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FTC study: Debt collectors may approach wrong consumer, try to collect wrong debt amount

In the first study of debt buyers, the FTC found that debt collectors who do not have enough information may approach the wrong consumer, attempt to collect the wrong amount or both. The report found that debt buying is an essential part of consumer credit. Debt buyers purchase debt for an average of four cents on the dollar, which helps to... Read More...

Economy shrank by 0.1 percent in fourth quarter of 2012

The economy shrank unexpectedly by 0.1 percent in the fourth quarter of 2012, marking the first decline since the U.S. began its recovery from the recent financial crisis. GDP growth in the fourth quarter slowed down from the 3.1 percent seen in the third quarter, and the fourth quarter decline brought 2012 GDP growth to 2.2 percent. The... Read More...

Student loan delinquencies, debt on the rise

A recent FICO study revealed that student loan debt has increased substantially and that default rates on student loans are on the rise, due in part to a difficult labor market. Nearly 12 million American consumers had two or more open student loans in 2005, a figure that rose to 26 million in 2012. In 2005, consumers with open student loans... Read More...

FDIC announces addition to community bank committee

The FDIC announced the addition of the Georgia-based First Peoples Bank President and CEO Derek Williams on Tuesday as a new member of the Advisory Committee on Community Banking, which advises the regulator on community bank policy. “As part of the FDIC Advisory Committee on Community Banking, Derek will participate in discussions and... Read More...

FDIC warns financial institutions to ensure new technologies comply with federal regulations

The FDIC recently warned financial institutions to ensure that the new, innovative business technologies they use are compliant with internal policies, risk management practices and federal regulations. The FDIC cited the potential for widespread consumer adoption of mobile payments and a limited availability of mobile payments models.... Read More...

HFSC’s Waters, Hensarling at odds over Dodd-Frank after bipartisan vote

Despite a bipartisan vote last week, Rep. Maxine Waters (D-Calif.), the ranking member of the House Financial Services Committee, and HFSC Republican Chairman Jeb Hensarling continue to dispute the effectiveness of the Dodd-Frank Act. After the Wednesday vote, Waters praised the “bipartisan nature” of the vote but criticized a statement... Read More...

FTC bans two California auto loan relief services firms for deceptive, abusive practices

Two California-based auto loan relief services firms have been banned by the FTC from providing future services after the firms allegedly failed to provide the advertised services paid for by customers. The FTC alleges that the defendants, which include Kore Services, operating as Auto Debt Consulting, and NAFSO VLM, operating as Vehicle Loan... Read More...

U.K.’s accounting watchdog closes case on Lehman Brothers, Ernst & Young auditing

The U.K.’s Financial Reporting Council recently decided against taking action against Ernst & Young over its auditing of Lehman Brothers shortly before the lender collapsed in 2008 and triggered a global economic crisis. “Following the conclusion of the investigation, the FRC’s executive counsel, Gareth Rees, has decided that no... Read More...

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