Consumer lending

Banks should assess a customer's full financial picture before deciding to sell a debt to a third-party collection agent.

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.

Bankers are taking the unusual step of asking the government for additional regulations — ones that can be used to block the Consumer Financial Protection Bureau from seeking more data from financial institutions.

Profits rose at Citizens Financial in the second quarter thanks to higher-than-expected fee income and loan growth, including improvements in mortgages and auto finance as well as a continuing surge in student lending.

The Consumer Financial Protection Bureau's fifth anniversary marks an important shift for the agency in which it pivots from rules required by the Dodd-Frank Act to pursuing other areas.

The Consumer Financial Protection Bureau is expected to unveil a proposal on July 28 that would regulate debt collection practices.

WASHINGTON — Republican lawmakers put Department of Housing and Urban Development Secretary Julian Castro on the hot seat Wednesday, criticizing his decision to allow nonprofit community groups to bid on more nonperforming Federal Housing Administration loans.

Despite recent controversy over Tesla crashes, the march toward autonomous driving technology continues. And that means big changes for auto lenders.

Santander Consumer Holdings in Dallas on Tuesday appointed William Rainer chairman, and it announced that Blythe Masters has resigned to advise Banco Santander — its Spanish parent company — on the blockchain.

The sharp fall in gas prices early this year helped U.S. consumers to stay current on their credit obligations during the first quarter.

Reports from the big three credit bureaus do not include information about payday loans, but a CFPB proposal figures to shake up that arms-length relationship.