Troutman Sanders

AUGUST 1, 2023

An amendment in the NDAA to update the Fair Debt Collection Practices for Servicemembers Act passed in the Senate by a vote of 95-2. Examiners found that debt collectors continued collection attempts for work-related medical debt after receiving sufficient information to render the debt uncollectible under state worker’s compensation law.

Financial services 52

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Troutman Sanders

MAY 9, 2023

On May 4, Colorado Governor Jared Polis signed SB93 into law.

Financial services 52

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Credit Corp

MAY 30, 2023

These payments are sent to the judgment creditor until your debt is paid. The Consumer Credit Protection Act caps these types of garnishments. These cases often pertain to a breach of contract, an unsettled debt or a lack of services. What if the loan company or debt collector has already started the lawsuit?

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Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here.

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Troutman Sanders

DECEMBER 21, 2021

Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology.

Financial services 52

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Collection Industry News

MARCH 2, 2021

The legislation was referred to the Senate Committee on Health, Education, Labor and Pensions. ACA International’s team is reviewing the bill as well as other legislation cosponsored by Van Hollen, the Medical Debt Relief Act.

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Better Credit Blog

JANUARY 20, 2022

The only problem came when after not paying on an account for 6–7 months, I came to find out that Freedom Debt Relief couldn’t settle this particular account. I had to make my own payment arrangements with the debt collector so that we could keep our furnace. I came to learn that FDR mainly only works with credit cards.

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Troutman Sanders

OCTOBER 30, 2023

On October 25, the CFPB released its biennial report to Congress on the consumer credit card market. The report found that in 2022 credit card companies charged consumers more than $105 billion in interest and more than $25 billion in fees. For more information, click here.

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Collection Industry News

AUGUST 30, 2021

of Americans had medical debt in collections as of June 2020, according to a study from the Journal of the American Medical Association (JAMA), which analyzed consumer credit reports between January 2009 and June 2020. An estimated 17.8%

Third-party Debt Collectors 52

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Troutman Sanders

JUNE 14, 2023

On June 8, the CFPB acted against a medical debt collector for numerous debt collection and credit reporting violations. In at least thousands of cases, the debt collector continued to attempt to collect on a debt that was not substantiated after a consumer disputed the validity of the debt.

Financial services 52

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Troutman Sanders

APRIL 15, 2022

The plan includes four focus areas: Holding Providers and Collectors Accountable: The Department of Health and Human Services (HHS) will evaluate how providers’ billing practices impact access and affordability of care and the accrual of medical debt. A]nd this problem is growing. It can happen to anyone.”.

Creditworthiness 52

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Troutman Sanders

JUNE 21, 2022

On June 15, the Consumer Financial Protection Bureau (CFPB) issued an update about its December 2021 market monitoring inquiry into Buy Now, Pay Later (BNPL) — a short-term, no-interest consumer credit product that has become nearly ubiquitous at the point of purchase online and, increasingly, in brick-and-mortar stores.

Financial services 52

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Troutman Sanders

NOVEMBER 8, 2022

Department of Education released final regulations that streamline and improve the rules for major targeted debt relief programs. House of Representatives, seeking to protect a greater portion of consumers’ disposable income from garnishment. For more information, click here. On October 31, the U.S.

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Burt and Associates

OCTOBER 31, 2024

Introduction and Spotlight on Medical and Rental Debt 1.1 Medical Debt 1.1.1 Introduction: This section highlights the CFPB’s work on medical debt issues, including a proposed rule to restrict medical debt reporting on credit reports. Rental Debt 1.2.1 Medical Debt 1.1.1 Rental Debt 1.2.1

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Collections Debt collector Education Fair Debt Collection 52

Troutman Sanders

AUGUST 31, 2020

The no-action memo concerns the requirement that any Connecticut licensable activity by a Consumer Credit Licensee be conducted from a licensed branch office location so long as certain criteria are met. The no-action position is extended through December 31, 2020. For more information, click here. For more information, click here.

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