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CFPB Issues Advisory Opinion on “Zombie Debt”

On April 26, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion reminding the industry that a debt collector who brings or threatens to bring a foreclosure action to collect a time-barred mortgage debt may violate the Fair Debt…
Bankruptcy News

Texas Bankers sue CFPB over small business lending data rule

The largest state bank trade group in the country is suing the Consumer Financial Protection Bureau to block the rollout of a new data collection requirement.  The Texas Bankers Association filed suit against the CFPB in the U.S. District Court for…
Legal News

Can debt collectors collect a debt that’s several years old?

A debt doesn’t generally expire or disappear until its paid, but in many states, there may be a time limit on how long creditors or debt collectors can use legal action to collect a debt. In many states, statues of…
Educational News

Supreme Court allows $6 billion student loan debt settlement

The justices declined to intervene over a class-action settlement that could lead to the cancellation of more than 200,000 loans based on claims that colleges misled students. WASHINGTON — A settlement that will allow thousands of student loan debts to…
Government News

U.S. House GOP pushes through debt ceiling increase coupled with massive spending cuts

U.S. House Republicans on Wednesday struggled but whipped just enough votes to pass their plan to temporarily raise the nation’s borrowing limit and also cut spending by slashing key parts of President Joe Biden’s climate and tax law, potentially risking…
Editorial News

What Americans can learn from Denmark on handling debt ceiling crisis

The high-wire drama of raising the US debt ceiling is making headlines again. Is there a better way? Perhaps Denmark has the answer. The US Congress is once more arguing about the country’s debt ceiling – the limit on how…
Bankruptcy News

Bed Bath & Beyond plans to liquidate all inventory and go out of business

New YorkCNN —  Bed Bath & Beyond, the store for seemingly everything in your home during the 1990s and 2000s, filed for bankruptcy on Sunday. “Thank you to all of our loyal customers. We have made the difficult decision to begin…
Legal News

As outstanding credit card debt hits new high, the CFPB is focusing on ways to increase competition and reduce costs

Credit cards are one of the most common financial products in our country, providing the bulk of short-term credit for families. Interest rates on credit cards have risen substantially, with average interest rates going over 20% . Given the trends for the…
Editorial News

Supreme Court Won’t Block Student Loan Class-Action Settlement

Three schools challenged the settlement, which would forgive $6 billion, saying the Biden administration had colluded with plaintiffs and exceeded its authority. WASHINGTON — The Supreme Court on Thursday refused to block a class-action settlement that forgave $6 billion in…
Press Release

Valerie Ingold becomes the first female president in the history of the IACC

Collection Industry News would like to congratulate Valerie Ingold on becoming the first female president in the history of the IACC(International Association of Commercial Collectors) As a young college student, Valerie never envisioned a career in the collection industry. While…