Income Growth, Labor Market Improvement Keep Consumer Spending Strong

The Federal Reserve Bank of New York’s latest economic snapshot shows stability in consumer spending despite slow growth in fall 2015. The final U.S. Economy in a Snapshot report from the New York Federal Reserve for 2015 shows “sluggish” consumer spending in September and October with the most noticeable weakness in consumption of services.

CFPB Orders EZCORP to Pay $10 Million for Illegal Debt Collection Tactics

The Consumer Financial Protection Bureau (CFPB) today took action against EZCORP, Inc., a small-dollar lender, for illegal debt collection practices. These tactics included illegal visits to consumers at their homes and workplaces, empty threats of legal action, lying about consumers’ rights, and exposing consumers to bank fees through unlawful electronic withdrawals. The Bureau ordered EZCORP to refund $7.5 million to 93,000 consumers, pay $3 million in penalties, and stop collection of remaining payday and installment loan debts owed by roughly 130,000 consumers. It also bars EZCORP from future in-person debt collection. In addition, the Bureau issued an industry-wide warning about collecting debt at homes or workplaces. 

More info here: http://www.consumerfinance.gov/newsroom/cfpb-orders-ezcorp-to-pay-10-million-for-illegal-debt-collection-tactics/

Downturn in Debt Collection Complaints and Litigation Continues

WebRecon reports consumer litigation cases declined from August to September, but overall year-to-date filings under the FDCPA, FCRA and TCPA are on the rise.

More info here: http://dev.webrecon.com/twisty-turny-debt-collection-litigation-cfpb-complaint-statistics-sept-2015/?inf_contact_key=2371e3506272e1b5215526183c3d9969bacc619d5f45611d32d8081752744eda

East Coast Residents Face Lower Debt, Credit Burdens than Average U.S. Consumer

The Federal Reserve Bank of New York’s latest regional household debt and credit reports provide an overview of consumers’ delinquency rates, debt in third-party collections as well as credit card and student loan balances compared to U.S. figures.

More info here: http://newyorkfed.org/outreach-and-education/regional-household-credit.html

Consumers Keep Up Spending Growth

The Federal Reserve Bank of New York’s latest economic snapshot shows consumers have more disposable income and are opening up their wallets more, despite concerns about the global economic outlook.

More info here: http://newyorkfed.org/research/snapshot/index.html

Research Shows Recovery in Consumer Confidence

The study for BloombergBusiness shows households may be forging ahead in buying goods and services as the economy improves.

More info here: http://www.bloomberg.com/news/articles/2015-10-08/consumer-comfort-in-u-s-climbs-to-highest-level-since-april

Consumer Loan Delinquencies Decline in Second Quarter

Credit card delinquencies remain below historical averages as consumers continue to manage debt and control spending.

More info here: http://www.aba.com/Press/Pages/100815DelinquencyBulletin.aspx

Millennials are Deep in Debt and Struggle to Repay Their Loans

Researchers from George Washington University find debt is a significant part of the financial situation for the Millennial generation and they have concerns about resolving their student loans and short-term credit card bills.

More here: http://blogs.wsj.com/experts/2015/10/05/the-alarming-facts-about-millennials-and-debt/

Fraudulent Debt Collection Scam Reported in Minnesota

The calls appear to be coming from “Advance America,” “Cash Advance” or “Cash Advance Inc.”, but the company does not operate in Minnesota and is not responsible for the contact with consumers.

More info here: http://www.prnewswire.com/news-releases/consumer-alert-scammers-claiming-to-represent-advance-america-target-consumers-in-midwestern-states-300023178.html

Study Shows Role Debt Collectors Play in Alerting Consumers to Identity Theft

Debt collectors can notify consumers about fraudulent charges and work through the situation with consumers.

Read the article here: http://www.acainternational.org/news-study-shows-role-debt-collectors-play-in-alerting-consumers-to-identity-theft-37202.aspx 

U.S. Consumer Spending Remains Stable During Fall Season

Gallup reports spending September is on par for this time of year and could increase as the holidays approach.

