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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…
Government News

Mortgage Rates Continue Falling as Homebuying Season Begins

Mortgage rates continued to decline for the fourth consecutive week, with the average 30-year fixed rate falling to 6.83%. Rates on long-term fixed-rate mortgages, including FHA loans, VA loans and jumbo loans, all dropped during the past week. Meanwhile, short-term mortgage…
Editorial News

Credit Card Debt Is at Record High as Fed Raises Rates Again

NEW YORK (AP) — As the Federal Reserve raises interest rates again, credit card debt is already at a record high, and more people are carrying debt month to month. The Fed’s interest rate increases are meant to fight inflation, but…
Bankruptcy News

Credit card debt is at an all-time high, putting households near ‘breaking point,’ study shows

More consumers are leaning on credit cards to afford increasingly expensive necessities such as food and rent. That helped propel total credit card debt to a record $930.6 billion at the end of 2022, an 18.5% spike from a year earlier, according to…
Legal News

Mortgage rates tumble in the wake of bank failures

The average rate on the popular 30-year fixed mortgage dropped to 6.57% on Monday, according to Mortgage News Daily. That’s down from a rate of 6.76% on Friday and a recent high of 7.05% last Wednesday. Mortgage rates loosely follow the…
Educational News

Price Tag of Biden Plan to Overhaul Income-Driven Student Loan Repayments: $230 Billion

The Biden administration’s plan to overhaul a federal student loan repayment program that pegs monthly payments to a borrower’s income would cost $230 billion over 10 years, according to a new estimate from the Congressional Budget Office – nearly double the price tag touted…
Government News

CFPB receives FCRA rulemaking petition on debt collection

On March 3, the CFPB received a rulemaking petition from the National Consumer Law Center (NCLC) in response to forthcoming FCRA rulemaking announced in the Bureau’s Fall 2022 regulatory agenda. As previously covered by InfoBytes, the Bureau announced it is considering pre-rulemaking activity…
Editorial News

Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC

WASHINGTON, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:Today we are taking decisive actions to protect the U.S. economy by…
Bankruptcy News

SVB is largest bank failure since 2008 financial crisis

March 10 (Reuters) – Startup-focused lender SVB Financial Group (SIVB.O) became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded. California…