Consumer lending

A year ago, the U.S. Department of Education announced it would be severing ties with five private collection agencies. All of them are currently doing work for the government agency.

The Consumer Financial Protection Bureau has implemented a new rule that broadens the ability of lenders in rural and underserved areas to originate qualified mortgages.

The first protection a consumer needs is the assurance that any new reforms will not inadvertently drive all regulated credit from the market.

California Republic Bancorp, which has been aggressively originating and securitizing auto loans for years, is keen on revving up the engine to expand from a 10-state area to a national platform.

The CFPB released an annual report Tuesday that revealed service members have been submitting debt collection complaints at nearly twice the rate of non-military consumers.

West Virginia Attorney General Patrick Morrisey’s office has reached a $19.7 million settlement with Cavalry Portfolio Services in a six-year-old case where the debt collection firm faced accusations of pursuing debts in West Virginia without a license to do so.

The Consumer Financial Protection Bureau faces a tough balancing act as it seeks to issue a proposal to rein in high-cost payday loans.

The Federal Trade Commission cautioned the collection industry to avoid buying, selling or collecting any alleged payday loan debt portfolios serviced by AMG Services.

Ally Financial in Detroit reached a truce with Lion Point Capital, as it agreed to appoint an independent director in consultation with the activist investor.

The Consumer Financial Protection Bureau faces a tough balancing act as it seeks to issues a proposal to rein in high-cost payday loans. A chief concern is what will replace payday lenders if federal regulations force many of them to shut down.