NewsBreak Original

Financial regulator outlines illegal fees, takes action to prevent unlawful debt collection. The Consumer Financial Protection Bureau (CFPB) recently issued an advisory opinion noting that the so-called "convenience fees" often charged by debt collectors to facilitate debt repayment are prohibited by federal law.

Consumer Bureau joins with New York Attorney General to fine, shutter network of debt collectors. The Consumer Financial Protection Bureau (CFPB) and the New York Attorney General's Office announced this week that by joint effort, the two have shut down an extensive debt collection ring based in New York.

Report shows inaccurate bills, coercive debt collections. A report released by the Consumer Financial Protection Bureau (CFPB) shows that consumers with medical debt often suffer from inaccurate billing and aggressive collection tactics.

Annual report reveals scope of abuse in debt collection industry. The Federal Trade Commission (FTC) issued its annual report on enforcement of the Fair Debt Collections Practices Act (FDCPA) today and revealed that its enforcement actions resulted in millions of dollars of refunds to consumers who were victims of abusive debt collectors.

National Consumer Law Center says fine is a win for student loan borrowers. Advocates at the National Consumer Law Center (NCLC) applauded enforcement action taken by the Consumer Financial Protection Bureau (CFPB) against student loan servicer Edfinancial.

EdFinancial misled borrowers to pad profits, CFPB says. Knoxville, Tennessee-based student loan servicing company Edfinancial is facing sanctions and a $1 million fine for misleading student loan borrowers and failing to provide them with accurate information about loan repayment options. According to the Consumer Financial Protection Bureau (CFPB) the deceptive acts padded Edfinancial's profit margins while student loan borrowers repaid more than they should have.

Toomey suggests medical debt matters in key lending decisions. Following an announcement by the three major credit bureaus - Equifax, Experian, and TransUnion - that most medical debt will be removed from consumer credit reports by this summer, Pennsylvania Senator Pat Toomey suggested the move was the result of undue political pressure from the Consumer Financial Protection Bureau (CFPB).

Senator applauds credit bureaus for taking first step, calls for regulatory action. While the three major credit bureaus recently announced the pending removal of 70% of medical debt from consumer credit reports, Ohio Senator Sherrod Brown says more can be done to protect patients.

Consumer group highlights benefit of move by major credit bureaus. On the heels of an announcement by the three major credit bureaus that they will be removing up to 70% of medical debt from consumer credit reports by this summer, consumer advocacy group Consumer Federation of America (CFA) applauded the move as good news for consumers.

Consumer group applauds move that protects citizens facing collection actions. The Maryland Consumer Rights Coalition (MCRC) applauded an overwhelming vote in the Maryland House of Delegates in favor of legislation (HB 349) that ends the practice of issuing an arrest warrant for individuals who fail to appear in small claims court in collection actions. 101 members of the House of Delegates voted in favor of the legislation, sponsored by Delegate David Moon.

Consumer Bureau chief calls out "doom loop" that keeps patients in debt. A report released this week by the Consumer Financial Protection Bureau (CFPB) indicates that Americans have $88 billion in medical debt appearing on credit reports.