United States: Consumer Credit

A Michigan federal court has granted final approval of a class action settlement against a creditor law firm and affiliated debt buyers over allegedly excessive post-judgment interest charges in debt collection proceedings. The case centered on whether a 13% interest rate—Michigan's maximum for judgments on written instruments—was improperly applied to judgments that did not involve written instruments. Eligible class members whose judgment balances were reduced to zero will receive $150 monetar

On today's Consumer Finance Monitor podcast, we are releasing an episode about a timely and wide-ranging discussion on one of the most significant and fastest-evolving developments...

On October 14, the Maryland Office of Financial Regulation (OFR) issued regulatory guidance explaining three new state laws governing the collection and reporting of medical debt.