Consumer lending

Profits fell double digits at Santander Consumer USA Holdings in Dallas in connection with its exit from the personal loan business and other nagging issues.

Debt-buying giant PRA Group Inc. announced Wednesday the completion of its public tender offer to purchase shares of Warsaw, Poland-based DTP S.A., a mid-size debt buyer and collection agency active in Poland.

The U.S. District Court for the Eastern District of Texas has granted the government’s motion for summary judgment against Texas-based collection agency Commercial Recovery Systems Inc. and its president, Timothy Ford.

Ally Financial reported strong loan and deposit growth in the first quarter, but a shift in the makeup of its automobile loan portfolio forced the Detroit company to nearly double its loan-loss provision from a year earlier.

Pressler and Pressler responded to the CFPB's legal action announced Monday. The law firm points out that the settlement ultimately involves no consumer redress or restitution, no invalidation of judgments and no findings of the use of improper affidavit practices.

The CFPB ordered New Jersey-based collection law firm Pressler and Pressler LLP and debt buyer New Century Financial Services Inc. to stop churning out collection lawsuits allegedly based on nonexistent or flimsy evidence.

The prepaid card industry is ramping up its advocacy efforts on Capitol Hill as the Consumer Financial Protection Bureau readies a final rule targeting such products.

The expansion of Medicaid under the Affordable Care Act is reducing medical debt in collections for some low-income consumers, according to a study from the National Bureau of Economic Research (NBER).

Over the past year, threats of steep downgrades have chilled secondary investor demand for federally guaranteed student loans, but two recent securitizations suggest that the market is beginning to thaw.

The Department of Education wants to make student loan payments easier through the launch of a single Web portal for federal student loan borrowers.

Recent prosecutions against lenders accused of usury violations will test the government's use of a law more commonly known in organized crime cases.

The Consumer Financial Protection Bureau is expected on May 5 to release a proposal that would allow consumers to ban together in class action lawsuits even if there is an arbitration agreement.

The Coalition to Improve Credit Education, a group that will focus on policy issues involving helping consumers understand how they can improve their credit reports and scores, launched this week with the support of more than 20 community development, financial literacy and minority leadership organizations.

The Consumer Financial Protection Bureau lacks the authority to investigate how accredit ors approve for-profit colleges, according to a ruling Thursday by a federal judge.

The CFPB filed complaints in federal court Thursday against two co-founders of a company that resold loan applications containing personal data to lenders and data brokers without reviewing the sources of those leads or the purchasers.

Sen. Ted Cruz has made killing the Consumer Financial Protection Bureau one of his key stances on banking policy during his fight to become the Republican presidential nominee.

U.S. home sellers in March sold their homes for $30,500 more than the purchase price, a 17% average gain in price and the highest average gain for home sellers since December 2007, according to RealtyTrac’s Q1 U.S. Home Sales report.

TCF Financial in Wayzata, Minn., reported sharply higher profits driven by gains on the sale of auto loans even as auto-related chargeoffs rose.

Debt buyer PRA Group (Nasdaq:PRAA), a global firm that acquires and collects nonperforming loans, has named Chris Burroughs as its new chief technology officer.

There are far more payday lending stores than McDonald's restaurants in almost every state in the nation. But unlike McDonald's burgers, payday lending is rarely affordable and generally not digestible.