CFPB Report Finds Some Financial Institutions and Colleges May Be Steering Students to More Expensive Financial Products

On October 13, the Consumer Financial Protection Bureau (CFPB) released its 12th Annual Report to Congress on college credit card agreements. The report reviewed agreements and data covering the over 1.2 million student checking and credit card accounts that are governed by partnerships between institutions of higher education and financial services providers, and it highlighted market trends and possible risks. The key findings include that marketing efforts directed at students promote accounts that impose more costs than comparable accounts, and agreements between some financial institutions and colleges are not being disclosed in the manner required.

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The CFPB and the Fifth Circuit Ruling: 3 Things You Need to Know

Per the Fifth Circuit Court of Appeals: the Consumer Financial Protection Bureau’s (CFPB) funding structure is unconstitutional, and the 2017 Payday Lending Rule, which was a direct result of this unconstitutional funding mechanism, must be vacated.

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Wakefield & Associates Acquires Choice Recovery to Expand its Geographic Footprint

AURORA, Colo. -- Wakefield & Associates, an industry-leading collections and healthcare revenue cycle solutions company, today announces it has acquired the debt collection business of Choice Recovery, Inc., an Ohio-based nationally recognized collections provider.  The acquisition of Choice Recovery will further grow Wakefield’s geographical presence in the Great Lakes region and enhance its ability to provide a full suite of revenue cycle management services to a wide scope of healthcare industry clients.

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Massachusetts AG Reaches $12 Million Settlement With Consumer Debt Buyer

A consumer debt buyer recently agreed to a $12 million settlement to resolve allegations by the Massachusetts Office of the Attorney General of a variety of allegedly unlawful debt buying and collection practices.

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Debt Settlement in the Credit Eco System [Podcast]

As the headwinds of a turning economy impact more and more consumers, understanding how #debtsettlement fits into the credit ecosystem makes for a timely conversation. Teresa Dodson, founder of Greenbacks Consulting and the leading expert on debt settlement, stops by #creditecotogo to set the record straight about debt settlement.

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CFPB Files Complaint Against Online Lender Alleging MLA Violations

On September 29, 2002, the Consumer Financial Protection Bureau (“CFPB”) filed a complaint against online lender MoneyLion Technologies, Inc, and several dozen of its subsidiaries (collectively, “MoneyLion”), alleging violations of the Military Lending Act (“MLA).

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How to Create a Winning Collections & Recovery Strategy Part II

26 October 2022 at 02:00 p.m.

After years of unprecedented cash flow for consumers, a potential recession and reeling stock market, plus inflation leading to the cost of necessities skyrocketing means that it’s never been more crucial for banks and originators to renew their focus on collections and recovery. This webinar series will cover how to create a winning collections & recovery strategy after a turbulent 2022, including where collections & recovery departments should invest, how to navigate the active regulatory environment, and what 2023 might look like for collections & recovery departments.

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