Two of the largest U.S. consumer debt buyers agreed to drop collections on about $16 million to settle allegations they pursued debtors in violation of New York law, an accord reached as federal regulators prepare to crack down on the growing industry.
Higher fines and jail time are being considered by U.S. lawmakers who grilled General Motors Co. Chief Executive Officer Mary Barra over why it took years to recall 2.6 million cars for faulty ignition switches.
The U.S. Treasury Department criticized one of its independent agencies, the Office of the Comptroller of the Currency, for a proposed rule preempting some state banking regulations on consumer protection under the Dodd- Frank act.
American Express Co., the biggest credit-card issuer by purchases, will pay $112.5 million to settle claims it violated consumer safeguards from marketing to collection in products sold to about 250,000 customers.
A Texas patent-licensing company that demands royalties from businesses for simply scanning a document was sued by Vermont in what the state said is the first such consumer-protection lawsuit in the U.S.
The Federal Reserve and four other U.S. financial regulators said they agreed to coordinate supervision of federally insured banks with assets exceeding $10 billion under the Dodd-Frank Act in a move that will tighten supervision.
Herbalife Ltd. won a Belgian appeals court ruling rejecting claims the company is a pyramid scheme, and concluding that income its distributors earn from others recruited to buy or sell its products isn’t a violation of European consumer protection laws.