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.
The Consumer Financial Protection Bureau (CFPB) Wednesday announced it is proposing to oversee larger nonbank auto finance companies for the first time at the federal level.
The Consumer Financial Protection Bureau (CFPB) said Tuesday that it has sued for-profit college operator Corinthian Colleges, Inc. for creating a loan program that was so complicated in structure, it actually exposed Corinthian to liability under the FDCPA as a collection agency. The company is also accused of a host of other financial violations.
U.S. Representative Maxine Waters (D-Calif.) will propose a bill Wednesday that changes many key provisions of the Fair Credit Reporting Act (FCRA) including a reduction in the time negative information can stay on credit reports and the removal of accounts in collection once paid off.
Last fall, Bank of America entered into a $32 million settlement to resolve a TCPA lawsuit over debt collection calls the bank made within its credit card and mortgage units. It has been called the largest TCPA settlement ever. Late last month, the judge in the case drastically lowered the amount of money the plaintiffs’ attorneys will see for their work in the final settlement approval.
As strategic planning is a big focus in the fall for most executives, here are some of our mid-year predictions for the ARM industry.