More info here: http://www.gallup.com/poll/185996/consumer-spending-remains-plateau.aspx?utm_source=genericbutton&utm_medium=organic&utm_campaign=sharing

Experian Reports Data Breach Impacting 15 Million Consumers

The breach occurred in one of the company’s computer systems with data from its client T-Mobile, not the Experian consumer credit bureau.

More info here: http://www.prnewswire.com/news-releases/experian-notifies-consumers-in-the-us-who-may-have-been-affected-by-unauthorized-acquisition-of-a-clients-data-300152926.html

Student Loan Debt Influences Graduates’ Views on Education Value

Gallup and Purdue University findings in a second annual study show that graduates surveyed place less value on their education when they have higher student loan debt and delay major purchases or starting a business.

More info here: http://www.purdue.edu/newsroom/releases/2015/Q3/second-gallup-purdue-index-asks-is-college-worth-the-cost.html

Identity Thieves Posing as Debt Collectors Cause Uptick in Scams in Ohio

Identity theft was the fastest growing complaint at the state and local level in the U.S. in 2014. ACA International has resources available for consumers to know more about legitimate debt collection efforts and their rights.

More info here: http://newamericamedia.org/2015/09/consumer-scams-on-the-rise-in-ohio.php

U.S. Experiences More Cost Barriers Impacting Access to Healthcare

Research from the Peterson Center on Healthcare and the Kaiser Family Foundation tracks how well the U.S. healthcare system performs compared to similar countries.

More info here: http://www.healthsystemtracker.org/insight/measuring-the-quality-of-healthcare-in-the-u-s/

U.S. Experiences More Cost Barriers Impacting Access to Healthcare

Research from the Peterson Center on Healthcare and the Kaiser Family Foundation tracks how well the U.S. healthcare system performs compared to similar countries.

More info here: http://www.healthsystemtracker.org/insight/measuring-the-quality-of-healthcare-in-the-u-s/

Monthly Debt Collection Complaints Decline

WebRecon reports an increase in year-to-date consumer litigation cases, with Telephone Consumer Protection Act cases increasing 1.7 percent over the last year.

More info here: http://dev.webrecon.com/wild-swings-and-limping-debt-collection-litigation-cfpb-complaint-statistics-august-2015/?inf_contact_key=c51e03eddf6ced4b3a6b3e6a9c4526efaa5876839d48df7df75887e89504201a

Low-Income Students at Wealthiest Schools Have High Debt Burden

ProPublica’s Debt by Degrees provides data to help borrowers know what their loans could be after attending a two or four-year college, including for-profit and not-for-profit institutions.

More info here:  http://blog.ed.gov/2015/09/under-the-hood-building-a-new-college-scorecard-with-students/

Fewer Consumers Avoid Obtaining Medical Care Due to Cost

Three months of data from the Centers for Disease Control and Prevention show fewer people are foregoing medical care due to cost than originally estimated.

More info here: https://www.washingtonpost.com/news/to-your-health

Consumer Borrowing Continues to Rise

The Federal Reserve’s July consumer credit report shows an uptick in borrowing for auto and student loans and credit card spending, but not as much as in June.

More info here: http://www.federalreserve.gov/releases/g19/current/default.htm

Credit Card Debt Surges in Second Quarter

The increase in consumers’ spending with credit cards has cancelled out payments they made on their balances from the first quarter.

More info here: http://www.cardhub.com/edu/credit-card-debt-study/

Research Shows Shift in Hospitals’ Financial Risk

As more consumers are insured and their self-pay responsibility increases, healthcare providers need to update their collections approach to making sure revenue is coming in.

