Debt Collection

Banks ready new tech tools to tackle debt collection


KeyBank, Regions and others are using self-service portals, robotic processing automation and virtual assistants to digitize the collections process and make it more humane in anticipation of rising delinquencies.


PPP forgiveness plan disappoints, OnDeck fire sale, GSE liquidity: Top stories of the week


Bankers are left wanting after details on PPP forgiveness plan emerge; why OnDeck is being sold on the cheap; Fannie, Freddie to face banklike liquidity standards starting Sept. 1; and more from this week’s most-read stories.


Senate passes bill to prevent debt garnishment of CARES Act payments


The legislation, which has yet to pass the House, is meant to ensure coronavirus relief funds go to consumers and are not diverted to debt collectors.


CFPB political appointee to be named agency's No. 2: Sources


Tom Pahl, a former longtime regulator at the Federal Trade Commission, has led key rulemaking efforts for the consumer bureau.


Advice to debt collectors in pandemic times: Watch your language


Now perhaps more than ever, banks and their proxies need to show tact when communicating with past-due borrowers.


Bad times for debt collectors; Main Street Lending Program draws boos


Loan forbearances are wreaking havoc with firms that normally clean up during recessions; the Fed’s latest rescue plan is off to a rocky start as few banks show interest in making the loans.


California tables ‘mini-CFPB’ idea — for now


A budget item establishing a new agency to protect consumers from predatory lenders has been put on hold as state officials deal with the coronavirus response and other priorities. But it could be revived in legislative talks later this summer.


Auto title lender slammed by CFPB order over finance charges


The consumer bureau said Approved Cash Advance improperly collected amounts that were five times higher the legitimate fee schedule disclosed to borrowers.


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.