As Americans grapple with high inflation and record debt, many have fallen behind on credit card payments. In fact, 5.08% of credit card balances fell into serious delinquency or were at least 90 days past due in the second quarter of 2023, according to data from the Federal Reserve Bank of New York. That marked an increase from 3.35% in the second quarter of 2022.
The Federal Reserve Board on Friday launched a data collection to gather more information from the banks affected by the large bank capital proposal it announced earlier this year. When the proposal was announced, the Board indicated that it would undertake this supplemental data collection.
In August, a New York federal district court denied a motion to dismiss a CFPB lawsuit against three affiliated companies engaged in the business of purchasing distressed consumer debt and several of the companies’ owners and officers. The CFPB’s lawsuit involves claims against the defendants for violations of the Consumer Financial Protection Act (“CFPA”) and Fair Debt Collection Practices Act (“FDCPA”) based on a theory of vicarious liability as a result of conduct of the companies’ third-party debt collection vendors.
(CBS DETROIT) - Thousands of residents in Oakland County could have their medical debt erased under a new program using federal funding, officials announced Thursday.
Oakland County has partnered with RIP Medical Debt, a national nonprofit organization that acquires and erases medical debt for individuals going through financial hardship, to implement the program.
NEW YORK (Reuters) -Several U.S. regional banks beat analysts third-quarter profit expectations on Wednesday as higher interest rates allowed them to charge more for loans, although rising loan loss provisions and deposit retention costs crimped margins.
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