Consumers are feeling the impact of high inflation. Prices in October were 7.7% higher than the year before, and though prices have dropped somewhat in recent months, inflation remains well above the Federal Reserve’s desired level of 2%. Worryingly, 77% of fund managers believe a recession is likely next year, according to a Bank of America survey.
As discussed here, on October 19, the Fifth Circuit Court of Appeals in Community Financial Services Association of America Ltd. (CFSA) v. Consumer Financial Protection Bureau (CFPB) held that the CFPB’s funding mechanism violates the appropriations clause because the CFPB does not receive its funding from annual congressional appropriations like most executive agencies, but instead, receives funding directly from the Federal Reserve based on a request by the CFPB’s director.
Rates for well-qualified borrowers using the Credible marketplace to refinance student loans rose this week for 10-year fixed-rate loans and remained unchanged for 5-year variable-rate loans.
The lawsuit seeking to void voter-approved medical debt reforms in Proposition 209 should be rejected because it’s too vague and doesn’t sufficiently prove its claim that the new laws cause harm, said attorneys for the state and Healthcare Rising Arizona, which ran the ballot measure’s campaign.
There are a variety of ways in which accounts, or debts, are collected. However, aging technology and legacy servicing (collection) infrastructure restricts a lender’s ability to leverage automation and technology.
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