Credit card firms Citigroup and American Express have released statistics on the August delinquencies in credit card payments, with Citi’s delinquency improving and American Express holding steady. Citi’s delinquency rate of 0.8% in August was an improvement from 0.87% in … Continue reading →
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The Minnesota Department of Commerce has settled a regulatory action against John C. Heath, an attorney doing business as Lexington Law Firm, for violating the state’s laws on fees and registration requirements for credit services organizations. In May 2020, Lexington … Continue reading →
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The Federal Trade Commission is sending checks to 603 people who paid money they did not owe to a debt collector that used deceptive and abusive collection methods. In 2018, the FTC and State of New York alleged that Campbell … Continue reading →
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WASHINGTON — A Consumer Financial Protection Bureau order against a provider of income-share agreements signals regulatory tightening for all ISAs, but could also give the education finance sector legal clarity, observers said. ISAs offer tuition money in exchange for some … Continue reading →
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The Consumer Financial Protection Bureau has recently come up with a rule that should help enhance transparency around loans for small businesses. The proposed rule would require lenders to collect and report all the relevant information about credit applications, such … Continue reading →
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On September 7, 2021, the CFPB announced that it had entered into a consent order with an education finance nonprofit (“nonprofit”) in connection with the nonprofit’s offering of income share agreements (“ISAs”). In the consent order, the CFPB asserted that … Continue reading →
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[August 25, 2021] OMAHA, Neb., Aug. 25, 2021 /PRNewswire/ — New market data published by The Strawhecker Group (TSG), the largest analytics and consulting firm focused on the payments acceptance industry, illustrates the strength of the U.S. economy. TSG data … Continue reading →
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One in 10 Buy Now Pay Later shoppers have been chased by debt collectors, rising to one in eight young people, Citizens Advice is warning. The charity’s latest research shows Buy Now Pay Later (BNPL) shoppers were charged £39 million … Continue reading →
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The Consumer Financial Protection Bureau has proposed a new rule related to small-business credit access. This proposed rule, required by Congress in the Dodd-Frank Act, would, if finalized, “require lenders to disclose information about their lending to small businesses, allowing … Continue reading →
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WASHINGTON — Attorney General Bob Ferguson announced Wednesday that Renton-based collection agency, Convergent, will pay more than $1.6 million over misleading letters it sent to Washingtonians. According to the attorney general’s office, the letters contained “settlement offers” to settle debts, … Continue reading →
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