Economy/Business News Alert

Regulators probing banks for faulty debt collection practices

Federal regulators are widening a probe into whether the nation's biggest banks used flawed documents and incomplete records to collect on delinquent credit card debts, according to four people familiar with the investigation.

The regulatory agency is examining the process several banks use to verify consumers' outstanding debt before taking legal action, say people who were not authorized to speak about an ongoing investigation.

Read more at:
http://www.washingtonpost.com/business/economy/regulators-probing-banks-for-faulty-debt-collection-practices/2013/05/28/9f40bca2-bbd0-11e2-89c9-3be8095fe767_story.html

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