Collection Industry News

Home - Collection Industry News
administrator
Government News

Supreme Court case may gut the CFPB: Consumer watchdog’s ‘future is on the line,’ group says

The Supreme Court is set to hear oral arguments Tuesday in a case with the potential to gut the Consumer Financial Protection Bureau, a watchdog agency created in the wake of the 2008 financial crisis. The case — CFPB v. Community Financial Services Association…
Editorial News

US graduates brace for return of student loan repayments

After a three-and-a-half year pandemic-era pause, US federal student loans start accumulating interest again from Friday, with repayments set to cut the monthly take-home pay of millions of Americans by hundreds, and in some cases thousands, of dollars. Joe Biden…
Bankruptcy News

US debt rises to $33 trillion as government shutdown looms

As the US national debt passes $33 trillion and a government shutdown looms, Wall Street feels defensive. That shutdown could sour sentiment and deal a blow to an economy already dealing with high gas prices, autoworker strikes and elevated inflation…
Legal News

CFPB Reacts Quickly and Favorably to Petition Submitted to it by Consumer Groups to Ban Pre-dispute Arbitration

Last week, a group of consumer advocate organizations filed a Petition for Rulemaking with the CFPB that would prohibit the use of pre-dispute arbitration clauses in consumer contracts in favor of arbitration clauses that would permit consumers to choose between arbitration and…
Government News

Fed declines to hike, but points to rates staying higher for longer

The Federal Reserve held interest rates steady in a decision released Wednesday, while also indicating it still expects one more hike before the end of the year and fewer cuts than previously indicated next year. That final increase, if realized,…
Editorial News

Crunch time after string of aggressive central bank rate hikes

LONDON, Sept 14 (Reuters) – It is crunch time. Major central banks have confounded economists with a string of interest rate rises that, so far, have moderated inflation without causing global recession. Now comes the challenge: how to pause monetary…
Bankruptcy News

Credit card losses are rising at the fastest pace since the Great Financial Crisis

Credit card companies are racking up losses at the fastest pace in almost 30 years, outside of the Great Financial Crisis, according to Goldman Sachs. Credit card losses bottomed in September 2021, and while initial increases were likely reversals from…
Legal News

Democratic US senators urge more funding to avoid public defender layoffs

Oct 6 (Reuters) – Twenty-three Democratic U.S. senators on Friday urged congressional appropriators to increase spending on federal public defenders beyond what is proposed in pending spending legislation or risk significant job cuts. In a letter to the leaders of the U.S.…
Educational News

Biden-Harris Administration Announces an Additional $9 Billion in Student Debt Relief

The Biden-Harris administration announced today that an additional 125,000 Americans have been approved for $9 billion in debt relief through fixes the U.S. Department of Education has made to income-driven repayment (IDR) and Public Service Loan Forgiveness (PSLF), and granting…
Government News

Inflation is driving up consumer credit card debt by billions of dollars

A combination of inflation and climbing interest rates seems to be stretching consumers’ balance sheets, but it’s not clear yet whether they’re getting to a breaking point. Newly released data from WalletHub says U.S. consumers took on $43 billion in additional…