The Consumer Financial Protection Bureau (CFPB) and the Attorneys General of North Carolina and Virginia announced legal action against a retailer that caters to members of the U.S. military, and an affiliated lender and debt collection agency, for using illegal collection tactics against their customers.
The U.S. credit card market bounced back in the second quarter as the economy improved, according to the American Bankers Association’s December 2014 Credit Card Market Monitor report. The number of new accounts increased and monthly purchase volumes picked up, while the distribution of accounts resumed its shift away from “revolvers” who carry balances month-to-month.
A recent credit report study from TransUnion found that 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. Not only did economic forces prompt change, but general demographic shifts have changed the composition of outstanding credit among different age groups in the U.S.
The U.S. Court of Appeals for the D.C. Circuit heard oral arguments in two cases Wednesday that challenge the CFPB’s authority to regulate financial services firms due to its one Director leadership structure. The specific arguments concerned standing to bring such suits, with the merits of the challenges pending.
The Consumer Financial Protection Bureau (CFPB) Wednesday took its first action against a “buy-here, pay-here” car dealer over illegal debt collection and credit reporting practices.
The United States Trustee Program, a division of the Justice Department, is investigating several of the largest consumer lenders in the country over their debt collection and portfolio sales tactics relating to accounts owed by consumers under bankruptcy protection, according to The New York Times.
British citizens using payday lenders and other providers of high-cost short-term credit will see the cost of borrowing fall and will never have to pay back more than double what they originally borrowed, the UK’s Financial Conduct Authority (FCA) confirmed today.
Green Tree Servicing, LLC, a national servicer of residential mortgage loans, will pay Vermont consumers a total of $55,250 for the company’s debt collection practices and late payment of property taxes. Green Tree will also pay $176,750 to the State.
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.