Consumer lending

The CFPB announced Thursday that Herbies Auto Sales must provide $700,000 in refunds to customers and pay a $100,000 fine to resolve allegations it hid finance charges and deceived consumers purchasing vehicles.

The U.S. Department of Education has granted more time for companies to submit offers to perform debt collection work under a Request for Proposal.

Elevate Credit, an online lender, has temporarily delayed an initial public stock offering because of difficult market conditions. The firm was set to price its initial public stock offering Thursday.

House Financial Services Committee Chairman Jeb Hensarling is trying to stop $80 million in payments given to borrowers as part of a controversial auto loan discrimination settlement with Ally Financial until regulators verify the checks were actually given to minorities.

Debt-buying giant PRA Group Inc.'s stock fell Wednesday to a 52-week low. After opening at $27.60, PRA Group dropped to $26.75. By the closing bell, the company's stock was at $27.72 a share for a loss of 0.89%.

The House Financial Services Committee argues that the CFPB ignored a Justice Department request to narrow the list of potential consumers harmed in the Ally case, purposely casting a wider net for political purposes.

LendUp, which makes subprime consumer loans online and over mobile phones, announced Wednesday that it has raised $50 million in equity funding, plus an additional $100 million in debt financing.

Brad Elbein, a former director of two Federal Trade Commission regional offices, has joined Barron & Newburger, P.C. as Managing Attorney of the firm's new Atlanta office.

A California resident has filed a class-action lawsuit against a Santa Rosa, Calif.-based collection agency, alleging it sent misleading form letters suggesting it was linked with local government.

Defaults, repossessions and auctions were down 3% last year compared with 2014 and down 62% from a peak in 2010, according to a report released today by RealtyTrac.