VENTURE CAPITAL POST

Encore Capital Group and Portfolio Recovery Associates are ordered to refund a collected $61 million to customers for allegedly using deceptive strategies to collect debt. CNN reported that the Consumer Financial Protection Bureau charged these two giant debt collectors for buying inaccurate debts, collecting unverified debts, and using illegal strategies to collect debts.

Citibank admitted on Monday that it is under investigation by the Consumer Financial Protection Bureau (CFPB) over its student loan services.

Citigroup's consumer bank has been fined to pay $700milion for its illegal credit card practices. The US Consumer Financial Protection Bureau (CFPB) has observed that Citibank's seven million customer accounts have been charged with misrepresenting costs fees. The consumer finance watchdog has also said that customers were charged for services not rendered to them. CFPB further notes that customers were affected by Citibank's deceptive marketing practices.

U.S. President Barack Obama signed an executive order on Friday to beef up security measures for federal credit cards, and urged banks and retailers to follow suit in an effort to combat the growing threat of identity fraud.

San Francisco-based Wells Fargo & Co has given the task of originating mortgages for the largest home lender in the US to 400 underwriters, Bloomberg reported.