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Consumer Group Wants Out-of-Statute Collection Ban
The National Consumer Law Center wants the Consumer Financial Protection Bureau to ban all out-of-statute debt collections, arguing that the practice of chasing "zombie debts" is unfair, deceptive and abusive.
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Consumer confidence in January rose to its highest point since before the recession, according to a new report. more »
WASHINGTON — The Consumer Financial Protection Bureau issued a bulletin Tuesday warning financial institutions about entering into agreements with third parties that share or hide information related to regulatory exams. more »
Tax-related identity theft was the most common form of identity theft reported to the Federal Trade Commission in 2014, while the number of complaints from consumers about criminals impersonating IRS officials was nearly 24 times more than in 2013. more »
CAUTIONARY NOTES: Fifth Third will "make deliberate decisions not to add or renew loans at terms or pricing that would produce suboptimal risk return profiles," CEO Kevin Kabat said. And U.S. Bancorp "will watch discretionary investments … until we can see a stronger economy," CEO Richard Davis said.
For better or worse, banking is a balancing act these days. more »
A federal credit report accuracy study found that most consumers who previously reported an unresolved error on one of their three major credit reports believe that at least one piece of disputed information is still inaccurate. more »
The total balance of auto loans reached $975 billion in December, representing 33.2% of total outstanding non-mortgage consumer debt, according to the latest Equifax Inc. National Consumer Credit Trends Report. more »
To help Spanish-speaking consumers understand their rights when dealing with debt collectors, the Federal Trade Commission has created a Spanish-language graphic novel, Cobradores de Deuda more »
VantageScore Solutions LLC announced Thursday that the results of a consumer survey found Millennials remain cautious about key life events years after the recession. more »
A Minnesota state senator who filed for bankruptcy was relieved of $840,00 in debt last year, including $613,000 owed to the U.S. Small Business Administration. more »
"Our goal is to help students get the best deal available on these kinds of products," said CFPB Director Richard Cordray.
The Consumer Financial Protection Bureau said Wednesday it is seeking comment on a so-called "safe student account scorecard" that colleges could use to see how banks structure the fees, features and "sales tactics" of financial products to students before forming a partnership. more »
A state ethics commission has hired two collection agencies to pursue nearly a half million dollars in late fees resulting from elected and appointed officials missing or ignoring deadlines for submitting financial disclosure forms. more »
JPMorgan Chase and Bank of America plan to start offering FICO scores they have on customers to them for free, according to a statement released Monday by the White House. more »

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