Jury issues decision in lawsuit brought by federal government against Cleveland debt collection firm

CLEVELAND, Ohio -- A jury issued a verdict Friday in a lawsuit brought by the Consumer Financial Protection Bureau against a Cleveland debt collection firm, though the judge said he will make the financial decision.

House Votes to Repeal Harmful BCFP Auto Lending Guidance

WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-TX), issued the following statement on the floor just before the House voted 234-175 to pass S.J. Res. 57, which uses Congressional Review Act (CRA) authority to repeal the Bureau of Consumer Financial Protection’s (Bureau) controversial 2013 indirect auto lending guidance.

Debt Collection Outfit Fined $350,000 and Ordered to Forfeit $946,770 for Paying Bribes to Arizona Official in Exchange for Non-Public Info

LOS ANGELES – A now-defunct debt collection company that was based in Culver City was sentenced today for its role in a scheme that paid bribes to a public official in Arizona in exchange for confidential information that helped the company collect nearly $1 million in outstanding debts.

FTC Obtains Preliminary Injunction Against Mortgage Relief Operation That Deceived Homeowners

The Federal Trade Commission has charged a mortgage relief operation with deceiving distressed homeowners by falsely promising to make their mortgages more affordable and prevent foreclosure. A federal court temporarily halted the scheme and froze the defendants’ assets at the FTC’s request.

Capital One Announces Sale of Approximately $17 billion of Mortgages to DLJ Mortgage Capital, Inc., a subsidiary of Credit Suisse AG

MCLEAN, Va., May 8, 2018 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced the sale of approximately $17 Billion of first and second lien mortgages to DLJ Mortgage Capital, Inc., a subsidiary of Credit Suisse AG. The company expects to complete the transaction and record a gain in the second quarter of 2018. The company had previously announced that it ceased new originations of residential mortgages and home equity loan products.

Encore Capital Group Announces First Quarter 2018 Financial Results

SAN DIEGO, May 08, 2018 (GLOBE NEWSWIRE) -- Encore Capital Group, Inc. (NASDAQ:ECPG), an international specialty finance company providing debt recovery solutions for consumers across a broad range of assets, today reported consolidated financial results for the first quarter ended March 31, 2018.

Empereon-Constar Named St. Mary’s Hunger Hero

Phoenix, Arizona (May 8, 2018) – Empereon-Constar, a leading provider of end-to-end customer engagement and customer management solutions, was named a St. Mary’s Food Bank Alliance 2017 Hunger Hero, a community service award. The Hunger Hero award is given annually to recognize the significant contributions made by St. Mary’s community partners who make a profound impact on hunger relief in Arizona through their contributions.

Mortgage delinquency keeps falling, drops for 19th straight quarter

The mortgage market performed well in the first quarter of 2018, seeing the 19th consecutive decrease iThe serious mortgage delinquency rate, or those at least 60 days or more past due, decreased to 1.74% in the first quarter. This is down from 2.07% in the first quarter of 2017, marking the 19th straight annual drop since the third quarter of 2013.n annual mortgage delinquencies, according to the Q1 2018 Industry Insights Report from TransUnion.

Credit Card Usage at All-Time Highs, But Delinquency Rates Still Remain in Check

With more than 416 million credit cards and nearly 175 million consumers with access to them, credit card usage continued its upward trajectory in Q1 2018. The latest TransUnion (NYSE: TRU) Q1 2018 Industry Insights Report, powered by PramaSM analytics and released during Card Forum 2018, features data and insights on consumer credit trends including reasons why credit cards are still performing relatively well despite the continued rise in serious delinquency rates.

PayPal CEO Says Credit Cards On The Path To Extinction

PayPal’s CEO believes that in 20 years, credit cards will no longer exist. Dan Schulman said that as the popularity of PayPal and its mobile payments platform Venmo grow, traditional methods of payment will be replaced by digital alternatives. “Twenty years from now, there will be no more credit cards, really,” Schulman said at TheStreet’s Investor Boot Camp conference in New York. “Why have them when you can have a QR code or NCR tablet?”

FFIEC Announces Availability of 2017 Data on Mortgage Lending

The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 5,852 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. Released today are loan-level HMDA data that cover 2017 lending activity submitted by financial institutions on or before April 18, 2018.