More info here: http://www.crowehorwath.com/news-room/rca-Q2-2015/

US Debt Is Rising Again—But That’s a Good Thing

More info here: http://www.thefinancialist.com/us-debt-is-rising-again-but-thats-a-good-thing/?utm_source=ACA+Daily&utm_campaign=73e338f3e9-ACA_Daily_September_4_20159_8_2015&utm_medium=email&utm_term=0_6fad47e63c-73e338f3e9-66948177

Consumers’ New Phone Numbers Present Additional Challenges in Debt Collections

ACA International is continuing to provide input on the FCC’s Declaratory Ruling and Order on the TCPA and the additional liability it presents for collectors trying to reach consumers.

More info here: http://www.marketplace.org/topics/health-care/medical-debt-collectors-arms-over-fcc-ruling

Federal Student Aid Releases Best Practices for Student Loan Servicers

The best practices, part of the Obama administration’s Student Aid Bill of Rights, focus on performance-based contracting to better ensure that student loan servicers help borrowers make affordable monthly payments as well as defaults and delinquency.

More info here: http://www.ed.gov/blog/2015/08/another-step-forward-under-the-student-aid-bill-of-rights/

Debt Collectors Help Alert Students to Identity Theft

An annual survey from Javelin Strategy & Research shows debt collectors play a role in notifying students about identity fraud.

More info here: https://www.javelinstrategy.com/news/1556/92/1

Consumer Credit Default Rates Stabilize in July

Data from the S&P/Experian Consumer Credit Default Indices shows auto loan defaults increased while bank card defaults declined from June. The rates reflect improvements in GDP growth and the unemployment rate.

More info here: https://www.experianplc.com/media/news/2015/sp-experian-july-2015/

New Data Shows Popularity of Income-Driven Repayment Plans with Student Loan Borrowers

As the CFPB (Consumer Financial Protection Bureau) prepares to ask debt collection agencies about their practices surrounding income-driven repayment plans, U.S. Department of Education data shows that enrollment in these programs is growing.

More info here: http://www.ed.gov/news/press-releases/income-driven-repayment-plan-enrollment-jumps-delinquency-rates-drop-new-student-loan-data

Bona Fide Error Defense Shields Debt Collectors From Liability For Mistaken Interpretation Of Statute Of Limitations

Federal court ruled that bona fide error defense applies to mistakes of law about the applicable statute of limitations to file a collection action.

More info here: http://www.acainternational.org/iap-bona-fide-error-defense-shields-debt-collectors-from-liability-for-mistaken-interpretation-of-statute-of-limitations-36656.aspx

Mortgage Delinquency and Foreclosure Rates Reach Lowest Levels Since 2007

The Mortgage Bankers Association survey on national delinquencies shows almost every state in the U.S. has a declining inventory of foreclosed properties, and longer-term serious delinquencies are also declining.

More info here: https://www.mba.org/2015-press-releases/mortgage-delinquencies-and-foreclosures-continue-to-drop-in-second-quarter

The Impact of Filing Bankruptcy to Alleviate Student Loan Debt

Filing for bankruptcy can provide some relief to borrowers in student loan debt, but they should carefully consider the difference between Chapter 7 and Chapter 13 of the bankruptcy code and the implications of filing on their overall finances.

More info here: http://blog.credit.com/2015/08/bankruptcy-could-help-you-pay-your-student-loans-but-theres-a-cost-122743/?utm_source=ACA+Daily&utm_campaign=73a8db1af8-ACA_Daily_August_18_20158_17_2015&utm_medium=email&utm_term=0_6fad47e63c-73a8db1af8-66948177

New Jersey Senate Passes Bill Regulating Debt Collection from Victims of Identity Theft

The bill allows consumers 45 days after they are contacted by a debt collector to submit written notice that they are victims of identity theft

More info here: http://www.nj.com/politics/index.ssf/2015/08/debt_collectors_could_be_banned_from_bugging_nj_id.html

Uninsured Rates Continue to Decline Throughout U.S.

The decline means access to care is improving, but there are still some concerns about affordability of healthcare expenses.

More info here: http://www.gallup.com/poll/184514/uninsured-rates-continue-drop-states.aspx

Household Debt Balances Remain Flat in 2015

The New York Federal Reserve second quarter household debt report shows total debt increased $2 billion from the first quarter. Auto loan increases influenced most of the non-housing debt balances, followed by a jump in credit card balances.

