At a glanceWednesday, March 02, 2022

Collection Industry News At A Glance - March 2, 2022
Wednesday March 2, 2022
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Consumer Spending Behavior Shifts as Two in Three Americans Say They are Extremely or Very Concerned About Inflation

Two in three Americans (64%) report being extremely or very concerned about inflation, according to TransUnion’s (NYSE: TRU) latest Consumer Pulse study. Nine in 10 (93%) expressed that they are at least slightly concerned. The results from the Feb. 7-15 survey of 2,949 adults were released today, just weeks after the Consumer Price Index – a measure of inflation – experienced its largest 12-month increase in 40 years at the end January.

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U.S. Bank Profits Jump in 2021 as Firms Shed Credit Loss Reserves, FDIC Says

WASHINGTON (Reuters) -U.S. banks saw their profits jump nearly 90% in 2021 as firms shrank how much money they were setting aside to protect against credit losses, the Federal Deposit Insurance Corporation said on Tuesday.

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ACA International Responds to CFPB Report on Medical Debt

Washington, D.C. – March 1, 2022 – The Consumer Financial Protection Bureau has released a report about medical debt. The members of ACA International (ACA), the association of credit and collection professionals, work tirelessly to provide solutions and advocate on behalf of patients and medical providers to get insurance companies to pay the benefits that patients have paid for and are entitled to receive.

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NCUA Returns Control of Southern Pine Credit Union to Members

ALEXANDRIA, Va. (March 1, 2022) – The National Credit Union Administration today announced that Southern Pine Credit Union of Valdosta, Georgia, will once again be under the control and direction of its members, effective March 17, 2022.

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Utah One Step Closer to a Consumer Privacy Bill

SB 227 is an omnibus privacy bill that shares similarities with the Virginia Consumer Data Protection Act and the Colorado Privacy Act.  For instance, the bill imposes different obligations on a covered business depending on whether the business is acting as a controller (one who determines the purposes for processing data, alone or in coordination with others) or processor (one who processes data on behalf of a controller).

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TCN Unveils Definitive Guide to Regulation F Rules for Collections Agency Call Centers

ST. GEORGE, UTAH (PRWEB) — Mar. 01 2022 — TCN, Inc., a global provider of a comprehensive cloud-based call center platform for enterprises, contact centers, BPOs, and collection agencies, today released a new eBook, titled “The Ultimate Guide to Reg F: Everything Your Collections Agency Call Center Needs To Know.” The latest eBook outlines what Regulation F means for collection agencies, details its potential impact, and provides guidance on how to navigate the new changes efficiently. 

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CFPB to Monitor Lenders During Expected Increase in Auto Loan Debt

On February 24, the CFPB posted a blog citing that the recent increase in car prices will result in both the total amount of debt and the average loan size to continue to increase, which will put increased pressure on some consumers’ budgets for much of the next decade. According to data from the Bureau of Labor Statistics, the Consumer Price Index (CPI) for used cars and trucks increased 40% percent since January 2021 while the CPI for new cars increased 12 percent. In the face of such challenges, the CFPB plans to focus on:

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Prepared Remarks of Director Rohit Chopra on New CFPB Medical Debt Report

Good morning. Today, the CFPB released a report on medical billing and collection practices in our country. Medical bills are the most common debt in collections reported on our credit reports. Our own review suggests that roughly 43 million people had medical bills on their credit report, in June 2021, with the total outstanding amount around $88 billion.

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Virginia AG Miyares secures student debt relief from defunct for-profit college

WASHINGTON, D.C. (WRIC) — Virginia Attorney General Jason Miyares, along with attorneys general from 9 other states, has finalized an agreement to forgive the debt of students who attended a fraudulent for-profit university that filed for bankruptcy in 2019.