ATTORNEY GENERAL HERRING ALLEGES ILLEGAL PREDATORY LOANS IN SUIT AGAINST ONE OF VIRGINIA’S LARGEST ONLINE LENDERS

RICHMOND, VA (May 4, 2018) - Attorney General Mark R. Herring announced today that his Predatory Lending Unit has filed a lawsuit against Net Credit, one of the largest online lenders operating in Virginia, for lending and collections practices that allegedly violate the Virginia Consumer Protection Act. The lawsuit alleges that Chicago-based Net Credit issued loans of $1,000 to $10,000 to more than 47,000 Virginia borrowers between 2012 and 2018 with interest rates from 34% to 155%. In one loan cited in the complaint, a Virginia borrower was responsible for more than $6,000 in repayments for just $2,000 borrowed.

Education Department Cancels Debt Collection Contracts with Two Firms

Due to a substantial change in its needs, the Department of Education said in a May 3 court filing that it would cancel debt collection contracts with Windham Professionals and Performant Financial Corp. According to the Court of Federal Claims notice, “The solicitation will be cancelled due to substantial change in the requirements to perform collection and administrative resolution activities on defaulted Federal student loan debts. In the future, ED plans to significantly enhance its engagement at the 90-day delinquency mark in an effort to help borrowers more effectively manage their Federal student loan debts.”

Mortgage firm drops major challenge to consumer bureau structure

A New Jersey-based mortgage company declined this week to appeal a federal ruling in its watershed suit against the Consumer Financial Protection Bureau (CFPB). A spokesman for PHH Corp. on Thursday told The Hill that the mortgage firm did not appeal a January ruling in its suit against the CFPB to the Supreme Court by the May deadline to do so.

Ontario Systems Acquires Justice Systems to Expand Enterprise Workflow and Payments Solutions to Government Sector

MUNCIE, Ind. (May 2, 2018) – Ontario Systems, a leading provider of enterprise revenue cycle management software to the healthcare, accounts receivable management, and government markets, announced today that it has acquired Justice Systems, Inc., a leading provider of court case management software, and electronic payments solutions to government clients including state and municipal court systems.

US auto loan balances reach $1.1 trillion

Data from Experian shows loan balances grew year-on-year just over 5%, or $57 billion, with banks now accounting for 33% of the market, while auto captives have supplied 23% of finance and credit unions 28% following their surge of double-digit growth for the past few years.

GE warns its subprime mortgage unit could file for bankruptcy

GE (GE) shut down WMC, its mortgage business, in 2007 after the market for lending to risky borrowers collapsed. But the business still faces legal trouble, including lawsuits from investors and an investigation by the Justice Department.

Sixth annual ARM Industry Survey finds shift in compliance and security concerns

PHOENIX, May 2, 2018 /PRNewswire/ -- BillingTree®, the leading payment technology provider, today released the key findings of its sixth annual ARM 'Operations and Technology' Survey. The results collected from over 150 agencies of all sizes found PCI compliance was the top ranked security concern among respondents. Agencies cited innovative technologies to expand payment channels and enhance collection effectiveness as top factors for growth.

Veridian Credit Union Implements CallMiner Eureka and myEureka Speech Analytics to Increase Member Satisfaction

WALTHAM, MA – May 3, 2018 – CallMiner, the leading platform provider of award-winning speech and customer engagement analytics, announced today that Veridian Credit Union has selected CallMiner’s Eureka platform and myEureka solution for a complete contact center analytics platform that analyzes 100% of member conversations and automates agent performance feedback.

$ 1,867,482.76 Retail

Bayview Solutions LLC

(866) 546-9088

$ 1,296,809.42 Checks

Bayview Solutions LLC

(866) 546-9088

$ 43,103,917.26 Credit Cards

Bayview Solutions LLC

(866) 546-9088

$ 44,144,501.51 Credit Cards

Bayview Solutions LLC

(866) 546-9088

$ ,293,553.44 Payday Loans

Bayview Solutions LLC

(866) 546-9088

$ ,616,551.99 Payday Loans

Bayview Solutions LLC

(866) 546-9088

$ ,667,341.43 Payday Loans

Bayview Solutions LLC

(866) 546-9088

$ ,496,423.42 Consumer Loans

Bayview Solutions LLC

(866) 546-9088

$ ,490,526.02 Payday Loans

Bayview Solutions LLC

(866) 546-9088

$ ,766,789.68 Credit Cards

Bayview Solutions LLC

(866) 546-9088

$12,804,426 Credit Cards

BDO Financial LLC

(469) 337-1427

$18,989,364 Credit Cards

BDO Financial LLC

(469) 337-1427

$2,800,000.00 Other

National Debt Holdings, LLC

(877) 277-5571

Elmira Asset Recovery Group, LLC

(607) 203-9399

Velocity Medical Receivables Solutions

(888) 242-4012

CARFAX Banking & Insurance Company

(800) 789-6232

LocateSmarter

(888) 254-5501

Collection and Recovery Solutions 2018

Resource Management Services, Inc.

562-906-1101