2024 Credit Card Debt Statistics: Analysis Behind the Numbers

Many have been shackled by overwhelming credit card debts simply because their monthly expenses are much more than they earn. Credit card holders can go on a shopping spree without the present funds to make payments.

TransUnion Report Indicates Suspected Digital Fraud in Nearly 14% of All Newly Created Global Digital Accounts in 2023

Largely driven by bad actors using fabricated or stolen identities, the newly released TransUnion (NYSE: TRU) 2024 State of Omnichannel Fraud Report, based on proprietary insights from TransUnion’s global intelligence network, found that nearly one in seven newly created accounts is suspected to be Digital Fraud. This may represent a shift in tactics by fraudsters hoping to engage earlier in the transactional process.

Brown, Colleagues Urge CFPB To Remove Medical Debt From Credit Reports, Ease Burden On Consumers

WASHINGTON, D.C. – Today, U.S. Senators Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, Jack Reed (D-RI), Elizabeth Warren (D-MA), Tina Smith (D-MN), Raphael Warnock (D-GA), John Fetterman (D-PA), Laphonza Butler (D-CA), Jeff Merkley (D-OR), Chris Murphy (D-CT), and Ben Ray Luján (D-NM) are urging the Consumer Financial Protection Bureau to protect Americans from predatory medical debt collection practices.

Auditing Your Third-Party Collection Agency for Success

In the complex world of debt collection, third-party collection companies play a pivotal role in helping businesses recover outstanding debts. However, ensuring that these entities operate ethically, efficiently, and within legal boundaries is crucial. This is where audits come into play. Auditing third-party collection companies isn’t just a routine task; it plays a crucial role in maintaining compliance, safeguarding customer interests, and preserving your company’s reputation.  Key considerations when auditing your vendors include both emphasizing alignment with company criteria as well as adherence to state and federal regulations. 

CA DFPI Issues Notice of Proposed Rulemaking under Debt Collection Licensing Act

On February 9, 2024, the Commissioner of the California Department of Financial Protection and Innovation (“DFPI” or “Department”) announced a proposed rulemaking limited to certain requirements related to reporting and assessments under the Debt Collection Licensing Act (“DCLA”). 

Washington AG Secures Judgment Against Debt Collection Agency over Medical Debt Practices

Washington AG Bob Ferguson has secured a court order imposing civil penalties on Optimum Outcomes, Inc. for the debt collection agency’s alleged failure to comply with the state’s Consumer Protection Act when it collected medical debt payments from consumers without including legally mandated disclosures in its communications.

FTC Sends More Than $10 Million in Refunds to Consumers Harmed by Real Estate Investment Training Scheme

The Federal Trade Commission is sending more than $10 million in refunds to consumers who paid for a real estate investment training program that allegedly made empty promises about earning big profits “flipping” houses. 

ACA Joins Powerful Coalition Opposing Legislation to Mitigate Illegal ‘Robocalls’

The coalition submitted a letter to Congress against the legislation citing its harm to businesses and consumer communication while supporting efforts to stop bad actors making illegal calls.

Grassley-Backed Bill Prevents Needless Government Intervention In Private Sector Lending Activities

WASHINGTON – Sens. Chuck Grassley (R-Iowa) and Joni Ernst (R-Iowa) joined Sens. Tim Scott (R-S.C.) and John Kennedy (R-La.) to introduce the Protecting Access to Credit for Small Businesses Act. The legislation prohibits the Biden administration from making the Small Business Administration (SBA) a direct 7(a) lender, which would force community banks and credit unions to compete with the federal government. The president included this proposal in his Fiscal Year 2025 budget request.  

Banks Advocate Digital Payments as Defense Against Check Fraud

Despite the growing adoption of digital payment solutions worldwide, financial institutions (FIs) continue to process billions of checks each year, setting the stage for a growing trend: check fraud.

Prepared Remarks of CFPB Director Rohit Chopra at the Peterson Institute for International Economics Event on Revitalizing Bank Merger Review

Recently, there has been growing interest in bank mergers and how regulators and law enforcement are reviewing them. In the past eighteen months, we saw some significant transactions abandoned, including the proposed tie-up between State Street and Brown Brothers Harriman, as well as TD Bank’s proposed acquisition of First Horizon.

NCUA Quarterly U.S. Map Review – Fourth Quarter 2023

Four-quarter growth is the growth from the end of the fourth quarter of 2022 through the fourth quarter of 2023. Most maps shown in this review display medians, or the 50^th percentile of the distribution of the variable. In other words, for a given metric, half of all credit unions had a value at or above the median, while the other half had a value that was less than or equal to the median.³

BayPort Credit Union Wins CUNA Diamond Award for $500,000 Accelerating Change Together Grant Community Outreach Initiatives

NEWPORT NEWS, Va., March 21, 2024 /PRNewswire/ -- BayPort Credit Union today announced it was awarded a Diamond Award by the Credit Union National Association (CUNA) Marketing and Business Development Council. BayPort won in the new Public Relations category for the promotion of their $500,000, multi-year transformational grant called Accelerating Change Together (ACT), which was launched in partnership with two other leading corporations based in Newport News, Virginia.

