Sat, Aug 08, 2020 – 2:25 PM [NORFOLK] Bolstered cash collections helped profits more than triple at two of the largest publicly traded debt collectors, as stimulus checks and lockdowns left US borrowers stuck at home with extra cash on … Continue reading →
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On July 27, the U.S. District Court for the Middle District of Florida entered a nearly $13.9 million partially suspended judgment against six corporate and three individual defendants (collectively, “defendants”) allegedly operating an illegal robocall scheme offering consumers credit card … Continue reading →
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Here’s a big TCPA ruling for debt collectors and servicers– and a bit of a downer for everyone else. The Court in Mosley v. General Revenue Corp., Civil Action No. 1:20-cv-01012-JES-JEH, 2020 U.S. Dist. LEXIS 127055 (C.D. Ill. July 20, … Continue reading →
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The Trump administration has urged banks and credit unions to compete with high-cost payday lenders to offer more credit options to consumers. But banks remain wary of a product they still see as risky, observers said. The prudential bank regulators … Continue reading →
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Effective July 1, 2020, an update to the website for the Colorado Attorney General’s informational page about the Colorado Fair Debt Collection Practices Act (CFDCPA) must be included in the first written notice sent to consumers about a debt. The … Continue reading →
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On July 30, a group of consumer fair housing associations (collectively, “plaintiffs”) filed suit against the CFPB, challenging the Bureau’s final rule permanently raising coverage thresholds for collecting and reporting data about closed-end mortgage loans and open-end lines of credit … Continue reading →
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The role of the Consumer Financial Protection Bureau (CFPB) has come under scrutiny, but as of the time of this writing, it’s still a place for consumers to log complaints against financial institutions. And during the coronavirus pandemic, the number … Continue reading →
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The United States Senate has unanimously passed legislation protecting stimulus checks from being garnished by creditors. The bipartisan bill, co-sponsored by senate finance committee chairman Sen. Chuck Grassley (R-IA) and Sen. Sherrod Brown (D-OH), will ensure that coronavirus relief payments … Continue reading →
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In February 2020, the Federal Reserve found that Americans have reached a record high for the amount of credit card debt owed. On top of that, charge-offs and past-due payments among 18-29 year-olds is rapidly rising. To top it off, … Continue reading →
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WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today filed a complaint in the federal district court for the Central District of California against GST Factoring, Inc., which runs a student-loan debt-relief business in Texas, and two of its … Continue reading →
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