CFPB Targets Lending Program at For-Profit Schools
WASHINGTON - A California-based chain of for-profit colleges is being accused by the Consumer Financial Protection Bureau of making predatory student loans and engaging in illegal debt collection tactics.
Bloomberg News
In an example of Corinthian’s alleged debt collection practices, Cordray said one staff member at a Georgia campus was “called the ‘Grim Reaper’ for removing so many students from class.”
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The state of New York's court system announced new rules Tuesday designed to ban collecting debts that consumers already have paid off, did not incur or where the six-year statute of limitations has expired. more »
ACA International CEO Pat Morris issues a statement regarding the work being done in resolving medical accounts. more »
No Debts for Vets campaign supports military men and women suffering from financial hardships. more »
A TV reality show cast member, who pleaded created two phony collection agencies to steal millions from consumers and financial institutions, turned himself in Thursday - a day late - to begin an eight-year prison sentence. more »
Auto loan delinquency rates rose more than 9% in the second quarter ended June 30 versus the same period last year while auto loan debts rose for the 13th straight quarter, according to TransUnion. more »
The rising student loan debt is inconsistent with trends for other U.S. consumer debt categories, according to analysis by Experian. more »
Three former executives of a lucrative payday loan operation owned by Montana's Chippewa Cree Tribe received secret payments through a management company, a new lawsuit claims. more »
Fueled by demand for auto loans and higher credit card balances, U.S. consumer borrowing soared in July and posted its biggest jump since November 2001. more »
Ontario Systems has been honored with the 2014 When Work Works Award for its use of effective workplace strategies to increase business and employee success. more »
The days when banks would give away toasters when customers opened an account may be long gone, but Russia's Sberbank has a purrfect gift for new mortgage borrowers. more »
A record number of consumers took out loans to buy cars in the second quarter, fueled by people purchasing used vehicles, according to data from Experian Plc. more »
The federal government should stop paying private collection agencies to pursue defaulted student loans, according to a report released Wednesday. more »

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