Debt collection

Debt collection trade group ACA International and Specialized Collections Systems, a Houston-based debt collector, filed a lawsuit against the Consumer Financial Protection Bureau alleging its medical debt rule is outside its authority.

California's Department of Financial Protection and Innovation is requiring registration by mid-February of debt settlement firms, earned wage access providers, private secondary education financing and student debt relief services.

The Consumer Financial Protection Bureau said some non-profit hospitals are failing to provide assistance to low-income consumers, while landlords may be illegally charging fees to pay rent through online portals.

Digital-first collection agencies such as TrueAccord, January and InDebted are analyzing consumer engagement signals and more to determine the most effective way for its clients to collect on debt.

While medical debt is not a problem created by the financial services industry, the industry has a critical role to play in addressing it.

Too few lenders are underwriting unsecured consumer debt, which could help borrowers pay down credit card balances with little risk to lenders.

A London court handed a big win to Deutsche Bank and other creditors holding obscure notes issued by Lehman Brothers before its collapse.

The Consumer Financial Protection Bureau said in an annual report to Congress that unpaid medical debt is plagued by inaccuracies, and that consumers are often faced with opaque pricing and uncertain insurance coverage.

Educational institutions ought to have some skin in the game when it comes to the student loan market.

Many of the fees that the agency derides as unnecessary are funds owed to medical practices, homebuilders and educational institutions.