Links in “Debt Collection”
- On CFPB’s Radar: Medical Debt Reporting
Recent activity indicates that the CFPB is circling; expect credit reporting of medical accounts to be addressed in proposed rules soon. [4/8/15]
- College Freshmen Need Schooling on Financial Management
A white paper released during Aprilâs Financial Literacy Month reveals an alarming trend. While student debt is rising, an increasing percentage of college freshmen state that they are less prepared to manage their financial responsibilities than any other responsibility they face in college. This means there needs to be a greater focus on financial literacy while students are in high school. [4/7/15]
- Revised Debt Guidelines
The OCC has revised its guidance to banks regarding subordinated debt in order to be consistent with 12 CFR 3. [4/6/15]
- CFPG Goes After Another Debt Collector
The CFPB announced that it is pursuing enforcement action against another debt collector for using intimidation tactics. The CFPB alleges that National Corrective Group threatened consumers with jail time for bouncing checks and charged consumers hundreds of extra dollars in fees supposedly to avoid prosecution. [3/31/15]
- CFPB Targets “Bad Check” Debt Collector
The CFPB issued an enforcement action against a debt collection operation for using threats of prosecution and jail time to get customers to pay debts for bounced checks. The debt collection agency also led consumers to believe that they must enroll in an expensive financial education program to avoid criminal prosecution. If approved, the enforcement action would impose a penalty of $50,000 on the debt collection agency. [3/31/15]
- Top Complaint: Debt Collection
The CFPB recently released its 2014 Consumer Response Annual Report. The report analyzes the complaints received by the CFPB in the previous year. Debt collection complaints were the most common, totaling 35% of all complaints. [3/30/15]
- Student-Loan Delinquencies Rise
The tail end of 2014 saw a bump in student-loan delinquencies to 11.3% over the prior quarter's 11.1%. Overall, the number is down from the high-water mark of 11.8% in 2013, yet well above the 6% from a decade ago. Student loans are the largest source of debt after mortgages. [2/18/15]
- FTC Debt Collection Actions
The FTC recently submitted its yearly summary of actions on the Fair Debt Collection Practices Act (FDCPA). Among other actions, the FTC filed 10 new debt collection cases, banned 47 companies and individuals from working in debt collection, and resolved nine cases totaling $140 million in judgments. [2/10/15]
- FTC on a Debt-Collection Roll
FTC sent its annual letter to the CFPB on its efforts to combat deceptive, unfair or abusive debt-collection practices. In 2014, it filed 10 new cases, resolved nine more, obtained $140 million in judgments, and banned 47 companies and individuals. [2/10/15]
- Debt Collection Hall of Shame
CNN reports on debt collection horror stories, from threats to take away children to warnings that pets will be killed. Sounds like some debt collectors could use a refresher on FDCPA. [2/5/15]
