Quick analysis: In April, everything was down again (mostly by double digits) after a short March rebound. How far down? FDCPA was down -16.2% for the month and -18.3% YTD. FCRA was down -10.1% for the month and -30.2% YTD. And TCPA was down -16.9% for the month, but was the only one still up a bit YTD – +2.5% over April 2022. CFPB complaints were also down, -16.2% for the month and -18.3% YTD.
May was a difficult month for plaintiffs and potential plaintiffs with alleged Telephone Consumer Privacy Act and Florida Telephone Solicitation Act (“FTSA,” aka Florida’s “Mini-TCPA”) claims in Florida.
Earlier this month, the CFPB published a report on specialty financial products, such as medical credit cards and installment loans, which are sold to patients as a way to address the growing costs of medical care.
On May 5, 2023, the CFPB announced it would be sending $22.3 million in refund checks to consumers who lost money in credit card relief schemes. The CFPB sent 6,523 refund checks to damaged consumers.
The U.S. Department of Education has had the end of the student loan pause on its calendar, and Education Secretary Miguel Cardona confirmed it will happen this summer at a Senate Appropriations Committee hearing earlier this month, ACA International previously reported.
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