The Consumer Financial Protection Bureau has released its annual report to Congress, detailing enforcement actions in 2014 and the status of coming up with rules for the collection industry. Collection & Credit Risk
Bank of America has reportedly laid off another 250 mortgage employees in Charlotte. Collection & Credit Risk
The U.S. credit card industry continues its slow rebound from the financial crisis. In the second quarter, the number of open accounts rose by 24 million from a year earlier, while purchase volumes also increased significantly, according to a new report issued Wednesday by the American Bankers Association. Collection & Credit Risk
Since September 2013, debt collection has been the top complaint at the CFPB. Among all debt types, medical debt tops the list. When a debt is past due, a collector may report the account to a credit agency. This would appear as an account in collection, often resulting in a credit score drop. A staggering [...]
An independent actuarial report showed the Federal Housing Administration's mortgage insurance fund's capital ratio hit 0.41% this year, which is below the earlier estimate of 1.2%. News
Today, I want to share with you the CFPB Ombudsman’s third annual report, which I delivered to Director Cordray. For those people not familiar with our role, we are an independent, impartial, and confidential resource that assists consumers and companies in informally resolving issues with the CFPB. We have a new section in our report [...]
While year-to-date auto loan growth rates have slowed compared to last year, totals for new credit and the number of new loans originated for auto purchases are at record highest, according to the latest Equifax National Consumer Credit Trends Report. Collection & Credit Risk
Banks and mortgage lenders may have received too much relief from loan buybacks, putting taxpayers at greater risk for losses, according to a Federal Housing Finance Agency inspector general's report. News
ACA International CEO Pat Morris issues a statement regarding the work being done in resolving medical accounts. Collection & Credit Risk
Auto loan delinquency rates rose more than 9% in the second quarter ended June 30 versus the same period last year while auto loan debts rose for the 13th straight quarter, according to TransUnion. Collection & Credit Risk
