Income Growth, Labor Market Improvement Keep Consumer Spending Strong

The Federal Reserve Bank of New York’s latest economic snapshot shows stability in consumer spending despite slow growth in fall 2015. The final U.S. Economy in a Snapshot report from the New York Federal Reserve for 2015 shows “sluggish” consumer spending in September and October with the most noticeable weakness in consumption of services.

CFPB Orders EZCORP to Pay $10 Million for Illegal Debt Collection Tactics

The Consumer Financial Protection Bureau (CFPB) today took action against EZCORP, Inc., a small-dollar lender, for illegal debt collection practices. These tactics included illegal visits to consumers at their homes and workplaces, empty threats of legal action, lying about consumers’ rights, and exposing consumers to bank fees through unlawful electronic withdrawals. The Bureau ordered EZCORP to refund $7.5 million to 93,000 consumers, pay $3 million in penalties, and stop collection of remaining payday and installment loan debts owed by roughly 130,000 consumers. It also bars EZCORP from future in-person debt collection. In addition, the Bureau issued an industry-wide warning about collecting debt at homes or workplaces. 

More info here: http://www.consumerfinance.gov/newsroom/cfpb-orders-ezcorp-to-pay-10-million-for-illegal-debt-collection-tactics/