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Bankers Rip CFPB's Plan to Disclose More Complaint Details
The banking industry is pushing back against a plan released this week by the Consumer Financial Protection Bureau to publicize more details about consumers' individual complaints about financial companies.
"This is supposed to be an independent agency that deals with facts, not innuendo," said Richard Hunt, president of the Consumer Bankers Association.
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The U.S. Department of Education has not properly overseen the collection agencies it hired to pursue delinquent federal student loans, according to an audit released by the department's inspector general. more »
New rules published by New York State regulators include better disclosures for collection communications, provisions for email, protections against time-barred collection and stronger verification procedures. more »
Consumer spending slowed in June, but remained strong in several sectors, according to First Data Corp., a global payment technology and services firm. more »
STEADY OUTLOOK: "We expect delinquency rates to fluctuate at this lower end of the range for the foreseeable future," says James Chessen, the chief economist of the American Bankers Association.
The percentage of U.S. consumers who are late on their loan payments remained at near-record lows in the first quarter, according to a new report by the American Bankers Association. more »
BEST AND BRIGHTEST: "Your GPA is an indicator of how focused and responsible you are, so it's a good indicator of your propensity to pay a loan back on time," says Upstart co-founder and Chief Executive Dave Girouard.
When even a millennial with a six-figure income and a 750 FICO score can't snag a loan with a decent interest rate, there's something wrong with the system. more »
The plaintiff seeks class-action status, alleging World Acceptance misled investors and failed to disclose unfavorable business facts. more »
Complaints filed with the Consumer Financial Protection Bureau, along with most consumer statute lawsuit filings, dropped in May. more »
The city council in Victorville, Calif. has passed a 45-day moratorium on permits for payday lenders as it explores the risks the short-term loan businesses pose to the city's low-income population. more »
Zombie foreclosures tend to erode local government tax revenue and have been commonly cited by local officials nationwide as a key reason for rising tax delinquencies prompting the increased use of third-party collection agencies. more »
A new report reveals that an estimated 12 million Americans choose payday loans each day to avoid outcomes like long-term debt but that the average loan requires a repayment of more than $400 in two weeks, when the average borrower can only afford $50. more »
A community-banking organization on Wednesday told a House Agriculture Committee subcommittee that credit is plentiful for America’s farmers and ranchers and is being provided at rates near historically low levels. more »
"The fear of QM non-compliance is hindering the ability to do deals," says Brian Hale, the CEO of Stearns Lending.
It's the mortgage industry equivalent of driving five miles below the speed limit to avoid detection by Smokey's radar. more »

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