White House Report Puts CFPB Consumer Cost at Up to $369B Since 2011
- A new White House analysis estimates that federal consumer finance regulations have cost Americans between $237 billion and $369 billion since 2011, largely by increasing borrowing costs and reducing access to credit. The report from the Council of Economic Advisers says rules issued by the Consumer Financial Protection Bureau have pushed up interest rates on mortgages, auto loans, and credit cards, adding hundreds of dollars per borrower over time. The findings are already fueling fresh calls from Republican lawmakers to reform the CFPB, while consumer advocates and Democratic lawmakers dispute the methodology and argue the agency’s protections have returned billions to harmed consumers.
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Judge Sends FCRA Case to Trial After Denying Summary Judgment Motions
- A District Court judge in Texas has denied competing summary judgment motions from both the plaintiff and the defendant in a Fair Credit Reporting Act lawsuit where the defendant mixed the plaintiff’s credit file with that of his son. The court found that genuine disputes of material fact remain on whether the defendant used reasonable procedures to assure maximum possible accuracy and whether the alleged inaccuracies caused compensable harm.
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Judge Certifies FDCPA Class Over Added Interest in Collection Letters
- A District Court judge in Michigan has certified a class action in a Fair Debt Collection Practices Act lawsuit that accuses a collector of adding interest to any debt, regardless of whether the underlying contract stated it was allowed. The ruling follows earlier decisions in the case rejecting the collector’s attempt to justify the practice under Michigan law and denying a request to end the case at the pleadings stage.
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Traumatic Injuries Drive Medical Debt and Bankruptcies, Even for the Privately Insured: Study
- People hospitalized for traumatic injuries in the United States face a measurable increase in medical debt and bankruptcies, even when they have health insurance, according to new research published in Health Affairs. The study tracked more than 12,000 injured patients and found that within 18 months of hospitalization, medical debt sent to collections rose sharply and bankruptcy filings increased. Public insurance programs like Medicare and Medicaid provided stronger financial protection, while privately insured patients were the only insured group to experience significant increases in both debt and bankruptcy, challenging the assumption that insurance alone shields households from financial fallout after serious medical events.
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43 Companies Seeking Collection Talent
- Which creditor is looking for a director of portfolio performance? Which bank needs someone to keep an eye on outbound collection efforts? Which creditors and debt buyers are looking for legal help? Find out the answers to those questions and see more than 40 other companies that are hiring collection talent in this week’s job listings summary.
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WORTH NOTING: The newest vacation trend? Good places to sleep … This is a pretty cool thing for him to do with his money … A District Court judge has ruled that documents generated by AI are not protected by attorney-client privilege … A tech company has rolled out an insurance product for AI agents … Illinois has eliminated $1.1 billion in unpaid medical debts for some residents … Having the same bedtime might be the secret to a happy marriage … How to stop making bad coffee … There is a new cheapest day to fly.
Wisdom Wednesday, part I
Wisdom Wednesday, part II
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