Debt Collection news and trends

CFPB Says Debt Collectors Try to Collect on Already-Paid Medical Bills
CFPB // September 05, 2024

The Consumer Financial Protection Bureau (CFPB) has found that debt collectors are using illegal tactics, and it is taking steps to ensure they follow consumer financial protection laws. The regulator said this in a Thursday (Sept. 5) press release announcing findings from its annual report on debt collection,...

CFPB Finds Failures in Loan Collection and Medical Credit Cards
CFPB // July 02, 2024

The companies collecting Americans’ student loans, auto loans and medical payments have some work to do. That’s according to a report issued Tuesday (July 2) by the Consumer Financial Protection Bureau (CFPB), which found numerous failures in student and auto loan servicing, deceptive and abusive debt collection practices, and...

Small Businesses Owe $59 Billion From COVID Disaster Loans
Loans // May 02, 2024

The Small Business Administration (SBA) loaned out $390 billion to keep companies afloat during COVID. Now, many of those small businesses say they are struggling to pay back fees after defaulting on those loans, The Wall Street Journal (WSJ) reported Thursday (May 2). According to that report, the SBA...

CFPB Probe Finds Abuse in Auto and Payday Loans
CFPB // July 26, 2023

America’s consumer watchdog says it’s uncovered deception and abuse in several consumer financial products. The Consumer Financial Protection Bureau (CFPB) released a report Wednesday (July 26) that found illegal tactics at work in the auto lending, medical debt and payday loan sectors. “Today’s report furthers...

Interviews & Exclusives
CFPB’s 2020: Drawing A Bead On Abusive Practices — And States’ Activities

January 27, 2020
For the Consumer Financial Protection Bureau (CFPB), 2020 may be a landmark year. There’s the looming question over the agency’s very constitutionality, recent definitions of what equates to “abusive” practices may scale back investigations (and fines) and some states seek to boost consumer protections. We break down why 2020 may herald big changes for the bureau.

Can Payments Solve Healthcare’s $20K-Per-Family Cost Burden?

September 30, 2019
We all know the drill. After receiving treatment at a hospital (whether an in-and-out affair, such as an MRI, or a multi-day stay in a room), the insurance notices and...

CFPB Report: One In Four Consumers Have Debt In Collections

July 19, 2019
More than a quarter of consumers have one debt in collections, according to data from the Consumer Financial Protection Bureau. A large swath of that is tied to medical debt —...

How Payment Plans Can Cure Healthcare Payments’ Biggest Problem

February 14, 2019
Americans are on the hook for an ever-increasing percentage of their medical bills. As healthcare becomes a tough pill to swallow financially, 57 percent of consumers would like to set...

Quick Reads
CFPB On Alert for ‘New Sketchy Fee Tactics’ From Companies

December 19, 2024
The Consumer Financial Protection Bureau (CFPB) is monitoring the consumer financial marketplace to spot companies’ attempts to charge junk fees in new ways after the regulator cracked down on older methods. “As companies are stopped from charging many of these fees, people are facing new risks as companies experiment with new sketchy fee tactics, which are […]

CFPB Says Debt Collectors Try to Collect on Already-Paid Medical Bills

September 05, 2024
The Consumer Financial Protection Bureau (CFPB) has found that debt collectors are using illegal tactics, and it is taking steps to ensure they follow consumer financial protection laws. The regulator said...

CFPB Finds Failures in Loan Collection and Medical Credit Cards

July 02, 2024
The companies collecting Americans’ student loans, auto loans and medical payments have some work to do. That’s according to a report issued Tuesday (July 2) by the Consumer Financial Protection Bureau (CFPB), which found...

Small Businesses Owe $59 Billion From COVID Disaster Loans

May 02, 2024
The Small Business Administration (SBA) loaned out $390 billion to keep companies afloat during COVID. Now, many of those small businesses say they are struggling to pay back fees after defaulting on those loans,...