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California and Georgia Reach Settlement with Rent-to-Own Companies

In two unrelated settlements, the California DFPI and Georgia attorney general each recently settled with rent-to-own companies. In the California settlement that was announced on January 10, the DFPI settled with a Los Angeles-based rent-to-own furniture provider for overcharging consumers late payment fees and failure to provide consumer disclosures required under the California rent-to-own law, the Karnette Rental-Purchase Act, in violation of the California Consumer Financial Protection Law (CCFPL). Among other things, the company failed to:

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CFPB Estimates $88 Billion in Medical Bills on Credit Reports

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a report highlighting the complicated and burdensome nature of the medical billing system in the United States. The report reveals that the U.S. healthcare system is supported by a billing, payments, collections, and credit reporting infrastructure where mistakes are common, and where patients often have difficulty getting these errors corrected or resolved. 

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Operators of Credit Card Interest Rate Reduction Scam Permanently Banned from Debt Relief Business Under Settlement with the FTC and Florida Attorney General

The operators of an alleged credit card interest rate reduction scam will be permanently banned from the debt relief industry as part of court orders resolving charges by the Federal Trade Commission and the Florida Office of the Attorney General.

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Carr: Georgia Joins Multistate Agreement to Secure Private Debt Relief for Former Argosy University Students

ATLANTA, GA — Attorney General Chris Carr today announced the State of Georgia has joined a multistate settlement agreement with the entities controlling Argosy University student debt. Specifically, the entities have agreed to cancel the outstanding principal and interest for students who attended Argosy University in the years preceding its abrupt closure in 2019. This multistate deal also includes the cancellation of more than $150,000 in debt for students who attended Argosy’s Atlanta campus.

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CFPB Moves to Thwart Illegal Auto Repossessions

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is moving to thwart illegal repossessions in the heated auto market. A compliance bulletin issued today reveals conduct observed during CFPB examinations and enforcement actions, including the illegal seizure of cars, sloppy record keeping, unreliable balance statements, and ransom for personal property.

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FTC Staff Provides Annual Letter to CFPB On 2021 Equal Credit Opportunity Act Activities

The staff of the Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) an annual summary of its activities enforcing the Equal Credit Opportunity Act (ECOA).

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93% of student loan borrowers aren’t prepared to restart payments, survey finds

It’s been almost two years since most borrowers have had to pay their monthly student loan bill. And yet, 93% of them are not prepared to resume payments on May 1, according to a survey of more than 23,000 student loan borrowers by the Student Debt Crisis Center.

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At Least 22 States Have Consumer Privacy Legislation Pending – Will 2022 Be the Year for More State Privacy Laws?

California is the gold standard for state privacy laws, having recently enacted the California Consumer Privacy Act (CCPA) and the California Privacy Rights Act (CPRA). Virginia and Colorado also have enacted comprehensive privacy laws, which will take effect in 2023. Recently, the International Association of Privacy Professionals (IAPP) released its state privacy legislation tracker. The IAPP offers a map of the states that shows all the states and the status of any privacy legislation. The map shows the various stages of any privacy legislation, from bills introduced all the way through bills signed.

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FTC Extends Public Comment Deadline on Supply Chain Disruptions to March 14

The Federal Trade Commission (FTC) will extend the deadline to submit comments as part of its inquiry into supply chain disruptions, a press release says. The FTC said in November that it planned to take comments on how supply chain issues have affected competition in consumer good markets.

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As auto prices soar, more buyers take out 6½- and 7-year loans

The surge in auto prices in the second half of 2021 has pushed more consumers to take out auto loans that stretch beyond six years, according to a new report analyzing how millions of consumers finance the vehicles they have purchased.  

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WASHINGTON, D.C. — Today, Rep. Al Lawson (FL-05) re-introduced the Small Business Fair Debt Collection Protection Act which safeguards small businesses from harassment by third-party debt collectors.  The bill extends protections under the Fair Debt Collection Practices Act (FDCPA) to small businesses with loans or obligations that are less than $5 million so that debt collectors have guardrails on what they can do to collect these debts.

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Black Knight: Foreclosure Starts Surge Sevenfold in January, Hitting Highest Level in Two Years; Though Volumes Rising, Still 20% Below Pre-Pandemic Levels (

JACKSONVILLE, Fla., Feb. 24, 2022 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at January 2022 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

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FCC Announces Growth in State-Federal Robocall Enforcement

Federal Communications Commission Chair Jessica Rosenworcel recently welcomed new state law enforcement leaders to the agency’s growing list of illegal robocall enforcement partnerships, according to a news release.

