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Topic: CFPB
The lawsuit alleges that Sprint set up a billing system that allowed third parties to “cram” tens of millions of dollars in unauthorized charges on wireless bills. The CFPB is seeking refunds for affected consumers and penalties to deter this practice in the future. «Read the rest of this article» Sections: News | No Comments
Consumers Union looks into problems with credit reports, credit scores in letter to Consumer Financial Protection Bureau
Pamela Banks, senior policy counsel for Consumers Union, said, “Credit report errors are far too common and consumers are paying a high price for scores that are likely not used in the marketplace.” «Read the rest of this article» Sections: News | No Comments
New Allotment Rule Protects Troops From Lending ScamsWritten by Terri Moon Cronk
According to a Defense Department news release published today, effective January 1st, 2015, the change in DoD’s Financial Management Regulation will prohibit service members from allotting pay to buy, lease or rent personal property, a senior DoD official said. «Read the rest of this article» Sections: News | No Comments
Consumer Financial Protection Bureau Launches Toolkit to Help Teachers and Other Public Servants Tackle Student DebtOne in Four American Workers May Be Eligible For Student Debt Forgiveness
Up to a quarter of the U.S. workforce is in public service and may be eligible for existing student loan debt forgiveness programs, according to a CFPB report also released today. «Read the rest of this article» Sections: Education | No Comments
Assuring consumers have access to mortgages they can trustWritten by Richard Cordray
In the run-up to the financial crisis, we had a housing market that was reckless about lending money. Lenders thought they could make money on a loan even if the consumer could not pay back that loan, either by banking on rising housing prices or by off-loading the mortgage into the secondary market. This encouraged broad indifference to the ability of many consumers to repay loans, which dramatically increased mortgage delinquencies and rates of foreclosures. «Read the rest of this article» Sections: News | No Comments
Consumer Financial Protection Bureau orders American Express to pay $85 million refund to consumers harmed by illegal credit card practicesFederal Regulators Fine American Express an Additional $27.5 Million
This action is the result of a multi-part federal investigation which found that at every stage of the consumer experience, from marketing to enrollment to payment to debt collection, American Express violated consumer protection laws. «Read the rest of this article» Sections: News | No Comments
Consumer Financial Protection Bureau announces New Oversight for Big Credit Reporting Companies
Beginning this fall, the CFPB will take a closer look at the 30 largest credit reporting agencies, including the big three — Experian, Equifax, and TransUnion —to ensure accuracy and compliance with the law. The move marks the first time that a federal agency will have a hand in overseeing the credit reporting industry. «Read the rest of this article» Sections: News | No Comments
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