Debt collection

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.

More than 4,800 consumers were defrauded by National Card Monitor LLC, a telemarketing operation that promised to lower consumers’ credit card interest rates for an advance fee.

An Ohio county is reviewing whether to sell its delinquent properties as a bundle through a tax lien sale with the successful bidder then pursuing the debts.

Equifax Inc. disclosed in its quarterly report that it has received a request for information from the Consumer Financial Protection Bureau as part of an investigation into whether consumer reporting agencies are violating the law.

Home value declines experienced during the recession have been, or are close to being, erased in nearly 20% of metro housing markets nationwide, according to Zillow Real Estate Market Reports first quarter assessment.

Complaints filed against debt collectors with the Consumer Financial Protection Bureau have increased, or held steady, in all but one month since the bureau began accepting them last July, according to an analysis.

Legislation introduced in the Senate to amend the Fair Credit Reporting Act is designed to protect consumers from inaccurate credit reports and credit scores.

Louisiana legislators Wednesday advanced a proposal to limit the number of payday loans a borrower can take out each year, a concession of sorts after a stronger measure failed.

Talking to consumers about the impact of their borrowing and payment decisions on their credit reports and credit scores is a critical part of helping them make solid financial decisions. But legal restrictions may ultimately deter companies from engaging in those types of discussions.

The Santa Clara (Calif.) County Department of Revenue, which acts as the county's central collection agency, reported Tuesday that 1,060 people are the potential owners of nearly $244,000 in unclaimed money.

Midland, Texas is the latest in a growing number of cities proposing an ordinance that affects payday lenders, or credit access businesses.