Debt Collection

Senate bill would ban garnishment of relief funds by debt collectors


The new legislation directs the Treasury Department to protect electronic payments that Americans receive through the pandemic rescue package.


Cheat sheet: 7 measures in House coronavirus bill that matter to banks


Democrats’ latest proposal to back debt collectors, enable loans for nonprofits and provide other relief could help steer negotiations with the Senate on more stimulus.


Coalition urges Congress to protect stimulus checks from garnishment


In a rare show of unity, banking industry and consumer advocacy groups told congressional leaders that it is not too late to ensure individuals can access all of their coronavirus relief funds promised by the government.


Wells Fargo, Citi pledge not to garnish customers' stimulus funds


The two large banks are holding off for a month on collecting on negative balances to ensure that customers receive the full amount of government payments deposited into their accounts.


CARES Act "Rebates" and Bankruptcy


Related to Pamela's last post and our article regarding garnishments and the CARES Act "rebates," the US Trustee issued a notice to Chapter 7 and Chapter 13 trustees giving them guidance on what to do about them in a bankruptcy case.


CFPB proposes making debt collectors disclose statute of limitations


Debt collectors would have to tell consumers upfront that they cannot sue to recover "time-barred" debt under a proposal issued Friday by the Consumer Financial Protection Bureau.


In rebuke of CFPB, states look to get tough on debt collectors


In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry.


Can California's mini-CFPB pick up slack left by federal agency?


Former CFPB Director Richard Cordray and consumer advocates have designed a proposed state consumer agency that would subject more financial firms and fintechs to state oversight.


California governor to unveil plan for state CFPB


California Gov. Gavin Newsom plans to ask the legislature to revamp the current Department of Business Oversight and rename it the Department of Financial Protection and Innovation, modeled after the federal CFPB.


Lenders have reason to encourage faster debt payoffs


Research shows most consumers would prefer more options to pay down their debt early. Here’s why it would also help banks.