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

Debt Collectors Respond to Your Top Complaints

Managing Debt

Debt Collectors Respond to Your Top Complaints

Debt Collectors Respond to Your Top Complaints

Just because you don’t like something doesn’t mean it’s wrong. That’s pretty much the response debt collectors have to last week’s report from the Consumer Financial Protection Bureau that outlines the major complaints it receives from people who have dealt with debt collectors. ACA International, the largest trade group for the third-party debt collection industry,… Read More

Consumer Watchdog Files Suit Against For-Profit College

Students

Consumer Watchdog Files Suit Against For-Profit College

Consumer Watchdog Files Suit Against For-Profit College

Many people have seen an ad for ITT Tech at some point — they’re little features of graduates talking about the opportunities their degrees afforded them, and video of the happy graduates playing with their kids and smiling with their families accompany the anecdotes used to sell an ITT education. Smiles may be scarce at… Read More

The Biggest Credit Card Complaint: Your Bill

Credit Cards

The Biggest Credit Card Complaint: Your Bill

The Biggest Credit Card Complaint: Your Bill

Billing disputes, interest rate issues and fraud concerns are the most frequent complaints filed by credit card users, according to a new report issued this week by the Public Interest Research Group. The consumer advocacy organization examined all 175,000 complaints filed with the Consumer Financial Protection Bureau (CFPB) since it began taking complaints in 2011,… Read More

Consumer Watchdog Announces Largest Discriminatory Auto Lending Case Ever

Auto Loans

Consumer Watchdog Announces Largest Discriminatory Auto Lending Case Ever

Consumer Watchdog Announces Largest Discriminatory Auto Lending Case Ever

The Consumer Financial Protection Bureau announced Friday the largest auto loan discrimination case to date, in which Ally Financial Inc. and Ally Bank has been ordered to pay $80 million in damages to 235,000 minority borrowers impacted by their discriminatory pricing system. The enforcement action stems from an investigation started in 2012, through which the… Read More

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