Consumer Finance

MAY 19, 2024

The CFPB took action against Western Benefits Group for charging illegal advance fees for student loan debt relief services and misrepresenting to consumers that advance fees would go toward paying down their loans.

Student loans 130

Student loans Student Loans Loans Collections 130

Collection Industry News

MAY 19, 2024

NEW YORK — The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $184 billion (1.1%) in the first quarter of 2024, to $17.69 trillion. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel.

Student loans 40

Student loans Student Loans Credit Card Debt Loans 40

Consumer Finance

MAY 19, 2024

La CFPB tomó acciones contra Western Benefits Group por cobrar tarifas por adelantado ilegales y por mentirles a los consumidores diciéndoles que esas tarifas irían hacia el pago de sus préstamos.

Student Loans 52

Student Loans Student loans Loans Collections 52

Consumer Finance

MAY 19, 2024

CFPB Director Rohit Chopra delivered prepared remarks at the Mortgage Bankers Association annual expo.

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Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.