Collection Industry News

Home - Collection Industry News
administrator
Legal News

VA Changes Debt-Reporting Procedure

Source-site Veterans who owe money to the Department of Veterans Affairs will have a better chance to avoid having their debt reported to consumer reporting agencies (CRAs). VA has amended its procedures for reporting these debts until all available efforts…
Educational News

Democrats Want Student Loans Cancelled, But Twitter Claps Back

Source-site Democrats tweet that student loans should be cancelled, but opponents say student loan forgiveness has major problems. Here’s what you need to know. Student Loans Another week and another day in which a progressive member of Congress tweets at…
Government News

Medical debt elimination coalition working on additional measures

Source-site Late last month, a broad coalition of Arkansas nonprofits and donors coordinated the elimination of $35 million in medical debt for over 23,000 Arkansans. Leaders from two of the organizing groups say there is still much work to be…
Government News

Navient settles predatory student loan claims for $1.85B

Source-site The company agreed to cancel $1.7 billion in debt owed by more than 66,000 borrowers across the U.S. and pay over $140 million in other penalties. BOSTON — Navient, a major student loan collecting company, agreed to cancel $1.7…
Legal News

What Is A “Junk Fee?” CFPB’s Inquiry Sparks Industry Backlash

Source-site The Consumer Financial Protection Bureau’s Director Rohit Chopra raised hackles by launching a broad inquiry last week into so-called “junk fees” charged on run-of-the-mill financial products such as loans, mortgages and credit cards. “Service charges inflate ticket prices, resort fees hike…
Legal News

CFPB Announces 2022 Increases To Maximum Amount Of Civil Penalties

Source- site The Consumer Financial Protection Bureau increased the maximum civil penalty it can impose within its jurisdiction after Jan. 15, 2022. The increases are mandated by federal law, which requires agencies to adjust for inflation each civil monetary penalty…
Government News

PRA Group Expected to Post Quarterly Sales of $251.09 Million

Source-site Equities research analysts expect that PRA Group, Inc. (NASDAQ:PRAA) will post $251.09 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for PRA Group’s earnings. The lowest sales estimate is $246.86 million and the…
Government News

Synchrony isn’t sweating CFPB scrutiny of late fees, CEO says

Source-site Synchrony Financial is closely monitoring the possibility that regulators will curb late fees across the credit card industry, but it’s not overly concerned about the potential revenue impact, executives said Friday. Analysts asked about credit card late fees during…
Government News

Medical debt buries some at UPMC

Source-site Bombarded with calls and letters from bill collectors, Nila Payton can’t recall precisely how she ended up owing $4,000 in medical debt to her employer, UPMC. But she knows more than half came from a rough 2018, after she…
Legal News

Virginia Attorney General Miyares Announces Plan To Cut Collection Fees On Overdue State Student Debt In Half

Source- site RICHMOND, Va. – Virginia Attorney General Jason Miyares announced last week an internal policy that will immediately provide relief to working families and students struggling with student debt. The Office of the Attorney General is statutorily required to…