Debt collection

WASHINGTON — The Consumer Financial Protection Bureau is seeking to permanently ban a credit provider in Texas from offering any services because of allegations that it ran a "sham credit card" business.

New York Attorney General Eric T. Schneiderman issued an alert Wednesday based on ongoing complaints from consumers reporting being contacted by scammers posing as an attorney from the AG's office.

Bank of America plans to lay off 202 employees in a loan servicing unit in Norfolk, Va. because of the ongoing decline in the number of delinquent mortgages, the company said Tuesday.

The Consumer Financial Protection Bureau and the U.S. Department of Education announced Tuesday more than $480 million in forgiveness for borrowers who took out Corinthian College’s high-cost private student loans.

Two defendants who took part in an alleged multi-million dollar telemarketing fraud targeting seniors, a scam that included withdrawing money from their accounts without authorization, agreed Tuesday to settle Federal Trade Commission charges.

WASHINGTON — The acquirer of a for-profit college chain sued by the Consumer Financial Protection Bureau will forgive over $480 million in student debt under a deal announced Tuesday.

Bank of America is poised to exit its student loan portfolio, as banks reduce their red-tape-heavy assets and redeploy cash to create loan growth elsewhere.

U.S. small businesses took out more loans in December, according to a lending study released Tuesday.

A California federal judge has approved a $2.75 million settlement with USCB Inc., an accounts receivable management firm, to end allegations that the company violated the Telephone Consumer Protection Act and the Fair Debt Collection Practices Act.

The U.S. Court of Appeals for the Eighth Circuit has reversed a District of Nebraska’s order granting class certification to a lawsuit, Powers v. Credit Management Services (CMS) Inc.

The Consumer Financial Protection Bureau and Financial Services Roundtable have launched a public-private initiative to promote effective financial education across the U.S.

The American Civil Liberties Union filed a federal lawsuit Thursday against a judge in Georgia and Judicial Correction Services, claiming the private company's debt collection practices led to poor people being jailed because they couldn't pay.

Two car title lenders settled Federal Trade Commission charges requiring them to stop using deceptive advertising to market title loans. The complaints mark the first time the FTC has taken action against car title lenders.

WASHINGTON — The Consumer Financial Protection Bureau on Thursday proposed a series of regulatory relief measures for small institutions, especially those in rural areas, to help them provide credit while they try to follow the agency's tough mortgage rules.

The National Consumer Law Center wants the Consumer Financial Protection Bureau to ban all out-of-statute debt collections, arguing that the practice of chasing "zombie debts" is unfair, deceptive and abusive.

Debt-buying giant PRA Group, based in Norfolk, Va., has hired Nancy Porter as vice president of corporate communications.

TracFone, the largest prepaid mobile provider in the U.S., will pay $40 million to the Federal Trade Commission to settle charges that it deceived millions of consumers with false promises of unlimited data service.

As regulators continue to scrutinize payday lending and associated products, a California startup thinks it has come up with a unique alternative for offering credit to those with lower credit scores — and some financial institutions are already signing up.

Arizona lawmakers voted Tuesday to expand a program that helps doctors repay their medical school debts if they agree to go where they are needed.

Consumer confidence in January rose to its highest point since before the recession, according to a new report.