The entire credit and collection world will more than likely be turned upside down starting in 2014. If you’re a creditor in any industry from banking to healthcare, pay close attention. New rules on how you do business are coming your way, and soon.
The Federal Reserve Board Thursday released guidance reminding financial institutions it supervises to exercise appropriate risk management and oversight when using external service providers. The Fed becomes the latest agency to point out that banks can be held responsible for actions taken by vendors, including ARM firms.
As the ARM industry prepares for 2014, it might help in strategic planning to know which types of debt are attracting the most consumer complaints about debt collection.
The office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced Monday that a former executive at U.S. Bank has pleaded guilty to bribery charges for accepting payment in exchange for steering business to a specific debt collection agency.
The final six of 10 defendants named in an alleged “Rachel from Cardholder Services” scam have agreed to settle Federal Trade Commission charges that they misled consumers with bogus claims that they would lower their credit card interest rates.
According to the latest Equifax (NYSE:EFX) National Consumer Credit Trends Report, the total number of open retail-issued credit cards is greater than 183 million, the most since September of 2009.
The Consumer Financial Protection Bureau (CFPB) is issuing a rule today requiring easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for a homebuyer.
Both the credit card delinquency rate (the ratio of borrowers 90 days or more delinquent on their general purpose credit cards) and the average credit card debt per borrower dropped on a yearly basis during Q3 2013.
The percentage of American consumers with at least one account in the third party debt collection system fell sharply in the third quarter of 2013, according to data released Thursday by the Federal Reserve Bank of New York. But the average balance of accounts in collection increased sharply.
The Consumer Financial Protection Bureau (CFPB) today published debt collection complaints it has been collecting since July 10. The data was made publicly available in the Bureau’s Consumer Complaint Database.