PRA Group Hires VP
Debt-buying giant PRA Group, based in Norfolk, Va., has hired Nancy Porter as vice president of corporate communications.
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Complaints filed with the Consumer Financial Protection Bureau in 2014 totaled 39,185, a number that should rise by a few hundred as the totals are refined in the coming weeks. more »
The S&P/Experian Consumer Credit Default Indices, a measure of changes in consumer credit defaults, continued to show an increase in default rates through December, according to data released Tuesday by S&P Dow Jones Indices and Experian. more »
VantageScore Solutions LLC announced Thursday that the results of a consumer survey found Millennials remain cautious about key life events years after the recession. more »
Revolving consumer credit, which is mostly made up of credit card loans, fell in November by the largest amount in a year, according to a report Thursday from the Federal Reserve Board. more »
FUEL INJECTED: Bankers have been anticipating an uptick in late payments on consumer loans. But thanks to low gas prices, that outcome has been delayed, said James Chessen, chief economist at the American Bankers Association.
The sharp nationwide drop in gas prices is allowing more U.S. consumers to stay current on their debts, according to a new report from the American Bankers Association. more »
In the U.S., 1.7% of credit card accounts are more than 30 days past due, which includes people who have let their bills go unpaid for more than 60 and 90 days, according to new data. more »
Fair Debt Collection Practices Act lawsuits dropped to a more typical 713 cases (including 66 class action cases) filed in November after a spike to more than 900 in October. Fair Credit Reporting Act lawsuits decreased to 173 (including 14 class action cases) in November from more than 225 a month earlier. more »
The Consumer Financial Protection Bureau is suing a Texas-based company, Union Workers Credit Services, for allegedly deceiving consumers into paying fees to sign up for a sham credit card. more »
The U.S. credit card industry continues its slow rebound from the financial crisis. In the second quarter, the number of open accounts rose by 24 million from a year earlier, while purchase volumes also increased significantly, according to a new report issued Wednesday by the American Bankers Association. more »
"Financial institutions are cutting more deals with colleges and universities to market student banking products that require less disclosures," said CFPB Director Richard Cordray.
WASHINGTON — The Consumer Financial Protection Bureau has its sights set on prepaid and debit cards offered to college students as such products are filling the gaps left by credit card issuers which have largely left the space, according to a study released by the agency Monday. more »
Two credit-reporting companies say that a jump in lending to borrowers with poor credit has helped lead to a growing number of Americans falling behind on their car payments. more »
Consumer credit card debt in the United States has been rising in recent years, although as the labor markets improve, defaults on such cards have fallen to multi-decade lows. more »

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