Debt collection

A U.S. district court has banned the ringleader of a multi-million dollar fraud that targeted seniors from all telemarketing activities after he agreed with the Federal Trade Commission’s allegations that he withdrew money illegal from consumers’ bank accounts and funneled it to Canada.

A report from the Consumer Financial Protection Bureau has found deceptive student loan debt collection practices, unfair and deceptive overdraft practices, mortgage origination violations, fair lending violations and mishandled disputes by consumer reporting agencies.

Coast Professional, National Recoveries Inc. and Enterprise Recovery Systems Inc. are suing the U.S. Department of Education over a decision made last week to end collection contracts for allegedly misleading borrowers.

Legislation concerning debt collectors is gaining traction in Indiana. House Bill 1358 would allow the state to reduce or take a person’s state tax return to settle a garnishment.

A presidential memorandum signed Tuesday directs federal agencies to overhaul the way Americans repay their student loans, the latest move in a series of steps the Obama administration is taking to promote college affordability and access.

WASHINGTON — President Obama has directed the Department of Education and other agencies to institute changes meant to improve student loan servicing in an initiative the White House calls "a student aid bill of rights."

Banks can expect to incur higher costs in several areas during the implementation of a settlement agreement to improve the accuracy of credit reports. But they might benefit in the long run by getting better information on borrowers.

Lucrative sale of a subprime lending unit. Big credit card deal. Clear business plan. It's looking like a good year for Citi — provided it passes the CCAR stress test this week and fills a key executive post.

The Federal Trade Commission has returned more than $2.4 million in refunds to some 100 consumers harmed by the Premier Precious Metals scheme, which bilked millions of dollars from investors, including many senior citizens.

Two private debt collection agencies that had contracts to collect delinquent student loans for the U.S. Department of Education have announced layoff plans prompted by the federal agency ending collection contracts with some vendors.

Debt buyer PRA Group has expanded its Norfolk, Va. headquarters for the second time in just more than a year.

WASHINGTON — The Consumer Financial Protection Bureau appears ready to act on rules limiting arbitration clauses as the bureau continues to argue such agreements harm consumers.

U.S. credit card debt jumped by $57.1 billion - up 47% - in 2014 compared to 2013 and the forecast calls for the total to reach $60 billion this year, according to a new survey from CardHub.

Credit-reporting giants Equifax Information Services, Experian Information Solutions and TransUnion will change the way they handle errors and treat medical debt after reaching a settlement with New York Attorney General Eric Schneiderman.

A bill to replace the Consumer Financial Protection Bureau’s director leadership with a bipartisan commission appointed by the president was introduced by Rep. Randy Neugebauer (R-Texas), chairman of the Financial Institutions and Consumer Credit Subcommittee and a member of the House Financial Services Committee.

WASHINGTON — Loan demand continues to increase across the country, even though some economic sectors are still struggling, according to a report released Wednesday by the Federal Reserve Board.

There are three main areas that collections managers have to concern themselves with when receiving a new placement to work: compliance considerations, contact information and ability to pay.

A TransUnion study revealed that approximately 26.5 million consumers, who previously could not be scored, can be effectively scored using a new risk model.

The Federal Trade Commission is launching two new robocall contests challenging the public to develop a crowd-source honeypot and better analyze data from an existing honeypot.

The U.S. Court of Appeals for the Fourth Circuit has affirmed a district court’s dismissal of claims against debt buyer LVNV Funding for filing proofs of claim in a state where it was not licensed as a debt collector.