What Could Happen to the CFPB Under President Trump?

Personal Finance

What Could Happen to the CFPB Under President Trump?

What Could Happen to the CFPB Under President Trump?

Since the day it was created, Republicans have talked about dismantling or defanging the Consumer Financial Protection Bureau (CFPB). With the surprise election of Donald Trump as the next president, and continued Republican control of Congress, the GOP will certainly have that chance. It won’t be easy, however. The brainchild of then-Harvard bankruptcy professor Elizabeth... Read More

The Biggest Prepaid Debit Card Complaints

Personal Finance

The Biggest Prepaid Debit Card Complaints

The Biggest Prepaid Debit Card Complaints

As the market for prepaid debit cards has exploded, so too have complaints from consumers. Getting refunds after fraud incidents takes too long, setting the cards up can be a hassle, fees can be obscure, and issuers are too quick to shut the cards down when there’s a dispute, users tell regulators, according to a... Read More

Wells Fargo Execs to Give Back Some of Their Millions Following Fake Account Scandal

Personal Finance

Wells Fargo Execs to Give Back Some of Their Millions Following Fake Account Scandal

Wells Fargo Execs to Give Back Some of Their Millions Following Fake Account Scandal

The Wells Fargo sales scandal will cost chairman and chief executive John Stumpf $41 million and former community banking supervisor Carrie Tolstedt $19 million, as per a decision made by the bank’s board that was announced on Tuesday. The money will come from the executives’ unvested equity awards through a clawback process. For Stumpf, the $41... Read More

LendUp to Refund $1.83 Million to Customers for Allegedly Falling Short of Payday Loan Promises

Personal Loans

LendUp to Refund $1.83 Million to Customers for Allegedly Falling Short of Payday Loan Promises

LendUp to Refund $1.83 Million to Customers for Allegedly Falling Short of Payday Loan Promises

If you’ve gotten a loan from LendUp, you might be entitled to a refund. Today, the San Francisco-based online lender Flurish, Inc., doing business as LendUp, was ordered to pay $3.6 million in refunds and civil penalties by the Consumer Financial Protection Bureau for failing to deliver the promised benefits of its products. The CFPB... Read More

This For-Profit School Is Forgiving $23.5 Million in Student Loan Debt

Students

This For-Profit School Is Forgiving $23.5 Million in Student Loan Debt

This For-Profit School Is Forgiving $23.5 Million in Student Loan Debt

A for-profit school that allegedly told students their loans would only cost $25 per month to repay must now forgive those loans, federal regulators announced Monday. The firm, publicly-traded Bridgepoint Education Inc., has agreed to discharge all outstanding private loans and refund some students after allegations that it engaged in unfair or deceptive practices, the... Read More

Wells Fargo Fined $185 Million Over Fake Credit Card & Deposit Accounts

Personal Finance

Wells Fargo Fined $185 Million Over Fake Credit Card & Deposit Accounts

Wells Fargo Fined $185 Million Over Fake Credit Card & Deposit Accounts

Thousands of Wells Fargo bank employees seeking sales bonuses participated in a scheme that led to the opening of roughly 2 million unauthorized accounts, federal regulators said Thursday. For failing to monitor an incentive program that spun out of control, leading to “widespread” abuse of consumers’ information, Well Fargo must now pay the biggest-ever penalty... Read More

Attention Online Loan Shoppers, There’s Now a Place to Take Your Gripes

Personal Loans

Attention Online Loan Shoppers, There’s Now a Place to Take Your Gripes

Attention Online Loan Shoppers, There’s Now a Place to Take Your Gripes

Consumers with complaints about firms offering person-to-person loans can now register their displeasure with the Consumer Financial Protection Bureau, the federal regulator announced this week. The watchdog also published a consumer bulletin with general information about the “P2P” lending industry, also known as “marketplace lending.” “When consumers shop for a loan online we want them to... Read More

When a Debt Collector Pretends to Be the Pizza Guy

Managing Debt

When a Debt Collector Pretends to Be the Pizza Guy

When a Debt Collector Pretends to Be the Pizza Guy

When the phone rang, the message on the caller ID display was a surprise. Sometimes it said, “Flower Shop.” Or “Pizza Delivery.” Or the name or number of a family member. Or “Repossession Services.” When consumers answered the phone, the ruse continued. An operator gave the impression that flowers or pizza were on the way,... Read More

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