Collection Industry News

Home - Collection Industry News
administrator
Bankruptcy News

US bank regulators announce sweeping proposals on capital rules

WASHINGTON (Reuters) – U.S. regulators unveiled a sweeping overhaul Thursday that would direct banks to set aside billions more in capital to guard against risk. If fully implemented, the proposal would raise capital requirements for large banks by an aggregate…
Legal News

Mortgage Delinquency Rate Reaches Historic Low in May

CoreLogic report attributes healthy mortgage performance to strong job market. A new report from CoreLogic found the overall delinquency rate for U.S. mortgages dropped to a record low of 2.6%, down from 2.7% in May 2022 and 2.8% in April…
Educational News

Biden administration forgives $39 billion in student debt for more than 800,000 borrowers

The Biden administration announced Friday it would automatically forgive $39 billion in student debt for 804,000 borrowers. The relief is a result of fixes to the student loan system’s income-driven repayment plans. Under those repayment plans, borrowers get any remaining debt canceled by the government…
Government News

CFPB, European Commission Announce Cooperation to Strengthen Consumer Financial Protection

On July 17, 2023, US Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra and Commissioner for Justice and Consumer Protection of the European Commission (EC) Didier Reynders published a joint statement announcing the beginning of an informal dialogue to take place at…
Editorial News

U.S. mortgage rates rise to 6.81%, highest level this year, Freddie Mac says

NEW YORK, July 6 (Reuters) – U.S. 30-year mortgage rates rose to an average of 6.81% this week, the highest level of 2023, according to Freddie Mac’s mortgage market survey. Mortgage rates have risen sharply in tandem with the Federal…
Bankruptcy News

‘Crushing’ debt crisis spells development disaster for billions: UN chie

According to a new report by the UN Global Crisis Response Group, entitled A World of Debt, a total of 52 countries – almost 40 per cent of the developing world – are in “serious debt trouble”, Mr. Guterres said, backing calls for…
Legal News

Biden signs debt limit bill, avoiding U.S. default

WASHINGTON, June 3 (Reuters) – President Joe Biden on Saturday signed a bill that suspends the U.S. government’s $31.4 trillion debt ceiling, averting what would have been a first-ever default with just two days to spare. The House of Representatives…
Educational News

Biden proposes new student-loan measures after court defeat

WASHINGTON, June 30 (Reuters) – President Joe Biden on Friday announced new measures to provide student loan relief to Americans and condemned the U.S. Supreme Court for blocking a plan to cancel hundreds of billions of dollars in debt that…
Government News

D.C. City Council Passes Final Debt Collection Legislation Taking Effect in 2023

The Washington, D.C., City Council has approved a law to address gaps in the district’s debt collection regulations. The council unanimously approved the “Protecting Consumers from Unjust Debt Collection Practices Amendment Act of 2022,” sponsored by City Council Chairman Phil…
Editorial News

Average long-term US mortgage rate rises to 6.71% in first increase after three straight drops

LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose this week, snapping a three-week pullback after reaching a high for the year in early June. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark…