Citibank to Pay $700 Million to Cardholders Over Credit Card Add-Ons

Personal Finance

Citibank to Pay $700 Million to Cardholders Over Credit Card Add-Ons

Citibank to Pay $700 Million to Cardholders Over Credit Card Add-Ons

The Consumer Financial Protection Bureau has ordered Citibank to pay $700 million to consumers who were affected by “unfair and deceptive” practices used in selling credit card add-on services, deceptive marketing and unfair billing practices between 2000 and 2013, the CFPB announced today. Eligible customers will be notified and receive refunds, Citi said in a… Read More

Dodd-Frank Turns 5 & Not Everyone’s Happy About It

Personal Finance

Dodd-Frank Turns 5 & Not Everyone’s Happy About It

Dodd-Frank Turns 5 & Not Everyone’s Happy About It

Has financial reform been a sterling success or a terrible failure? Expect to hear a lot of opinions and posturing on the subject this month. July marks five years since Congress passed the most sweeping financial reform legislation since the Great Depression. The public reviews of what’s known as the Dodd-Frank reforms begin in earnest… Read More

A Bad Habit From the Real Estate Bubble Resurfaces

Mortgages

A Bad Habit From the Real Estate Bubble Resurfaces

A Bad Habit From the Real Estate Bubble Resurfaces

During the heyday of the housing bubble, mortgage sellers made a killing via kickbacks. They often got bonuses for steering borrowers toward more expensive mortgages. Financial reform, including a strict rule that took effect in 2011 from the Federal Reserve known as the “Compensation Rule,” banned the practice of giving mortgage brokers or loan officers… Read More

Student Loan Servicers Aren’t the Only Problem…

Students

Student Loan Servicers Aren’t the Only Problem…

Student Loan Servicers Aren’t the Only Problem…

The Consumer Financial Protection Bureau announced Thursday that it’s launching a public inquiry into student loan industry practices that make repayment “a stressful or harmful process for borrowers.” So, in its search for ways to make that repayment process something other than today’s less-than-awesome experience, the bureau is soliciting comments on student loan servicing policies,… Read More

‘Delayed, Harassed & Threatened': Feds Fine Mortgage Servicer $63M

Managing Debt

‘Delayed, Harassed & Threatened': Feds Fine Mortgage Servicer $63M

‘Delayed, Harassed & Threatened': Feds Fine Mortgage Servicer $63M

Nationwide mortgage servicing company Green Tree will pay $63 million to settle allegations that it mistreated mortgage holders, federal authorities revealed this week. According to a statement on the Consumer Financial Protection Bureau’s website, “The mortgage servicer failed to honor modifications for loans transferred from other servicers, demanded payments before providing loss mitigation options, delayed… Read More

Can a New Government Toolkit Simplify Homebuying?

Mortgages

Can a New Government Toolkit Simplify Homebuying?

Can a New Government Toolkit Simplify Homebuying?

Thinking about buying a home? A new, free toolkit might help you make better decisions, and avoid falling into common traps in the process. The Consumer Financial Protection Bureau released its new “Your Home Loan Toolkit” Tuesday, with the goal of making home purchases as easy as 1 – 2 – 3. As in, 1:… Read More

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