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Auto Loan Balances Reach Record High
Total outstanding U.S. auto loans reached a record high of $902.2 billion through April, an increase of more than 10% from the same time a year earlier, according to the latest Equifax National Consumer Credit Trends Report released Thursday.
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"It is critical that we shed more light on the mortgage market — the largest consumer financial market in the world," said CFPB Director Richard Cordray.
WASHINGTON — The Consumer Financial Protection Bureau's proposal to require more data from lenders through the Home Mortgage Disclosure Act has already sharply divided industry and consumer groups. more »
ACA International has announced the board of directors and officers for 2014-15. more »
"We are jumping through hoops every day to comply with regulations," said Mike McHugh, the president and CEO of Continental Home Loans, in Melville, N.Y.
Nonbank mortgage lenders are chafing at a report from a government watchdog claiming they are less regulated than large banks and pose increased risks to Fannie Mae and Freddie Mac. more »
The Consumer Financial Protection Bureau has started fielding complaints about nonbank products such as debt settlement, credit repair and pawn and title loans. more »
Missouri regulators are weighing whether to stop a practice in the state of allowing payday lenders to collect utility bill payments from customers. more »
The FTC and CFPB will co-host a roundtable in October to examine how debt collection issues affect Latino consumers, especially those who have limited English proficiency. more »
Frederick J. Hanna & Associates responded to a lawsuit filed Monday by the Consumer Financial Protection Bureau. more »
Illinois Attorney General Lisa Madigan
Illinois Attorney General Lisa Madigan filed lawsuits Monday against two student loan servicers, alleging the unlicensed companies imposed illegal fees on delinquent student loan borrowers and deceptively marketed debt solutions. more »
Citigroup, the third-largest U.S. bank by assets, will pay roughly $7 billion in fines and consumer relief to settle an investigation into risky subprime mortgages and resolve government claims that it misled investors about the quality of mortgage-backed bonds sold before the 2008 financial crisis. more »
The Consumer Financial Protection Bureau is concerned that some mortgage brokers may be shifting to the "mini-correspondent" lender model under the mistaken belief that identifying themselves as such will automatically exempt them from consumer protection rules affecting broker compensation. more »
The Consumer Financial Protection Bureau on Tuesday clarified that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering its' Ability-to-Repay rule. more »
The total number of new bank-issued credit cards in Q1 is 11.3 million, a six-year high and an increase of 17.2% from the year-ago period, according to the latest Equifax National Consumer Credit Trends Report. more »

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