The article “Early impacts of removing low-balance medical collections” by the CFPB Office of Research discusses the effects of changes made by the three nationwide credit reporting companies in 2022 and 2023 regarding medical collections on consumer credit reports. These companies committed to removing medical collections that were paid, less…
Facing Recovery Rates at Historic Lows The American auto lending industry is facing a perfect storm. A combination of economic pressures and logistical hurdles are creating a nightmare scenario for lenders struggling to recoup losses on defaulted loans. The Culprits: The Result: Recovery rates, the percentage of the loan amount…
Navigating Rising Interest Rates with Resilience In 2023, the financial dynamics within the United States painted a complex picture, marked by the resilience of consumer credit amidst the backdrop of rising interest rates. This period, characterized by its unpredictability, witnessed consumers, policymakers, and banking professionals navigating an environment where traditional…
The Consumer Financial Protection Bureau (CFPB) announced a significant regulatory change on March 5, 2024, aimed at reducing excessive credit card late fees, which have been a financial burden on American families. The finalized rule effectively lowers the typical late fee from $32 to $8, addressing a loophole that has…
This summary delves into the insights and key points from a Morgan Stanley article published on 15.09.2023 discussing the burgeoning field of private credit, and that, in my opinion, did not receive sufficient echo. The article outlines the significant growth of this market, which is expected to reach $2.3 trillion…
Wells Fargo published an important article on the rise of consumer credit in the US on January 10th, 2024. The article delves into the growing trend of consumer credit usage in the United States, emphasizing a significant milestone where outstanding consumer credit exceeded $5 trillion in November. This increase is…
Implications of New York’s decision to remove medical debt from credit reports, with a focus on the potential impact on creditors in the US. Immediate implications for New York creditors: Potential broader implications for US creditors: