Debt collection

Confidence in the U.S. economy appears to be rising amid low gas prices and a strong dollar as Americans stepped up their borrowing pace in September, according the the Federal Reserve’s G.19 consumer credit report.

Wells Fargo has agreed to pay $81.6 million to settle a federal investigation into its alleged failure to properly notify homeowners of increases in their mortgage payments.

PRA Group reported third-quarter revenue of $229.4 million, a 4% drop that fell far short of 9% growth expectations. The debt-buying giant’s net income dropped by nearly two-thirds from year-ago levels.

Borrowing by U.S. small businesses increased overall growth in September, according to the Thomson Reuters/PayNet Small Business Lending Index.

Automobile lending reached its highest level ever at the end of the third quarter while showing few signs of credit weakness, the credit bureau Experian reported Wednesday.

The FTC and other law enforcement officials across the U.S. announced Wednesday the first coordinated federal-state enforcement measure targeting deceptive and abusive collection practices. "Operation Collection Protection" could signal that regulators will be more aggressive, but also forthright about pursuing the industry.

Consumers' average daily spending in October totaled among the highest amounts this year and more than reports for October dating between 2009 and 2012, according to Gallup’s latest daily spending poll results.

The Federal Trade Commission’s news conference set for Wednesday concerning a debt collection law enforcement initiative reportedly involves unveiling a new national plan to stop nefarious debt collectors.

The CFPB has revised the process by which companies can appeal a supervisory action. The changes were mentioned as part of the agency's Supervisory Highlights report, which focused on concerns in the servicing of student loans and mortgages as well as debt collection and credit reporting problems.

The FTC will host a news conference in Washington, D.C., at 12:30 p.m. Wednesday to announce what the agency is calling a "major law enforcement initiative" involving the debt collection industry.

The CFPB has released its monthly report on consumer complaints. The latest report highlights consumer complaints related to credit cards as well as consumer complaints from the Chicago metro area.

In what could be seen as another salvo in the battle between fintech "distruptors" and more traditional financial institutions, five large technology companies — Google, Amazon, Apple, PayPal and Intuit — have formed a lobbying and advocacy group dedicated to financial issues.

JPMorgan Chase & Co., the nation’s largest bank by assets, will pay $100 million to settle a California lawsuit alleging it used illegal methods to collect debts from more than 125,000 credit card holders.

A U.S. district court’s efforts to fight foreclosures in Rhode Island by requiring loan modification talks in pending foreclosure cases has led to mixed results, according to Deputy Special Master Barbara Hurst.

A top Treasury Department official has expressed concern that small-business owners don't have adequate protections when borrowing from online lenders.

Global Financial Support, a student financial aid company, is facing a CFPB lawsuit for allegedly tricking consumers into paying for sham financial aid services and falsely indicating it was affiliated with government and academic institutions.

Security National Automotive Acceptance Co. will pay $3.28 million in refunds and fines to settle CFPB charges that it used illegal debt collection tactics against military service members.

The zero or low default rates reported by banks may on the face be a good sign but could suggest mounting future credit risk, based on a review of data published by the FDIC.

A federal judge in Illinois has ruled that national for-profit chain Corinthian Colleges Inc. must pay $531 million in damages to former students for misleading them about their career prospects and engaging in other deceptive practices.

The U.S. Department of Education has released two regulatory packages addressing products and payment plans directed at student borrowers.