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2 in 3 Credit Union Members Want to See More Innovation Around Business Loans

Credit unions have long been known for personalized services and high levels of member satisfaction. But new evidence also suggests they’re also uniquely suited to serving businesses’ financial needs, as they can often offer businesses better service and better terms than larger financial institutions. 

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Colorado Senate Approves Consumer Debt Protection Bill

Colorado is seeking to increase the amount of the homestead exemptions that are protected from seizure to satisfy a debt in a bill from Democrat State Sen. Faith Winter and Democrat State Rep. Matt Gray.

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Consumer Financial Protection Bureau Outlines Options To Prevent Algorithmic Bias In Home Valuations

Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today outlined options to ensure that computer models used to help determine home valuations are accurate and fair. The options will now be reviewed to determine their potential impact on small businesses.

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Biden to forgive another $415 M in student loan debt—here’s who gets it

Last week, the U.S. Department of Education announced that about 16,000 defrauded student loan borrowers will receive a collective $415 million in debt forgiveness. That’s on top of the approximately $15 billion in federal student loans that have been forgiven during President Joe Biden’s tenure thus far. 

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Attorney General Ford Urges Federal Trade Commission to Create National Rule Outlawing Impersonation Scams

Carson City, NV — Today, Attorney General Aaron D. Ford announced he has joined a bipartisan coalition of 49 attorneys general calling on the Federal Trade Commission to adopt a national rule targeting impersonation scams.  

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CFPB to increase oversight of automated valuation models

The Consumer Financial Protection Bureau (CFPB) has announced that it is ramping up its oversight of automated valuation models after the Federal Housing Finance Agency discovered discriminatory statements in some home appraisals.

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Rising car prices means more auto loan debt

Earlier this month, the Bureau of Labor Statistics released data regarding changes to the Consumer Price Index (CPI), which is one measure of inflation. The increasing cost of automobiles continues to be a major component of inflation, as many manufacturers face difficulties procuring chips that are a key component in cars and are therefore producing fewer new cars.

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CFPB interpretation of convenience fees under FCDPA is improper

The Consumer Financial Protection Bureau’s strict interpretation of “permitted by law” in the Fair Debt Collection Practices Act is improper, and will deprive consumers’ of important, cost-saving choices, CUNA and other organizations wrote in a brief filed Tuesday in the 9th U.S. Circuit Court of Appeals.

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FCC Proposes Largest Illegal Robocall Fine to Date

The FCC has proposed its largest illegal robocall fine ever — a $45 million fine against telemarketing company Interstate Brokers of America. According to the commission, the company conducted an illegal robocall campaign to sell health insurance under the pretense that the annual enrollment period had been reopened due to the coronavirus pandemic.

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CFPB Warns of Serious Issues with Fair Lending Standards for Appraisers

The Consumer Financial Protection Bureau (“CFPB”) released a blog post on February 4 warning of the possibility of discrimination in the appraisal process. The CFPB explained that, although appraisal discrimination based on racial inequalities has been outlawed for more than 50 years, they are still seeing reports of biased appraisers who “base their value judgments on biased, unfounded assumptions about borrowers and the neighborhoods in which they live.”

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Average mortgage loan size holds near record despite 4% rates

Mortgage rates continue to climb, putting a damper on interest in mortgage applications. Demand for applications dropped 13.1% from a week ago, according to the weekly survey from the Mortgage Banker's Association.

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Housing: Where prices to buy or rent a home are rising the fastest Chief Economist Danielle Hale joins Yahoo Finance Live to discuss the latest national home pricing index data, inflation in renting prices for both landlords and renters, mortgage rents in the pandemic, and compares metro area costs for homebuyers.

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Industry Events

AFCC 2022 Spring Conference

American Fair Credit Council

Four Seasons Hotel
New Orleans , LA
March 27 - 29 , 2022

(888) 657-8272

Collection and Recovery Solutions 2022

Resource Management Services, Inc.

Our live Collection and Recovery Solutions event will be held May 25 – 27 at the Four Seasons in Las Vegas. We hope you can join us! More details will be provided soon. Our team can always be reached at

May 25 - 27 , 2022