More info here: http://www.newyorkfed.org/microeconomics/hhdc.html#/2015/q2

Serious Delinquency Rate for Single-Family Mortgages Reaches Record Low

Fannie Mae data shows the rate in June is the lowest since 2008, but the pace of its improvement has slowed.

More info here:  http://www.mpamag.com/news/serious-delinquency-rate-hits-7year-low-23505.aspx

June Consumer Borrowing Surpasses Economists’ Predictions

The Federal Reserve’s latest consumer credit report shows an increase in consumer borrowing influenced in part by higher credit card balances in June.

More info here: http://www.bloomberg.com/news/articles/2015-08-07/consumer-borrowing-in-u-s-increased-more-than-forecast-in-june

Consumer Spending Remains Overall Unchanged Since April

Gallup reports spending in July this year is slightly less than July 2014 and the trend isn’t abnormal for this time of year.

More info here: http://www.gallup.com/poll/184433/july-consumer-spending-flat.aspx

New Study Compares Millennials’ Credit Characteristics, Average Debt with Other Generations

Millennials are opening more auto loans and student loans compared to Generation X, but lagging in their use of bank cards

More info here: https://www.experianplc.com/media/news/2015/millennials-have-the-lowest-credit-scores-of-all-generations/?WT.srch=PR_CIS_Millennials_20150730_pressrelease_GPO

Annual Health Spending Growth Surpasses Levels During Recession

The Centers for Medicare and Medicaid Services report on national health expenditures shows health spending is projected to grow faster than the gross domestic product in the next decade.

More info here: https://www.cms.gov/Newsroom/MediaReleaseDatabase/Press-releases/2015-Press-releases-items/2015-07-28-2.html

National Consumer Credit Default Rates Increase in June 2015

Mortgage default rates increase while bank card defaults continue to decline.

More info here: https://www.experianplc.com/media/news/2015/sp-experian-june-2015/

Parent Income and Savings Become Top Sources of College Funding

A majority of families are not borrowing money for college and more students are working during the year to fund their education.

More info here: https://www.salliemae.com/plan-for-college/how-america-pays-for-college/?dtd_cell=SMPLCADCOTDORSOTOTHOTHRR010001

Consumer Financial Protection Bureau Issues Consent Order and Penalty Against CitiBank for Credit Card Practices

CitiBank has taken extensive steps to address each issue that affected customers

More info here: http://www.consumerfinance.gov/newsroom/cfpb-orders-citibank-to-pay-700-million-in-consumer-relief-for-illegal-credit-card-practices/

USA Funds Sues U.S. Department of Education Over Requirements for Student Loan Guarantors

USA Funds spokesperson says the Ed. has changed its policy without any warning or public discussion

More information her: https://www.insidehighered.com/news/2015/07/17/guaranty-agency-sues-education-department-latest-fight-rippling-end-bank-based

Consumers Cautiously Optimistic about the U.S. Economy Outlook

The Federal Reserve Bank of New York’s Survey of Consumer Expectations, in its second year, shows increase in median earnings growth and household spending growth expectations.

More information here: http://www.newyorkfed.org/newsevents/news/research/2015/an150713.html

Jury Sends a Message Against Baseless Lawsuits with Quick Telephone Consumer Protection Lawsuit Verdict

Debt collector Credit Protection Association, LP won a rare Defense jury verdict in a TelePhone Consumer Protection Act (TCPA) and Federal Debt Collection Practices Act (FDCPA) case in the US District Court in Eastern Michigan.

More info here http://www.satprnews.com/2015/06/29/jury-sends-a-message-against-baseless-lawsuits-with-quick-telephone-consumer-protection-lawsuit-verdict/

New York DFS Releases New Clarifications on Debt Collection Requirements

The New York State Department of Financial Services (DFS) released additional guidance related to its recently enacted debt collection regulations on Tuesday, June 16, 2015. The new clarifications, which are available on the New York DFS website.

