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Credit Grantors

A credit grantor is any individual or business that extends credit to customers. The credit can be for other businesses or consumers and can come in many forms, such as closed-end loans (like auto loans, mortgages, and student loans), revolving loans (like credit cards or certain home equity loans), or a hybrid of the two. Some credit is backed by property or assets.

In the U.S., the primary credit grantors are large commercial banks and credit unions. But credit is also extended by small businesses, governments, and other organizations.


Headline The ARM Industry Should Like to See: “Closing Time for a Fake Debt Collector”

Yesterday, at the request of the FTC and Illinois AG, a federal court has shut down a network of businesses and operators that falsely claimed to be debt collectors collecting real payday loan debts. The first paragraph in the FTC’s Blog about the event was perfect: “It’s fine to play ‘let’s pretend’ when you’re young; you can be an astronaut today and an inventor tomorrow. But grown-ups who pretend to be debt collectors and lie to get peoples’ money are headed for trouble.”

cordray testimony 9.29.15

Payday Lending, Exemption for Community Banks, Arbitration and Ally Were the Hot Topics During CFPB Director Cordray’s Testimony Before Congress

This article originally appeared as an Alert on, and is republished here with permission. There was no shortage of emotionally charged rhetoric and pointed accusations during yesterday’s testimony of the Consumer Financial Protection Bureau’s (CFPB or “Bureau”) Director, Richard Cordray, before the House Financial Services Committee (the “Committee”). The hearing made clear that several industries […]


Bank of America Hit With Class Action Over Debt Collection Litigation on Securitized Accounts

A putative class action suit was filed yesterday against Bank of America alleging that that the bank has been improperly suing consumers who owe credit card debt after the bank had previously “sold” that debt via a securitization of a pool of accounts. The case has the potential to dramatically impact future collection practices regarding securitized accounts.


Canadian Creditors Dropping the Ball Where Ontario Residents Represented by Debt Settlement Firms

The Canadian ARM industry may have dropped the ball when it comes to dealing with Ontario consumers represented by debt settlement firms.  More than half the firms offering “debt settlement services” today as defined in the Ontario Collection and Debt Settlement Services Act might be doing so illegally without satisfying registration requirements or failing to […]


Credit Reporting, Overdraft Issues and the Remittance Rule Dominate the CFPB’s 2016 Winter Supervisory Highlights

This article originally appeared as an Alert on and is reprinted here with permission. The 10th edition of Consumer Financial Protection Bureau’s (CFPB or Bureau) Supervisory Highlights (the Report) continues on the themes of credit reporting and overdraft protection prevalent in recent CPFB statements (see February 3, 2016 CFPB Press Release and Compliance Bulletin 2016-01). While debt collection, mortgage and […]