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