Consumer lending

The Consumer Financial Protection Bureau's debt collection plan is likely to put pressure on banks and first-party creditors to provide better documentation on consumer debts that get transferred to debt buyers and collectors. While the proposal does not cover banks and first-party creditors, some experts said banks will be on the hook for providing better information.

Wells Fargo is facing a U.S. investigation into whether it improperly repossessed cars owned by members of the military, according to two people with knowledge of the probe.

The Consumer Financial Protection Bureau released a plan Thursday to overhaul the debt collection industry that would limit collection attempts to six per week and require confirmation of a debt before contacting consumers. The plan, however, is not yet directed at banks and credit card companies.

More than 40% of consumers with complaints about debt collections say they were asked to pay debts they didn't owe. There are a host of reasons for the problem, including inscrutable legal disclosures.

The Consumer Financial Protection Bureau is set to unveil a sweeping proposal on debt collection practices this week that would force banks and credit card companies for the first time to comply with federal restrictions. It said the plan would put an end to some of the most egregious practices in the $13.7 billion debt collection industry.

Ally Financial in Detroit swung to a profit in the second quarter as a tax benefit outweighed the costs of insurance payouts on hailstorm-damaged vehicles.

Santander Consumer Holdings USA on Monday delayed the release of its quarterly results amid ongoing accounting woes.

Fee income, niche financing lines and auto lending drove second-quarter profits at TCF Financial in Wayzata, Minn.

The Consumer Financial Protection Bureau's plan to rein in payday and other lenders has some noticeable benefits for consumers, but much of the proposal should be revised.

Regional banks like BB&T, Huntington Bancshares and Citizens Financial are growing through acquisition and targeted business-line initiatives, but they are having to contain spending simultaneously.