Consumer lending

CFPB Director Richard Cordray testified before a U.S. Senate committee Thursday and was questioned about the bureau’s recent report stating service members complaints are nearly twice as likely to be about debt collection compared with the general population.

A New York man who claimed a collection agency and law firm illegally garnished his wages under a state court default judgment cannot pursue federal claims against the firms, according to a ruling Thursday.

U.S. household borrowing climbed in February compared with January, supported by financing for automobiles and college education.

Sen. Jeff Merkley, D-Ore., and nine other Democrats are attempting to block a go-around they say payday lenders use to avoid complying with state laws.

Speaking before the Senate Banking Committee, CFPB Director Richard Cordray said fintech companies should be held to the same standards as depository institutions. At the hearing, Cordray fielded questions on payday loans, indirect auto lending and regulation by enforcement rather than rulemaking.

A proposed class-action lawsuit accusing collection agency LVNV Funding and law firm Eltman Eltman & Cooper of abusive collection practices can proceed, a federal judge has ruled.

Rising home values continue to provide consumers with a strong incentive to keep up with their home-equity loan payments.

Charlie Hallinan, who pioneered the tactics payday lenders have used for years to stymie state regulators, was indicted on federal conspiracy and fraud charges.

The Alabama Senate has voted in favor of legislation that would extend payday loan repayment periods to six months.

The ringleader of an identity theft scam that stole more than $457,000 from bank customers in New York will serve between 10 and 20 years in prison following his conviction on 15 counts - including grand larceny charges.

The FTC has closed the book on a fraudulent debt collection scheme that processed payments for payday loan debts they didn’t owe.

The deal to buy TradeKing would allow the online-only bank to offer wealth-building products to its roughly 1.1 million depositors. The additional low-cost deposits could also help fund loan growth as it looks to expand beyond auto lending and into mortgages and credit cards.

Officials in Pittsylvania County, Va. are seeking proposals from firms to provide collections and billing services for the county's medical transport system.

The Consumer Financial Protection Bureau is about to issue new rules that will define the future of small dollar and non-prime lending in our nation.

For the benefit of consumers who rely on nonprime credit and the lenders that provide it, Consumer Financial Protection Bureau rules offering clarity and consumer protections can't come soon enough.

GOP lawmakers and witnesses at a Senate Banking Committee hearing pointedly criticized the Consumer Financial Protection Bureau on Tuesday, setting the stage for a likely contentious hearing with the agency's director later in the week.

Ally Financial announced Tuesday that it had agreed to buy the online brokerage firm TradeKing Group for approximately $275 million. TradeKing, based in Fort Lauderdale, Fla., has roughly $4.5 billion in client assets.

ITT Technical Institute exaggerated its job-placement rates by counting "any job graduates got that somehow involved the use of a computer" and misled prospective students about the quality of its programs, according to a lawsuit filed Monday.

A federal judge in Michigan has dismissed a proposed class-action lawsuit accusing debt buyer Encore Capital Group of suing consumers over old debts that were no longer legally enforceable.

Two appeals court judges raised constitutional questions Monday about the structure of the Consumer Financial Protection Bureau in the agency's case alleging that PHH Corp. accepted illegal kickbacks.