The American Bankers Association this week sent a letter to the Federal Reserve’s Office of the Inspector General (OIG) offering support for two ongoing audits of the CFPB’s complaints database and urging the OIG to expand the scope of the audits to address, among other things, the CFPB’s proposed plan to publish consumer narratives alongside complaints.
Two payday lending companies have settled Federal Trade Commission charges that they violated the law by charging consumers undisclosed and inflated fees. Under the proposed settlement, AMG Services, Inc. and MNE Services, Inc. will pay $21 million – the largest FTC recovery in a payday lending case – and will waive another $285 million in charges that were assessed but not collected.
Kaulkin Ginsberg Company, the leading provider of merger and acquisition (M&A) and strategic advisory services for the accounts receivable management (ARM) industry, is pleased to announce that it has bolstered its longstanding valuation practice by launching a new corporation, Topline Valuation Group, LLC, in partnership with Santos, Postal & Company, P.C., the premier certified public accounting firm in the Washington, D.C. metro region, servicing small and midsize companies.
Delinquencies continued to decline in last year’s third quarter, falling in seven 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.
A data broker operation sold the sensitive personal information of hundreds of thousands of consumers — including Social Security and bank account numbers — to scammers who allegedly debited millions from their accounts, the Federal Trade Commission charged in a complaint filed today.
The Second Circuit Court of Appeals Monday upheld a four year federal prison sentence for a former collection agency executive who orchestrated a $12 million fraud scheme over the course of four years.
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.