On November 16, the CFPB released its annual Fair Debt Collection Practices Act report, which highlighted challenges specific to medical debt collection. For example, 8,500 complaints were submitted in 2022 related to medical debt collection and described problems such as collectors billing for services never received, collecting the wrong amounts, miscommunication with insurance companies or financial assistance programs, or placing bills on credit reports without prior consumer contact.
The Federal Trade Commission will hold a virtual informal hearing on January 16, 2024, on the proposed amendments to the Negative Option Rule. During the hearing, which will be open to the public and viewable on the FTC’s website, six nongovernmental organizations will provide oral statements addressing issues raised to date during the rulemaking process.
BOSTON — Attorney General Andrea Joy Campbell has announced that her office has proposed regulations to prohibit hidden “junk fees,” which companies use to deceptively hike prices on consumers above advertised prices. The proposed regulations would require businesses to clearly disclose the total price of a product at the time it is presented to consumers, provide clear and accessible information on whether fees are optional or required, and simplify the process for cancelling trial offers and recurring charges, amongst other rules.
About 60 credit unions in the US are experiencing outages because of a ransomware attack on an IT provider the credit unions use, a federal agency said Friday. The National Credit Union Administration (NCUA), the agency that insures deposits at federally insured credit unions, said in a statement to CNN that it was “coordinating with affected credit unions” in the wake of the hack.
Louisiana residents are more likely to be unable to make payments on time according to new research. Experts are revealing the states in the US which are in the most and least financial distress as 6.8 million Americans have at least one credit account where they are late on their payments.
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