Debt collection

Officials with the Ohio attorney general’s collection-enforcement division report that approximately $34 billion in government debt owed by corporations and consumers is being pursued by 70 outside law firms and third-party agencies.

The CFPB is rewriting the rules for debt collection, and in the meantime fines and penalties are coming fast and furiously. Banks need to closely scrutinize every debt collector and debt buyer they do business with, or even bring collections back in-house, said attorney Joann Needleman.

Consumer spending gains in the second quarter helped the U.S. economy expand more than forecasted and may help the U.S. withstand a global slowdown, according to Commerce Department figures released Friday.

At a time when fintech companies and banks are struggling to draw more consumer interest in their apps, a Reno, Nev., startup is hoping to motivate underbanked consumers to pay bills, including overdue ones, via a friendly mobile experience.

The Consumer Financial Protection Bureau has struggled internally with how to end potential discrimination in auto lending, including debating whether it should cite a large lender in the hope of effectively ending the ability of partnering dealers to mark up loans with all lenders.

The banking industry continues to sit on a mountain of problematic loans seven years after the onset of the financial crisis.

The man allegedly used his Baton Rouge, La.-based credit repair company to dupe his victims.

The Consumer Financial Protection Bureau has released its latest monthly consumer complaints snapshot, which highlights mortgage complaints.

The Consumer Financial Protection Bureau’s student loan ombudsman has shared concerns over predatory practices in student loan repayment programs, comparing them to those that led to the mortgage crisis several years ago.

The Consumer Financial Protection Bureau on Monday finalized several changes to its mortgage rules to help promote responsible lending by small creditors, particularly in rural and underserved areas.