CFPB Sues Corinthian Colleges for Predatory Lending

Students

CFPB Sues Corinthian Colleges for Predatory Lending

CFPB Sues Corinthian Colleges for Predatory Lending

One of the nation’s largest for-profit schools engaged in a lengthy series of deceptive acts to entice poor students to enroll and take out pricey student loans, the Consumer Financial Protection Bureau alleged Tuesday, saying the school had a “pervasive culture…that allowed employees to routinely deceive and illegally harass” student borrowers. Corinthian Colleges, Inc., which… Read More

Credit Card Companies Warned of Deceptive Balance Transfer Offers

Credit Cards

Credit Card Companies Warned of Deceptive Balance Transfer Offers

Credit Card Companies Warned of Deceptive Balance Transfer Offers

Some credit card issuers are misleading consumers about the real cost of balance transfers and low-interest promotions, the Consumer Financial Protection Bureau announced Wednesday. The agency did not name any culprits, but issued a general bulletin alerting banks that they risk inviting an enforcement action if the deceptive marketing continues. In its bulletin, the bureau… Read More

CFPB Fines Auto Company $2.75 Million for Distorting Credit Reports

Credit 101

CFPB Fines Auto Company $2.75 Million for Distorting Credit Reports

CFPB Fines Auto Company $2.75 Million for Distorting Credit Reports

It’s every consumer’s worst credit score nightmare — a lender dinging their score repeatedly by sending wrong, negative information to the credit bureaus for years. On Wednesday, the Consumer Financial Protection Bureau said a Texas-based auto lender did just that, sending bad data to credit bureaus through “systemic inaccuracies,” and ordered the firm to pay… Read More

CFPB Warns of Bitcoin Dangers

Personal Finance

CFPB Warns of Bitcoin Dangers

CFPB Warns of Bitcoin Dangers

It’s a bit too early to trust Bitcoin, the Consumer Financial Protection Bureau said Monday, in an announcement sure to be unpopular with fans of the digital currency. Bitcoin users face “unclear costs, volatile exchange rates, the threat of hacking and scams,” and lack of clear refund paths, the CFPB said in a pretty sternly-issued warning…. Read More

The 17,000% APR You Might Be Paying

Personal Finance

The 17,000% APR You Might Be Paying

The 17,000% APR You Might Be Paying

Would you agree to pay a 17,000% APR for a loan? Of course not, but many consumers are paying stratospheric rates when they opt into overdraft programs offered by their financial institutions, according to a report released Thursday by the Consumer Financial Protection Bureau. I am one of them. A few years ago, I used… Read More

At 3 Years Old, the CFPB Gives Americans a Soapbox

Personal Finance

At 3 Years Old, the CFPB Gives Americans a Soapbox

At 3 Years Old, the CFPB Gives Americans a Soapbox

America’s newest federal agency just turned 3 years old, and it continues to be the preferred punching bag for everyone from the American Bankers Association to politicians like Rep. Spencer Bachus (R-Ala.), who once famously and proudly proclaimed that, “Washington and the regulators are there to serve the banks.” The CFPB, on the other hand,… Read More

CFPB Goes After Foreclosure Relief Scams

Mortgages

CFPB Goes After Foreclosure Relief Scams

CFPB Goes After Foreclosure Relief Scams

Today the Federal Trade Commission, Consumer Financial Protection Bureau and 15 states announced a slew of lawsuits against companies and individuals for allegedly misleading homeowners and illegally charging them for foreclosure relief that never came. The lawsuits are result of “Operation Mortgage Mismodification,” a joint investigation effort that revealed scams that cost consumers millions of… Read More

The CFPB Announces Its Largest Credit Card Discrimination Settlement Ever

Credit Cards

The CFPB Announces Its Largest Credit Card Discrimination Settlement Ever

The CFPB Announces Its Largest Credit Card Discrimination Settlement Ever

GE Capital discriminated against consumers who indicated they preferred speaking in Spanish, and deceived customers when selling credit card debt relief products, the Consumer Financial Protection Bureau alleged on Wednesday. The firm was ordered to pay $225 million to impacted consumers to end two separate enforcement actions brought by the Department of Justice and the… Read More

5 Scary Facts About Debt Collectors

Managing Debt

5 Scary Facts About Debt Collectors

5 Scary Facts About Debt Collectors

Debt collectors have a bad reputation among consumers. Even debt collectors who are super friendly and do their jobs by the book are loathed or feared by many of the people on their call lists, because collectors remind them of financial frustration or trigger stress. It’s rare to hear someone say, “I really like my… Read More

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