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Archive for 'Month: May 2013'
Regulators Probing Banks’ Debt Collection Practices
Federal regulators are widening an investigation into whether the nation’s biggest banks used flawed documents and incomplete records to collect on delinquent credit card debts, according to four people familiar with the probe. The scope of the inquiry is unclear,...
Read MoreLenders Target Naive Military with Usurious Payday Loans
Seven years after Congress banned payday-loan companies from charging exorbitant interest rates to service members, many of the nation’s military bases are surrounded by storefront lenders who charge high annual percentage rates, sometimes exceeding 400 percent. The Military Lending Act...
Read MoreMassachusetts Office of Consumer Affairs Announce Shut Down of Debt Collector and Action against Five Unlicensed Predatory Lenders
The Massachusetts Office of Consumer Affairs and Business Regulation and the Division of Banks announced a series of cease orders targeting unlicensed lenders and a licensed debt collector that were not adhering to the state’s loan consumer protections. These loans...
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