CFPB Plan Would All But Ban Arbitration Clauses
WASHINGTON — It may not be an outright ban on arbitration clauses, but the Consumer Financial Protection Bureau's impending proposal to enable more class-action lawsuits comes close.  more »
The head of a sham debt relief operation agreed to a judgment of more than $7.9 million to settle Federal Trade Commission charges that he deceived consumers and charged them thousands of dollars while providing nothing in return. more »
The CFPB has released a report outlining widespread servicing failures reported by both federal and private student loan borrowers. Consumers describe companies using various sloppy, patchwork practices that create obstacles to repayment, raise costs and contribute to further harming struggling borrowers. more »
A new study indicates that careful evaluation of the current regulatory environment is necessary to ensure that the debt collection and debt buying industries are allowed to fulfill their role in the U.S. economy. more »
"Although there may be some risk of overestimating disparities, the alternative presents an equal (and perhaps greater) risk of underestimating disparities and thus consumer harm," wrote Patrice Ficklin, head of the CFPB's Office of Fair Lending, in a memo to agency officials in 2013.
WASHINGTON — The Consumer Financial Protection Bureau's method for detecting discrimination by indirect auto lenders can overestimate potential bias, resulting in higher payments for lenders cited by the agency, according to internal CFPB documents. more »
The Consumer Financial Protection Bureau has released its latest monthly consumer complaints snapshot, which highlights mortgage complaints. more »
The Consumer Financial Protection Bureau on Monday finalized several changes to its mortgage rules to help promote responsible lending by small creditors, particularly in rural and underserved areas. more »
"Our request of them is to allow competition and specifically to allow lenders to use either FICO or us," said Barrett Burns, the head of VantageScore.
Despite pledges last year to move "aggressively" to implement new credit scoring models at the government-sponsored enterprises, the Federal Housing Finance Agency's effort appears to have stalled. more »
Consumer credit default data for August showed small increases in numerous default rates, according to the S&P/Experian Consumer Credit Default Indices released Tuesday. more »
A growing number of experts agree: Complaints against debt collectors are down, and debt collectors still outrank other industries in complaint resolution. more »
Jeannine Jacokes is the chief executive of the Community Development Bankers Association.
The banking industry has taken notice of the news that the Federal Deposit Insurance Corp. plans to change the way it assesses banks with less than $10 billion in assets for deposit insurance coverage. more »
A $12.4 million settlement aimed at providing debt forgiveness and cash payments to former Daymar College students ended a legal battle between Kentucky Attorney General Jack Conway’s office and the school. more »
The Council of Better Business Bureaus released data showing that collection agencies received 21,576 complaints from consumers last year, the fifth most complained about financial sector. more »

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