Texans among highest in credit card and auto loan defaults, highest rates in a decade

AUSTIN, Texas — New numbers from the Federal Reserve show more and more people are defaulting on their auto loan and credit card debts, with Texans having one of the highest rates in the country.

CFPB notifies Texas federal court of intention to move to transfer case challenging final credit card late fee rule; plaintiffs seek expedited consideration of preliminary injunction motion before court decides venue issues

Yesterday, the CFPB filed a notice with the Texas federal district court stating that it intends to move to transfer the lawsuit challenging the CFPB’s final credit card late fee rule (Rule).  The notice was filed pursuant to an order entered by the court on March 18 questioning whether the Fort Worth Division of the Northern District of Texas is the correct venue to hear the lawsuit.

Examining Financial Fraud Against Older Adults

The Better Business Bureau reports that older adults[2] lose more than $36 billion to financial fraud every year.[3] According to the FBI’s Internet Crime Complaint Center, 105,301 cases of fraud against persons age 60 or older were reported in 2020.[4] In 2021, 128,216 offenses against persons age 65 or older were reported through the National Incident-Based Reporting System.

ATTORNEY GENERAL’S OFFICE FILES PRELIMINARY INJUNCTION AGAINST DEBT BUYERS, DEBT COLLECTION AGENCIES, AND OWNER TO HALT UNFAIR AND DECEPTIVE PRACTICES

BOSTON — The Attorney General’s Office has filed a Motion for Preliminary Injunction against Champion Funding, Inc., Champion Funding LLC, Judgment Acquisitions Unlimited, Inc., Andrew Metcalf, d/b/a Judgment Acquisitions Unlimited, Inc., and Andrew Metcalf, individually, to halt harmful debt collection practices.

Biden-Harris Administration Approves Additional $5.8 Billion in Student Debt Relief for 78,000 Public Service Workers

The Biden-Harris Administration announced today the approval of $5.8 billion in additional student loan debt relief for 77,700 borrowers. These approvals are the result of fixes made by the Administration to Public Service Loan Forgiveness (PSLF). Today’s announcement brings the total loan forgiveness approved by the Biden-Harris Administration to $143.6 billion for 3.96 million Americans.

How to spot hard-to-spot rental scams

Finding an apartment or house to rent that’s safe, affordable, and near amenities you want can be hard for anyone. Folks in the LGBTQ+ community often use community groups on social media to find housing rentals, and people often assume that what’s posted is vetted and safe for community members.

Attorney General James Sues Large-Scale Predatory Lending Operation Targeting Small Businesses

NEW YORK – New York Attorney General Letitia James today filed a lawsuit against a major operation of over 30 companies and individuals for exploiting small businesses through fraudulent loans at sky-high interest rates disguised as merchant cash advances. 

60% of US Shoppers Used Split-Payment Options in the Past Year

Split-payment or installment plans such as buy now, pay later (BNPL) enable consumers to spread the costs of purchases over multiple installments. Consumers appear to prefer these options. PYMNTS Intelligence data revealed that in the 12 months before being surveyed, about 3 in 5 shoppers opted for installment plans when shopping.

Governor Kotek Delivers Remarks at State Government Artificial Intelligence Advisory Council Kickoff

Salem, OR—Today, Governor Tina Kotek delivered remarks at the first meeting of the State Government Artificial Intelligence Advisory Council, established by the Governor’s Executive Order 23-06. Governor Kotek created the State Government Artificial Intelligence Advisory Council in response to the growing role that generative artificial intelligence is playing in society.

A Collector or an Astronaut?

As someone who has been a collector and collection leader since 1987, I have developed a unique perspective on the value of collectors and astronauts. I often pose this question during my training sessions with collectors to gauge their understanding of the value they bring to people’s lives. A collector who excels in their role can profoundly impact individuals and their families. This leads to the intriguing comparison: who adds more value to people, the work of a collector or that of an astronaut? 

NCUA Releases Q4 2023 State-level Credit Union Data Report

ALEXANDRIA, Va. (March 20, 2024) – According to the latest Quarterly U.S. Map Review released today by the National Credit Union Administration, federally insured credit unions experienced growth in loans and the share of credit unions with positive net income increased over the year ending in the fourth quarter of 2023, while delinquencies rose and assets and shares and deposits declined.

State UDAAP Developments

The Consumer Financial Protection Bureau (CFPB) does not have a monopoly when it comes to policing abusive conduct. In 2010, when Congress passed the Consumer Financial Protection Act, it made sure that state attorneys general, state regulators, and certain banking regulators were also empowered to root out harmful corporate misconduct.

Third Party Auditing Workshop

Learn to Audit Repossession Vendors and Collection Agencies

Collection and Recovery Solutions 2024

CRS2024

Webinar – Bankruptcy Filings: The New Normal or the Calm Before the Storm?

WEBINAR 2:00 pm - NACTT Academy

RMAI 2024 Executive Summit