Consumer lending

The head of a sham debt relief operation agreed to a judgment of more than $7.9 million to settle Federal Trade Commission charges that he deceived consumers and charged them thousands of dollars while providing nothing in return.

When Experian acknowledged Thursday that hackers had broken into one of its servers, it was bad news for everyone. Not just the 15 million T-Mobile customers whose personal information was compromised.

Collection agency Pioneer Credit Recovery on Thursday began a one-year contract to pursue nearly $3 million in unpaid Trenton (N.J.) Municipal Court fines from people who lost their traffic, drug or other court cases.

A server containing sensitive consumer information at Experian has been breached, with the records of as many as 15 million T-Mobile customers stolen, the companies said Thursday.

The Consumer Financial Protection Bureau hit an indirect auto lender and a subsidiary with $48.3 million in fines and restitution on Thursday, accusing it of deceptive collection tactics.

An auto finance company and its title lending arm must overhaul their collection practices and provide consumers $44.1 million in cash relief and balance reductions to settle federal charges.

A housing report released Thursday shows that buying a home was at the most affordable level in two years in the first quarter, despite the average home price increasing at more than twice the pace of the average weekly wage nationwide.

The FTC's second Debt Collection Dialogue event focused on regulatory compliance and the complexities of the current collections climate.

A handful of moderate Democrats supported a controversial bill to restructure the Consumer Financial Protection Bureau, helping the House Financial Services Committee approve the legislation.

Cash America International, a payday lender in Fort Worth, Texas, has named Brent Stuart chief executive.

Federal prosecutors are seeking to seize hundreds of thousands of dollars from a Concord, N.C.-based debt collection company accused of using unfair and fraudulent practices.

Hospitals in Minnesota saw a 6% drop in uncompensated care in 2014, a trend state health officials attribute to more people having health insurance. But the news wasn't as favorable for bad debt.

The government appears to be speeding toward establishing uniform standards for student loan servicers in light of reports of pervasive problems in the administration of both private and federal loans.

The CFPB has released a report outlining widespread servicing failures reported by both federal and private student loan borrowers. Consumers describe companies using various sloppy, patchwork practices that create obstacles to repayment, raise costs and contribute to further harming struggling borrowers.

Lawmakers from both political parties on Tuesday sharply criticized the Consumer Financial Protection Bureau's attempt to restrict or eliminate auto dealers' ability to markup a loan by citing their partnering lenders, arguing it would result in higher prices for consumers.

A new study indicates that careful evaluation of the current regulatory environment is necessary to ensure that the debt collection and debt buying industries are allowed to fulfill their role in the U.S. economy.

The mortgage delinquency rate in the U.S. dropped in August by the largest amount, based on a yearly comparison, since 2011, according to data from Black Knight Financial Services.

WASHINGTON — The Consumer Financial Protection Bureau's method for detecting discrimination by indirect auto lenders can overestimate potential bias, resulting in higher payments for lenders cited by the agency, according to internal CFPB documents.

Fifth Third Bank will pay $18 million to settle Consumer Financial Protection Bureau allegations it discriminated against black and Hispanic consumers by charging some people higher interest rates on auto loans.

The CFPB hired Dr. Bernard Siskin three years ago to serve as the agency's expert witness when it brings discrimination cases against lenders. But Siskin has also been hired by JPMorgan Chase, Citigroup and other big banks to represent them in bias cases against the CFPB, causing issues for the agency.