Sharp Decline for Consumer Loan Delinquencies
Consumer loan delinquencies fell sharply in the second quarter ended June 30, thanks to large drops in home loan-related delinquencies, according to the American Bankers Association.  more »
Payday lenders in Alabama have issued 386,641 payday loans in the last two months, according to a database that started tracking the lending on Aug. 10. more »
Minnesota’s Supreme Court ruled Wednesday that out-of-state payday lenders will have to follow the state’s strict lender law for Internet loans, rejecting an argument that the law is unconstitutional. more »
Consumer borrowing rose in August at the slowest pace in six months, reflecting a cooling in lending for student loans and autos, but still reached a record $3.47 trillion, according to Federal Reserve figures. more »
The FTC's second Debt Collection Dialogue event focused on regulatory compliance and the complexities of the current collections climate. more »
Bloomberg News
"To my mind, a commission structure directionally could be the right way to govern an organization like the CFPB," said Rep. John Delaney, D-Md.
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. more »
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. more »
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. more »
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. more »
"Taken together, these cases paint a broader picture about how the consumer bureau is working to clean up the market from both ends," said CFPB Director Richard Cordray.
The Consumer Financial Protection Bureau has struggled internally with how to end potential discrimination in auto lending, including debating whether it should cite a large lender in the hope of effectively ending the ability of partnering dealers to mark up loans with all lenders. more »
The Consumer Financial Protection Bureau’s student loan ombudsman has shared concerns over predatory practices in student loan repayment programs, comparing them to those that led to the mortgage crisis several years ago. more »
The Consumer Financial Protection Bureau has appointed new consumer finance experts from outside the federal government to its Consumer Advisory Board, Community Bank Advisory Council and Credit Union Advisory Council. more »
A total of 109,561 U.S. properties had foreclosure filings - default notices, scheduled auctions and bank repossessions - in August, down 12% from July and down 6% from a year ago. more »

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