It looks like other banks are taking the government warnings to clean up their act when it comes to how they handle dealing with their bad debt from credit card accounts that they used to sell off without much care.
The American Banker is reporting:
“Wells Fargo (WFC) has halted sales of its customers’ unpaid consumer loans to outside debt collection agencies, according to several sources familiar with the bank’s operations.
The San Francisco bank’s decision mirrors a more drastic pullback at JPMorgan Chase (JPM), which has frozen most of its credit card debt-sales activities.
Court records in once-busy state courts in Florida and Missouri show a noticeable drop-off this year in the lawsuits filed by outside agencies trying to collect banks’ credit card debt from consumers. The slowdown in lawsuits and debt sales appears to have been triggered by both heightened regulatory scrutiny and the fact that banks have less bad debt to sell; credit card loss rates have fallen steadily since peaking in 2009.”
You can read the full article, here.
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