The Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using abusive, unfair, or deceptive practices when collecting consumer debts. The Consumer Financial Protection Bureau (CFPB) enforces the FDCPA and in a in a 2014 study, the CFPB determined that more than 43 million Americans have overdue medical debt reported on their credit reports.
Washington, D.C. (December 1, 2022) – Today, the Select Subcommittee on the Coronavirus Crisis, chaired by Rep. James E. Clyburn, released a staff report detailing the poor performance of many financial technology companies (fintechs) in administering the nation’s largest pandemic relief program, the Paycheck Protection Program (PPP). The report details how the investigated companies, despite being tasked with processing PPP applications while screening out those with signs of fraud, abdicated that responsibility—in many cases recklessly—resulting in the approval of large numbers of fraudulent applications.
The U.S. Supreme Court has agreed to review a request from the Biden administration to restore its student loan forgiveness plan, The Hill reports. While the court has agreed to review the case, it denied a request to immediately reinstate the program, according to the article.
In another blow to millions of borrowers, a federal court declined to reverse a ruling blocking President Joe Biden’s student debt relief program on Nov. 30.
As the economy recovers from the global pandemic, American families and businesses are experiencing higher prices as well as higher interest rates. This includes the interest rates for some credit cards.
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