s another bubble market emerging in the subprime auto sector? Perhaps, but a growth market for accounts receivable management (ARM) firms is fast developing already.
The CFPB this week finalized a rule to promote more effective privacy disclosures from financial institutions to their customers. The new rule, which will primarily impact creditors and debt buyers, allows companies to post their GLBA-mandated annual privacy notices online rather than delivering them individually.
The U.S. financial watchdog Consumer Financial Protection Bureau (CFPB) Thursday released a new set of tools student loan borrowers can use if they run into trouble making payments on their accounts. The federal agency’s goal in the release is to help distressed borrowers avoid defaulting on their student loans and going into collections.
In a petition to the FCC, the American Bankers Association is requesting that data breach and fraud alerts be exempt from outdated regulatory restrictions on automated calls and texts to mobile devices.
A new TransUnion study found that the consumer loan wallet – the composition of loans that people typically carry – has materially changed for both the youngest and oldest segments of the population during the last decade.
Delinquencies declined nearly across the board in the second quarter, falling in nine out of 11 categories as the economy improved and consumers responsibly managed their finances, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin.
The Pew Charitable Trusts Friday released a report detailing fraudulent and abusive practices associated with payday loans offered online. The study found that many online borrowers report being threatened by lenders or debt collectors and that the vast majority of payday borrower complaints are about online loans.
The Consumer Financial Protection Bureau (CFPB) Monday announced that it has taken action against Michigan-based Flagstar Bank for violating the CFPB’s new mortgage servicing rules by illegally blocking borrowers’ attempts to save their homes.
The economic contraction that occurred in this year’s first quarter also affected the credit card market, putting downward pressure on average credit lines and monthly purchase volumes, according to the latest edition of the American Bankers Association’s Credit Card Market Monitor.
The FTC and the CFPB both announced enforcement actions Wednesday against separate payday lenders for very similar behavior, namely funding unapproved loans for consumers who did not request them and then taking payments directly from checking accounts, also without approval. And for questionable debt sales and collection practices, of course.