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High Court Allows Class-Action Collection Suit
The U.S. Supreme Court on Monday allowed a class-action lawsuit against Encore Capital Group Inc. to proceed, declining to hear the debt-buying giant's claim that such companies should be protected from state laws barring money-lending at unreasonably high interest rates.  more »
The U.S. Department of Education has proposed regulations to strengthen a rule against predatory practices by post-secondary institutions. more »
Lawsuit filings for all key statutes impacting debt collectors dropped in May, according to the latest numbers pulled from U.S. district courts. more »
Bloomberg News
NEW ORLEANS — A Google executive compared payday loans to tobacco, guns and pornography Wednesday while justifying the tech giant's decision to ban ads for high-cost, short-term consumer credit. more »
The Federal Trade Commission claims two Southern California law firms bilked people for $15 million in a single year in a mortgage scam. more »
TransUnion has been awarded the 2016 Javelin Identity Protection Leader in Resolution, the company announced. more »
Mississippi officials report that the state's ban on payday loan rollovers will remain intact after the Consumer Financial Protection Bureau enacts new rules on payday lending. more »
Credit quality can only go downhill from here. Speaking at an industry conference Thursday, the heads of several big banks — including JPMorgan Chase, Bank of America and U.S. Bancorp — warned of looming deterioration in their loan books. more »
A legislative proposal has surfaced in Congress that seeks to disrupt much of the U.S. system of reporting and using credit information, including potentially major changes in credit scores. more »
The CFPB has handled approximately 143,700 complaints about credit reporting - including wrong information on reports and problems have errors resolved - since October 2012. more »
As Columbia Law School professor Robert Jackson noted in an op-ed on Thursday, there needs to be a source of real competition for the credit-card pushers, namely online marketplace lenders, so consumers with below-average credit scores can have access to credit at somewhat reasonable rates. more »
An appeals court panel has questioned whether Sallie Mae and SLM Corp. had actual knowledge of for-profit California Culinary Academy’s alleged scheme to prey on students and whether the lender perpetuated that lie to students. more »
Complaints against debt collectors filed with the Consumer Financial Protection Bureau dropped last month from 3,505 complaints in March to 2,816 complaints in April, a 19.7% decrease. more »

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