Debt collection

The Supreme Court on Monday ruled that private attorneys hired by states are not in violation of the Fair Debt Collection Practices Act when using official letterhead to collect a debt. The case has been watched closely by financial institutions for its interpretation of “false, deceptive or misleading” practices.

Two Ohio law firms did not use illegal tactics when they mailed debt collection letters on stationery bearing the name of Ohio’s attorney general, according to a unanimous Supreme Court ruling Monday.

Complaints against debt collectors filed with the Consumer Financial Protection Bureau dropped last month from 3,505 complaints in March to 2,816 complaints in April, a 19.7% decrease.

The May issue of The Atlantic contains an insightful story that puts a face to one of the biggest economic issues facing this country: the erosion of household savings in America and the resulting traumatic impact on the middle class.

Real Time Resolutions Inc. has acquired Account Outsourcing Group’s call center in Jamaica. Financial details of the deal have not been disclosed.

A new survey indicates more future college students plan to take out loans for their education and their parents are more willing to help them with the costs.

The state of Illinois has spent more than $900 million on penalties for not paying its bills on time over the past six years, according to the Chicago-based government watchdog group, Civic Federation.

The total balance of write-offs year-to-date through March for first mortgages, home equity lines of credit and home equity loans is $9.5 billion, a nine-year low for Q1 and a year-over-year decrease of 22.7%, according to Equifax's National Consumer Credit Trends Report.

RealtyTrac's latest U.S. Residential Property Loan Origination Report shows 1.4 million loans were originated on U.S. residential properties in the first quarter, the lowest level since the first quarter of 2014.

The Consumer Financial Protection Bureau has charged a Mississippi company with refusing to disclose check-cashing fees to consumers, deceptively pressuring borrowers into taking out multiple payday loans and keeping overpayments.