FTC Debt Collection Dialogue Focuses on Enforcement, Rules in the Industry

Debt collectors and federal and state agency representatives gathered for the inaugural FTC event in New York on June 15.

More info here https://www.ftc.gov/news-events/events-calendar/2015/06/debt-collection-dialogue-conversation-between-government

Majority of Consumers Enrolled in Affordable Care Act Insurance Plans Report Satisfaction

The healthcare law is allowing consumers access to care they previously could not afford, however those that remain uninsured continue to face roadblocks in their states.

More info here http://www.commonwealthfund.org/publications/press-releases/2015/jun/aca-tracking-survey-release

Most Credit Card Holders Lukewarm on Spending Rewards

Bankrate.com’s Money Pulse Survey shows consumers aren’t spending with credit to earn perks such as frequent-flier miles or cash back.

More info here  http://phx.corporate-ir.net/phoenix.zhtml?c=61502&p=irol-newsArticle&ID=2058505

Credit Card Accounts and Spending Continue to Grow

Gains in employment and wages fuel spending by consumers

More info here http://www.aba.com/Press/Pages/061115ABACreditCardMarketMonitor.aspx

National Study Shows Long-Term Decline in Consumers' Trouble With Medical Bills

The Centers for Disease Control and Prevention National Health Interview Survey of consumers indicates improvement in affordability of healthcare.

More info here http://www.hfma.org/Content.aspx?id=31275

Consumers Start 2015 With More Credit Card Debt

First-quarter debt paydowns were high, but an increase in credit card balances counters that progress by consumers.

More info here http://www.cardhub.com/edu/credit-card-debt-study/

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray Increases Mortgage Lender's Fine in Administrative Ruling

In the first-ever appeal of a CFPB administrative enforcement proceeding, Director Richard Cordray issued a decision that upholds an administrative law judge's ruling that a mortgage lender engaged in illegal insurance kickbacks.

More info here  http://www.consumerfinance.gov/newsroom/cfpb-director-cordray-issues-decision-in-phh-administrative-enforcement-action/

April’s figures are the biggest increase in revolving credit in a year

In April, consumer credit increased at a seasonally adjusted annual rate of 7-1/4 percent. Revolving credit increased at an annual rate of 11-1/2 percent, while non-revolving credit increased at an annual rate of 5-3/4 percent.

More info here http://www.federalreserve.gov/releases/g19/current/default.htm

Credit Card Purchases Continue Surge in Consumer Borrowing

The Federal Reserve’s latest consumer credit report shows auto and student loans also increased, but at a slower rate.

More info here http://www.bloomberg.com/news/articles/2015-06-05/consumer-borrowing-in-u-s-increased-20-5-billion-in-april

Senators Urge Consumer Financial Protection Bureau (CFPB) to Issue Strong Rules Against Payday Lending

Thirty-two senators submitted a letter to Director Richard Cordray calling for more regulation of the credit products.

More info here http://www.merkley.senate.gov/news/press-releases/senator-merkley-leads-group-of-32-senators-to-urge-consumer-agency-to-issue-strongest-possible-rules-to-stop-predatory-payday-lending

Consumers’ Continued Enrollment in Health Marketplaces Matches CMS’ Goal

As of March 31, more than 10 million consumers paid for marketplace coverage while they still had an active healthcare policy.

More info here http://www.hhs.gov/news/press/2015pres/06/20150602a.html

Bad Debt Declines for Non-Profit Hospitals in Medicaid Expansion States

The reduction in bad debt created by patients' unpaid medical bills is a positive for hospitals, but it appears it will take time for it to influence their overall financial well-being.

More info here  http://bit.ly/1QhFaca

Student Debt Slowing Economic Recovery

The Impact of Student Loan Debt on the Economy and Borrowers - More and more research is focusing on how student loan debt has a widespread impact on many facets of the economy and consumers' income and livelihood.

More info here http://bit.ly/1LXEMJc