Collections news at your fingertips

Stay up-to-date with the latest news and developments in the collections industry.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

September

6
2024
Compliance

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

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, which it said highlights illegal practices in the collection of medical debt and rental debt.

Read post

September

6
2024
Compliance

Navigating Emerging Privacy Issues in Financial Services — The Consumer Finance Podcast

In this episode of The Consumer Finance Podcast, Chris Willis is joined by privacy Partner Kim Phan and Rami Haddad, deputy general counsel at PRA Group. This episode delves into a range of emerging privacy issues impacting the financial services industry. The discussion covers the evolving landscape of state privacy laws, the implications of the new Colorado AI law, and the challenges posed by online tracking technologies.

Read post

September

6
2024
Compliance

FinCEN’s Notice of Proposed Regulations to Strengthen and Modernize AML/CFT Compliance Programs: A Podcast

We are very fortunate to have Nick St. John, Director of Federal Compliance at America’s Credit Unions, as our guest speaker in this podcast on the Notice of Proposed Rulemaking issued by the Financial Crimes Enforcement Network and federal banking regulators regarding the enhancement and modernization of anti-money laundering/countering the financing of terrorism (“AML/CFT”) compliance programs under the Bank Secrecy Act (“BSA”).

Read post

September

6
2024
Trends

Credit Union Assets and Loans Grow, Delinquencies Increase, Net Income Down

According to the latest financial performance data released today by the National Credit Union Administration, total assets in federally insured credit unions rose by $79 billion, or 3.5 percent, over the year ending in the second quarter of 2024 to $2.3 trillion. The delinquency rate at federally insured credit unions was 84 basis points in the second quarter of 2024, up 21 basis points compared with the second quarter of 2023. Net income for federally insured credit unions in the first half of 2024 totaled $15.7 billion at an annual rate, down $1.8 billion, or 10.1 percent, from the first half of 2023.

Read post

September

6
2024
Trends

FDIC-Insured Institutions Reported Net Income of $71.5 Billion

The banking industry continued to show resilience in the second quarter.  Net income increased and asset quality metrics remained generally favorable.  However, the banking industry still faces significant downside risks from uncertainty in the economic outlook, market interest rates, and geopolitical events. In addition, weakness in certain loan portfolios, particularly office properties, credit cards, and multifamily loans, continues to warrant monitoring.

Read post

Weekly newsletter

Get DebtHub's weekly newsletter, packed with the latest economic trends, compliance news, and strategy insights that matter to collections professionals like you.