Approximately 8% of Americans have some medical debt. But certain populations shoulder a significant portion of the nation's total medical debt burden, such as those in poor health, uninsured individuals, and Black Americans, new data from Kaufman Hall revealed.
This week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion and a research report addressing contract-for-deed home financing, also known as a “land contract,” “land installment contract,” “land sales contract,” “bond for deed,” “agreement for deed,” or “buying on contract.”
The New York City Department of Consumer and Worker Protection (DCWP) has introduced significant amendments to its debt collection rules, following updates from the Consumer Financial Protection Bureau (CFPB). These changes, effective December 1, 2024, are designed to enhance the protection of consumers, particularly in terms of record retention, reporting requirements, and transparency in debt collection practices.
The FTC has shut down Michigan-based Financial Education Services, a credit repair company that the agency says actually was a large pyramid scheme, If approved by a federal judge in the Eastern District of Michigan, the settlement also will return $12 million to consumers harmed by the company, the FTC said. The company, which operated as early as 2015, was temporarily shut down when the FTC first filed suit against it in 2022.
New York Attorney General Letitia James today sued Acima Digital, Acima Holdings, and Acima Solutions (Acima) for deceiving more than 100,000 New York consumers. The Office of the Attorney General's (OAG) lawsuit alleges that Acima violated New York’s rent-to-own law by “leasing” goods that could not be returned, charging more than the allowable amount on goods, and misleading consumers about the cost of financing provided by Acima.
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