The Consumer Financial Protection Bureau has proposed a new rule related to small-business credit access. This proposed rule, required by Congress in the Dodd-Frank Act, would, if finalized, “require lenders to disclose information about their lending to small businesses, allowing … Continue reading →
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WASHINGTON — Attorney General Bob Ferguson announced Wednesday that Renton-based collection agency, Convergent, will pay more than $1.6 million over misleading letters it sent to Washingtonians. According to the attorney general’s office, the letters contained “settlement offers” to settle debts, … Continue reading →
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Hospitals have sued fewer patients over unpaid medical debt since the media brought the practice to the public’s attention in 2019, according to a study published in JAMA Network Open. The study was published Aug. 23, two years after a … Continue reading →
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by Analytics Insight August 26, 2021 Lenders, collection agencies, law firms, and other organizations in financial services inherently operate with a certain level of risk. And when it comes to collections itself, a growing influx of new debt, digitally aware … Continue reading →
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Yesterday, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited Notice of Proposed Rulemaking (NPRM) related to Dodd-Frank 1071. As we have discussed in this space, Section 1071 amends the Equal Credit Opportunity Act to mandate certain reporting requirements for financial services companies … Continue reading →
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If you’re facing big bills from COVID-19 or other medical issues and you’re worried about your credit, keep this in mind: Your credit score can recover if it is badly damaged, but there are no such guarantees about your health. … Continue reading →
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Published studies and bad press about hospitals’ medical debt lawsuits led to a substantial decline in the number of collection cases against patients. The combination of research, media coverage and patient advocacy resulted in a statewide decrease of warrant in debt … Continue reading →
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The California Commissioner of the Department of Financial Protection and Innovation (DFPI) recently posted a checklist of requirements for the state’s debt collection licensing application on the Nationwide Multistate Licensing System (NMLS) website. The licensing application will be available on … Continue reading →
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SAN FRANCISCO — A federal judge granted final approval to a $1.1 million settlement to resolve claims that a debt collector used district attorney letterhead in demand letters to extract fees from people who wrote bad checks. Click here to … Continue reading →
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In summary Justice in debt-collection cases is one-sided. Borrowers almost never have legal representation in court — the state should guarantee the right to a lawyer. © Provided by CalMatters Profile Image By Prasad Krishnamurthy Prasad Krishnamurthy is a professor … Continue reading →
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