Collection Industry News

Home - Collection Industry News
administrator
Bankruptcy News

Consumer Debt Soared By $52 Billion In March

Source: site San Francisco CNN Business — Americans are racking up debt at record rates. Consumer debt levels for March 2022 climbed by $52.4 billion, an annual increase of 14%, seasonally adjusted, according to Federal Reserve data released Friday. Revolving credit, which…
Educational News

Student Loan Debt Climbs Higher as Biden Weighs Debt Forgiveness

Source: site As President Joe Biden considers using executive action to cancel some federal student loan debt, the financial burden on today’s students continues to rise. According to the College Board, which tracks trends in college pricing and student aid, average tuition and fees for the…
Legal News

CFPB Sues TransUnion on Credit Reporting Violations

Source: site Although debt collection has been a longtime leading issue reported to the Consumer Financial Protection Bureau (CFPB), during the COVID-19 pandemic, another issue emerged as the nation’s number one consumer concern: credit reporting. Of the more than 800,000 credit…
Legal News

CFPB Supervisory Report Finds Issues in Several Financial Institution Practices

Source: site On May 2, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Supervisory Highlights report on legal violations discovered during examinations in the second half of 2021. The Supervisory Highlights detail issues identified by CFPB examination teams across…
Editorial News

U.S. consumer spending rises sharply, but inflation climbs almost as fast

Source: site By Jeffry Bartash Incomes are falling after inflation is factored in The numbers: Consumer spending rose a sharp 1.1% in March, but the increase barely outpaced another surge in inflation as Americans confront the biggest price increases in 40…
Educational News

Student Loan Forgiveness Plans Enrage Boomers: ‘Unfair’

Source: site A number of people in the so-called “boomer” generation have hit out at President Joe Biden‘s reported plans to forgive some student loan debt for millions of people. The suggestion that Biden may follow through with one of his 2020…
Bankruptcy News

Tennis legend Boris Becker sentenced to more than 2 years in jail over bankruptcy ordeal

Source: site NEWYou can now listen to Fox News articles! Tennis legend Boris Becker was sentenced to more than two years in prison over bankruptcy offenses on Friday. Earlier this month, Becker was found guilty of illicitly moving hundreds of thousands…
Educational News

Maryland’s Attorney General Seeks To Cancel Student Debt

Source: site MARYLAND — Maryland Attorney General Brian E. Frosh has joined five other attorneys general to call on the U.S. Department of Education to cancel the federal student loan debt of thousands of students —including many in Maryland. Frosh said…
Legal News

California Filing Cross-Complaint Alleging FinTech Is “True Lender,” Seeks $100M Penalty

Source: site On April 8, the California Department of Financial Protection and Innovation (DFPI) filed a cross-complaint against a Chicago-based FinTech company alleging that as the “true lender” of consumer installment loans, it is subject to and also violated the Californian…
Legal News

CFPB Obtains Ban Against Debt Relief CEO Daniel Crenshaw

Source: site Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order to resolve its allegations that Performance SLC, a student loan debt relief business, and Performance Settlement, a general debt-settlement company, along with their owner and CEO,…