Debt collection

Debt buyer Encore Capital Group Inc. on Thursday closed its $200 million acquisition of Asset Acceptance Capital Corp. All subsidiaries of Asset Acceptance are part of Encore Capital and Asset Acceptance’s stock, NASDAQ ticker symbol AACC, has been delisted.

U.S. foreclosure activity increased 2% in May, even as the recovery in many local housing markets is showing gains, online marketplace RealtyTrac said.

Debt buyer Portfolio Recovery Associates (PRA), based in Norfolk, Va., reported Tuesday that its board approved a three-for-one-stock split by way of a dividend. The split is the first stock split in this manner since the company's initial public offering in 2002.

A new survey indicates people are starting retirement with record amounts of debt, while counting on borrowing to cover expenses in retirement.

A move to strengthen and centralize the collection of delinquent accounts owed to Louisiana state agencies received the support of state lawmakers Thursday and now heads to Gov. Bobby Jindal.

Identity theft continues to be the highest ranking consumer complaint, according to the Federal Trade Commission. With this in mind, Zoot Enterprises recently discussed the prevalence of identity theft and fabricated identities with Dr. Stephen Coggeshall, chief technology officer at ID Analytics.

A former leader of the Consumer Financial Protection Bureau on Thursday will announce the launch of Fenway Summer LLC, a startup mortgage lending and business advisory firm.

U.S. Senator Sherrod Brown (D-Ohio) is pushing Consumer Financial Protection Bureau director Richard Cordray to tighten oversight of the collection industry, including possibly reforming the Fair Debt Collection Practices Act.

The Federal Trade Commission has sued a payment processing business that allegedly assisted and facilitated a telemarketing credit card interest rate reduction scam.

Debt buyer Encore Capital Group Inc. set June 13 as the closing date for the $200 million merger with Asset Acceptance Capital Corp.

The Consumer Financial Protection Bureau has expanded its Consumer Complaint Database to include state-by-state information and complaints about credit reporting.

A Pennsylvania lawmaker has introduced legislation to legalize high-cost, short-term loans in the state.

Fair Credit Reporting Act and Telephone Consumer Protection Act lawsuits year-to-date are both tracking well ahead of last year's pace, according to data gathered from U.S. district courts. Fair Debt Collection Practices Act cases are slightly down from last year's record pace.

The Federal Trade Commission stopped two operations that deceived consumers looking for help handling their debts, including one firm that tricked people by impersonating federal government agencies.

Collection agency DP and Associates has agreed with the West Virginia attorney general's office to return $1.7 million in refunds and cancelled debts to consumers in the state, West Virginia officials announced Tuesday.

Collection agency Resurgent Capital Services LPA and affiliated debt buyer LVNV Funding LLC will pay $1 million to Maryland regulators and agreed to dismiss several thousand collection cases to resolve alleged violations of federal and state collection laws.

The Federal Trade Commission won a $2.6 million federal court judgment against three defendants behind a scheme that charged consumers high upfront fees and failed to deliver the mortgage modifications they promised.

The Federal Trade Commission filed suit against Wyndham Worldwide Corp. and three of its subsidiaries for alleged data security failures that led to three data breaches at Wyndham hotels in less than two years.

The operators of an allegedly deceptive mortgage modification business will pay more than $750,000 to settle Federal Trade Commission charges. The settlements also permanently ban the defendants from selling any mortgage-assistance relief products.

The Federal Trade Commission charged a telemarketing operation with running a deceptive investment scheme that took in at least $10 million from mostly elderly consumers, many of whom invested their retirement savings buying precious metals on credit without knowing the costs and risks.