Opinions

WASHINGTON–When the Consumer Financial Protection Bureau recently announced it planned to scale back proposed limits on credit card fees, consumer groups and some in the media immediately criticized it.

There's a sizable, growing community of people who'd be receptive to the notion that you can get needed services without having to support the companies that have inflicted so much damage on the economy and the country.

A complaint filed by the Dakota County (Minnesota) Attorney's office claims that Scott Schoaf, who formerly ran collection agency Alternative Receivables Solutions, used his clients' money to pay his own bills. Schoaf has been charged with two felony counts of theft and two felony counts of theft by swindle.

Consumers sued an estimated 562 different collection agencies and creditors between April 1-15. The number of Fair Debt Collection Practices Act (FDCPA) cases in that period fell to 460, down 13.4% from March 16-31 and down 19.7% from April 1-15, 2011, according to WebRecon LLC, a Grand Rapids, Mich.-firm that tracks the data from U.S. District courts.

WASHINGTON — On the heaviest night of bank closures this year, regulators across four states shuttered a total of five institutions, bringing the year’s failure total to 22 and costing the Federal Deposit Insurance Corp. more than $270 million.

Pay for bank CEOs increased a median 16% in 2011 among a group of 160 banks. Growth was particularly brisk at institutions with less than $20 billion of assets, where CEO compensation measured 2% of total payroll expenses, a far higher level than at larger banks.

Consumer groups are still angry over the Consumer Financial Protection Bureau's decision to revise a rule on credit card fees in light of a recent court ruling. But others say it was a smart play for an agency that must pick its battles.

"White paper" by Hawke and Litan says institutions do not get the same "value" out of their exams following the crisis as they did before the crisis.

The Consumer Financial Protection Bureau is working to finalize the definition of a Qualified Mortgage under the forthcoming ability-to-pay regulations. These regulations will have profound implications for the entire U.S. residential mortgage market.

A coalition of 23 banking industry trade groups urged the Consumer Financial Protection Bureau on Friday to adopt a safe harbor protection from lawsuits for lenders that originate qualified mortgages when the bureau issues a final rule this year.