023 Annual Conference

Join us in Las Vegas, February 6-9, for the 2023 RMAI Annual Conference. Registration opens October 3, 2022.

Las Vegas , Nevada
February 06 - 09 , 2023

916 462 2462