In the evolving landscape of collections and loss mitigation, understanding the operational challenges and emerging trends is crucial for developing effective strategies. So, we pulsed the industry to shed light on these aspects, offering valuable insights for industry professionals.
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Over the course of the last year, the Consumer Financial Protection Bureau (CFPB or Bureau) has increased its scrutiny of medical financing products, such as medical credit cards and installment loans. In July 2023, the CFPB and other federal agencies launched an inquiry into medical payment products, discussed here. Last week, when the CFPB announced its proposed rule to ban the reporting of medical debt on consumer reports, discussed here, it stated it was considering action related to medical financing products. Then this week, the CFPB published a blog examining how financial institutions market their products to healthcare providers in an effort to ensure “consumers aren’t pushed into medical payment products.” The CFPB’s ongoing discourse on this topic signals a potential regulatory crackdown may be coming.
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ORCHARD PARK, N.Y. -- Orion Capital Solutions, a nationally-licensed collection agency, has made a generous donation to the Make-A-Wish Foundation of America, an organization renowned for its efforts in granting life-changing wishes to children with critical illnesses. This contribution highlights the company’s commitment to social responsibility while underscoring the broader importance of community support through charitable donations.
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