Lawmakers Slam State and Local Government Collections
Lawmakers and consumer advocates are increasing rallying against so-called special treatment government agencies nationwide are giving to collection agencies they hire to pursue delinquent fines and fees.
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A Washington state law that restricts payday loan marketing to poor families has caused the state’s payday lenders to lose three-quarters of their business in the five years since it was enacted, according to published reports. more »
Bloomberg News
THE TROUBLE WITH MONEY: "Of course income matters, but we found that it is not the only thing that matters," says the CFPB's Gail Hillebrand. "People all across the economic spectrum reported being... unhappy with their financial lives."
Everyone knows the proverb "Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime." more »
Fannie Mae reported net income of $14.2 billion last year, a sharp decline from the record $84 billion in 2013 that was inflated by accounting for tax credits. more »
Student loan debt remains a pressing concern in the U.S. because of high balances and high rates of delinquencies and defaults. The issues have been discussed in recent blog posts by the Federal Reserve Bank of New York’s Liberty Street Economics team. more »
ConServe, a Fairport, N.Y.-based accounts receivable management company, has promoted several employees to managerial positions and hired new personnel. more »
Massachusetts Attorney General Maura Healey has asked the Department of Education to forgive the school loans of hundreds of students from the state enrolled at Corinthian Colleges Inc., a for-profit company investigated by federal authorities for practices that left many students deeply in debt. more »
Bank of America has reportedly laid off another 250 mortgage employees in Charlotte. more »
Two new defendants have been named in a Federal Trade Commission case against a phony debt relief and credit repair scheme that allegedly deceived consumers about non-existent federal programs to pay off their bills and fix poor credit. more »
A sweepstakes operator is permanently banned from direct mail marketing and is liable for a $9.5 million judgment under a settlement with the Federal Trade Commission, which charged her with violating a previous court order by running a sweepstakes scam. more »
A total of 952 members of the U.S. armed forces will receive $123.4 million from a settlement with five mortgage servicers announced Monday by the U.S. Justice Department. more »
The Consumer Financial Protection Bureau soon will release its first draft of regulations aimed at governing a wide range of short-term loans - including credit backed by car titles, some installment loans and often-criticized payday loan. more »
Two former Sallie Mae executives have started a new student loan financing company. more »

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