Debt collection

An Indianapolis credit union will take a $26 million loss on default-prone loans to ITT Technical Institute students. The college's parent company was recently sued by the Consumer Financial Protection Bureau for predatory lending practices.

The Idaho Supreme Court unanimously ruled recently that medical collection agency Medical Recovery Services cannot ask for attorney's fee that are higher than what patients paid for their care.

Collection agency Transworld Systems will take over collection services for an Indiana city, where officials hope to recoup part of several hundred thousand dollars in liens.

With 10 closed deals in the Accounts Receivables Management and Revenue Cycle Management industries in Q1, the global M&A market is off to a strong start in 2014, according to a new report.

The Texas Attorney General's office reports that a new scam involving people pretending to be investigators with the office has victimized at least 200 people, each who recently applied online for a small loan.

A California man was arrested Friday for allegedly defrauding a bank out of $6.8 million in connection with his debt collection business.

Oregon Attorney General Ellen Rosenblum is warning consumers about bogus collection emails that appear to come from her office.

World Acceptance, a Greenville, S.C.-based finance company that provides subprime consumer loans, submitted documents to the Consumer Financial Protection Bureau as part of a federal investigation into its lending practices.

A college chain fires back at the Consumer Financial Protection Bureau's first public enforcement action against a company in the for-profit college space.

Ontario Systems, a receivables management technology and services provider, announced its Artiva collections solution has been selected by Credence Resource Management (CRM) to drive operations in the U.S. and India.

A collection agency in New York was shut down Wednesday after an investigation revealed the company repeatedly violated the law, according to regulators.

New restrictions on payday lending in Louisiana failed to win passage in the state's Senate as industry lobbyists argued the proposals would shutter the storefront lenders.

New York's chief judge is trying to reform the way banks and third parties sue borrowers over unpaid bills, joining a wave of regulatory efforts to fix widespread problems in the debt-collection industry.

New York regulators on Wednesday announced settlements with four companies accused of financing retail installment obligations at usurious rates of interest, ranging up to 55%, for New York consumers who sought financing for elective medical and surgical procedures.

Authorities in Vermont recently unveiled a novel approach to the crackdown on online payday lending: they sent a warning to search-engine providers and TV stations that the lenders use to advertise their products.

A federal judge in Alabama will hear arguments Thursday over a debt collection lawsuit that accuses the city of Montgomery, Ala. of jailing some residents for not paying their debts.

The Missouri House on Tuesday passed legislation to eliminate renewals on payday loans and lower the amount of interest borrowers can charge.

The total limit of new credit for bank-issued credit cards led origination growth in January, followed by home equity revolving lines and auto lending, according to the latest Equifax National Consumer Credit Trends Report.

Thirty-two million people under age 65 were underinsured in the U.S. in 2012, meaning they had health coverage that provided inadequate protection against high health care costs relative to their income, a Commonwealth Fund report revealed.

With more consumers using mobile devices for banking and credit card monitoring, a subcommittee of the House Financial Services Committee is examining the impact of mobile technology on consumers’ financial decisions.