Collection Industry News

Home - Collection Industry News
administrator
Government News

Senate version of Trump’s budget bill would raise the debt ceiling by $5 trillion—what it could mean for your wallet

Senate Republicans are backing a budget package that would raise the debt ceiling by $5 trillion, the largest increase in U.S. history, raising questions about its economic impact. The proposal is part of President Donald Trump’s “One Big Beautiful Bill Act” and would…
Editorial News

OCC’s Hood Emphasized AI Oversight and Inclusion in Financial Services

On April 29, Acting Comptroller of the Currency Rodney Hood delivered pre-recorded remarks at the National Fair Housing Alliance’s Responsible AI Symposium.  In his speech, Hood reiterated the OCC’s commitment to deploying AI responsibly within the banking sector and highlighted the agency’s…
Bankruptcy News

Bankruptcies Rise 13.1 Percent Over Previous Year

Bankruptcy filings rose 13.1 percent during the 12-month period ending March 31, 2025. That is a similar rate of acceleration as in the Dec. 31, 2024, quarterly report, but new bankruptcy cases remain significantly lower than after the 2007-08 Great…
Legal News

FTC Settles with Debt Collector

On May 1, 2025, the Federal Trade Commission (FTC) announced that it had filed an amended complaint​ and entered into a proposed final order with a debt collector and its owner, resolving allegations that the company engaged in a fraudulent debt collection scheme. In its amended complaint,…
Legal News

FTC Action Leads to Court Order Halting Phantom Debt Collection Scheme That Took Millions from Consumers and Threatened Consumers’ Credit, Homes, and Employment

As result of FTC lawsuit, federal court issues temporary restraining order halting scheme that sent fictitious debt collection notices to consumers nationwide As a result of a Federal Trade Commission lawsuit, a federal court has temporarily halted the operations and frozen the…
Educational News

Trump administration to garnish wages of 5.3 million defaulted student loan borrowers this summer

The Trump administration resumed collection efforts on defaulted student loans Monday after a roughly five-year hiatus — and affected borrowers could begin feeling the financial consequences sooner than experts expected. The U.S. Department of Education released new details on what actions it plans to take, when.…
Government News

CFPB Seeks to Vacate the Medical Debt Rule

The CFPB on April 30, 2025, reached an agreement with lender trade groups to vacate the Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information Rule (the Medical Debt Rule). The joint motion for entry of consent judgment was…
Editorial News

March 2025 Consumer Litigation Filings: Everything Up

By David N. Anthony on April 23, 2025 Posted in All Entries, Consumer Financial Protection Bureau (CFPB), FCRA, FDCPA, State Attorneys General, CFPB + FTC, TCPA According to a recent report by WebRecon, court filings under the Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), the Telephone Consumer…
Bankruptcy News

New federal rule removes medical debt from credit reports

On Jan. 7, 2025, the Consumer Financial Protection Bureau (CFPB) finalized a rule that will ban the inclusion of medical debt on credit reports and prohibit lenders from using medical information in their approval decisions. The CFPB estimates the rule change will…
Legal News

Weekly mortgage demand suddenly surges, despite lingering economic uncertainty

Mortgage interest rates dropped for the second straight week, although not by a lot. That was thanks to more negative news on the economy. But despite all that, weekly mortgage demand surged higher by 11%, according to the Mortgage Bankers…