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Legislation Filed to Change Student Loan Discharge Law
New legislation filed by U.S. Rep. John K. Delaney (D-Md.) would make student loans dischargeable under bankruptcy. Under existing law, student loan debt cannot be discharged.
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Overall consumer litigation against collection agencies and creditors fell in 2014 thanks to a third straight year seeing a decline in Fair Debt Collection Practices Act cases. more »
WASHINGTON — Wells Fargo and JPMorgan Chase could face more than $35 million in penalties and restitution for allegedly receiving data on consumers and other services in return for directing customers to a Maryland-based title company. more »
The FTC has issued a complaint against a Texas-based debt collection operation and its current and former principals for threatening consumers with false claims that unless they pay a debt, they will face legal action or wage garnishment. more »
In a record Federal Trade Commission settlement involving payday lenders, two companies will pay $21 million to resolve charges that they violated the law by charging consumers undisclosed and inflated fees. more »
The Washington State Department of Financial Institutions (DFI) Consumer Services Division announced this week that it has fined illegal payday lenders more than $280,000 in fines since 2013. more »
Cream Group Inc., which operates as Oro Marketing, and its mastermind Sami Charchian have agreed to a permanent ban on telemarketing to settle FTC charges that they targeted Spanish-speaking women with false promises that they could make money reselling brand-name goods, such as Gucci and Ralph Lauren. more »
Debt-buying giant Encore Capital Group Inc. agreed Friday to settle claims that it used improper collection strategies in New York, including obtaining judgments against consumers for debts that were too old to collect. more »
More than 1,000 North Carolina residents have reported receiving collection calls from an electronic message system that claims to be from the Internal Revenue Service. more »
A phony debt collection scam in Colorado has state regulators warning residents to be aware of callers pretending to be law enforcement or government agency officials. more »
Utah-based SecurityNational Mortgage Co. has agreed to a monetary settlement of a claim by Bank of America that it sold the Charlotte, N.C.-based lender defective mortgage loans. more »
The Colorado Attorney General's office reports that more than 165,000 state residents owed $56 million to payday lenders at the end of 2013 and the number of people taking out such loans is rising, according to an annual report. more »
National Credit Adjusters LLC, a payday loan company recently targeted in a Pennsylvania enforcement action, agreed Monday to pay nearly $1 million in restitution to New York City residents and stop collecting debts in the city. more »

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