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Credit Reporting Complaints Highlighted in CFPB's Report
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 »
A new survey indicates more future college students plan to take out loans for their education and their parents are more willing to help them with the costs. more »
The state of Illinois has spent more than $900 million on penalties for not paying its bills on time over the past six years, according to the Chicago-based government watchdog group, Civic Federation. more »
The total balance of write-offs year-to-date through March for first mortgages, home equity lines of credit and home equity loans is $9.5 billion, a nine-year low for Q1 and a year-over-year decrease of 22.7%, according to Equifax's National Consumer Credit Trends Report. more »
The CFPB filed a lawsuit Wednesday charging a check casher and payday lending company of tricking and trapping customers at its 43 stores in Mississippi and at locations in Louisiana and Alabama. more »
A CFPB proposal exempting loans with monthly payments below 5% of a borrower's monthly income would prompt banks to offer small-dollar loans. "The 5% payment option" would "save millions of borrowers billions of dollars," says Nick Bourke of the Pew Charitable Trusts.
At least three U.S. banks are preparing to go to market with new small-dollar installment loan products in a move that could potentially disrupt the payday lending industry. more »
Bloomberg News
"Mandatory arbitration clauses buried deep in contracts for credit cards, student loans, and more prevent American consumers from having their day in court when they've been harmed," Hillary Clinton said.
The finance industry pushed back against a proposal by the CFPB that would ban arbitration clauses in consumer contracts, saying it will pave the way for a flurry of class action lawsuits and result in higher prices for products and services. more »
ACA International, the largest association representing collection agencies, has released a white paper that directly responds to the CFPB's March report that focuses on collection complaints. more »
"Because we are constantly creating MSRs through our mortgage origination business, we are regular sellers of MSRs because we are mindful of our Basel III limit," said Lee Smith, Flagstar's chief operating officer, referring to capital restrictions on mortgage servicing rights.
With an improving economy, higher-quality originations and declining delinquencies, the market for mortgage servicing rights is catching fire. more »
"Universities are the new Ellis Island," said Kalpesh Kapadia, chief executive and co-founder of SelfScore, which aims to extend credit to foreign students in the U.S.
Students used to leave college with two artifacts of their first experiments with credit — free T-shirts and, for better or worse, a credit file. Today they are leaving without either. more »

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