The Latest

The CFPB ordered New Jersey-based collection law firm Pressler and Pressler LLP and debt buyer New Century Financial Services Inc. to stop churning out collection lawsuits allegedly based on nonexistent or flimsy evidence.

The Consumer Financial Protection Bureau ordered the New Jersey law firm Pressler and Pressler and a debt buyer to pay $2.5 million for allegedly filing "mass-produced" lawsuits against consumers based on nonexistent debts.

Opus Bank in Irvine, Calif., reported a profit of $17.1 million in the first quarter, up 56% from a year earlier, as strong loan growth more than offset higher expenses and an uptick in problem loans. Its earnings per share climbed 50%, to 51 cents.

Auto lending has enjoyed a serious boost in volume, and one segment — subprime loans — has followed suit, but a recent study suggests a spike in delinquencies and charge-offs is in the offing.

COLORADO SPRINGS, Colo. — Aventa Credit Union recently launched its all-new website, which it said features a "fresh, modern look," improved functionality and enhanced content.

Multi-factor authentication will be required for administrative access to card data and systems for Payment Card Industry data security compliance this week.

Bank of Hawaii in Honolulu said Monday that its first-quarter profit increased 18.3%, to $50.2 million, from a year earlier thanks to strong loan growth, improved credit quality and a hefty gain on sales of its Visa shares.

JPMorgan Chase has added fingerprint authentication for customers on Android devices.

The prepaid card industry is ramping up its advocacy efforts on Capitol Hill as the Consumer Financial Protection Bureau readies a final rule targeting such products.

Freddie Mac has revised downward its economic forecast for the remainder of 2016 following a tepid first quarter, but still remains upbeat about the housing market.