FTC Charges Lending Club with Deceiving Consumers

The Federal Trade Commission has charged the LendingClub Corporation with falsely promising consumers they would receive a loan with “no hidden fees,” when, in actuality, the company deducted hundreds or even thousands of dollars in hidden up-front fees from the loans.

NAFCU to IRS, Hatch: Don’t grow CUs’ compliance burden

NAFCU, in a letter to and conversation with the IRS yesterday and in a personal visit to the office of Sen. Orrin Hatch, R-Utah, argued that requiring credit unions to file additional tax forms would "impose increased regulatory burden on the credit union system" and also "contravene directives from President Trump and the U.S. Department of the Treasury to achieve regulatory reform and rollback throughout the financial system."

Acting CFPB chief mulls taking down public complaint database

The acting director of the Consumer Financial Protection Bureau (CFPB) on Tuesday said he might remove a database of complaints to the agency from public view.

La Crosse-based credit union to purchase 10 new branches

LA CROSSE, Wis. (WKBT) - Marine Credit Union has entered into an agreement to acquire 10 branches from Old National Bank, based out of Evansville, Indiana.

OCC Assesses $500 Million Penalty Against Wells Fargo, Orders Restitution for Unsafe or Unsound Practices

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $500 million civil money penalty against Wells Fargo Bank, N.A., and ordered the bank to make restitution to customers harmed by its unsafe or unsound practices, and develop and implement an effective enterprise-wide compliance risk management program.

A Nebraska federal district court held that collection agencies may seek pre-judgment interest and attorney’s fees for in-house counsel on unpaid medical bills.

The U.S. District Court for the District of Nebraska ruled in favor of the accounts receivable management industry April 20 in the case of Robinson v. Accelerated Receivables Solutions (A.R.S.), Inc. and David W. Brostrom, 17-00056, 2018 WL ------- (D.Neb. April 19, 2018). The key issues in Robinson were:

House plans May vote to repeal auto-lending guidance

The House is aiming to vote to repeal the controversial Consumer Financial Protection Bureau (CFPB) policy on auto-loan financing during the week of May 7. Aides to House Majority Leader Kevin McCarthy (R-Calif.) laid out that plan while discussing the House agenda at a breakfast in Washington this week, according to a source in attendance,.

A.G. Schneiderman Joins Bipartisan Coalition Of 20 AGs Urging Congress: Don’t Give Lawyers A License To Use Abusive Debt Collection Practices

NEW YORK – Attorney General Eric T. Schneiderman, part of a bipartisan coalition of 20 state attorneys general, submitted a letter today urging Congress to oppose the Practice of Law Technical Clarification Act of 2018, which would strip away protections against debt collection attorneys who take unfair advantage of state courts to intimidate, harass and deceive consumers.

Bureau of Consumer Financial Protection Announces Settlement With Wells Fargo For Auto-Loan Administration and Mortgage Practices

WASHINGTON, D.C. — Today the Bureau of Consumer Financial Protection (Bureau) announced a settlement with Wells Fargo Bank, N.A. in a coordinated action with the Office of the Comptroller of the Currency (OCC). As described in the consent order, the Bureau found that Wells Fargo violated the Consumer Financial Protection Act (CFPA) in the way it administered a mandatory insurance program related to its auto loans.

PRA Group Donates $250,000 to Elizabeth River Trail

NORFOLK, Va., April 20, 2018 (GLOBE NEWSWIRE) -- PRA Group, Inc. (Nasdaq:PRAA), a global leader in acquiring and collecting nonperforming loans, announced it has donated $250,000 to the Elizabeth River Trail Foundation to improve and enhance the waterfront trail in the City of Norfolk.

PenFed Foundation Launches Veteran Entrepreneur Investment Program

TYSONS, Va., April 19, 2018 /PRNewswire-USNewswire/ -- Today the PenFed Foundation announced the launch of its new Veteran Entrepreneur Investment Program (VEIP). Through Foundation contributions and matching funding of up to $1 million from PenFed Credit Union in 2018, the program will: provide veteran-owned start-ups with seed capital to build and grow their businesses, create a robust network for veteran-owned businesses to succeed and enable the PenFed Foundation to perpetually re-invest returns in future veteran-owned businesses.

Senate repeals auto-loan guidance in precedent-shattering vote

In a vote that could set a precedent for repealing a broad range of regulations opposed by Republicans, the Senate on Tuesday repealed a controversial Consumer Financial Protection Bureau decree on auto-loan financing.

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