Topic: Consumer Financial Protection Bureau
Advocates Urge CFPB to Protect Seniors From Reverse Mortgage Abuses
Washington, D.C. – A new study released by the Consumer Financial Protection Bureau found that many advertisements for reverse mortgages contain incomplete or inaccurate information that can pose a serious risk to seniors who take out such loans. The study was issued in conjunction with an advisory to consumers warning them to “watch out for misleading and confusing reverse mortgage advertisements.”
Consumers Union and Californians for Nursing Home Reform praised the CFPB for alerting seniors about the deceptive ads and urged the consumer watchdog to adopt reforms to protect seniors from reverse mortgage abuses. «Read the rest of this article»
Consumers Union applauds Consumer Financial Protection Bureau action against Sprint for wireless cramming
Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced it is suing Sprint for “cramming” – the illegal practice of putting unauthorized third-party charges on consumers’ phone bills.
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»
Consumers Union looks into problems with credit reports, credit scores in letter to Consumer Financial Protection Bureau
Washington, D.C. – Consumers Union, the advocacy arm of Consumer Reports, today sent a letter to the Consumer Financial Protection Bureau about problems with credit reports and credit scores, including the challenges consumers face in correcting errors on their reports.
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»
Written by Terri Moon Cronk
Washington, D.C. – Defense Secretary Chuck Hagel has directed a policy change in new paycheck allotments to prevent unscrupulous commercial lenders from taking advantage of troops and their families, Pentagon officials said today.
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»
Consumer Financial Protection Bureau Launches Toolkit to Help Teachers and Other Public Servants Tackle Student Debt
One in Four American Workers May Be Eligible For Student Debt Forgiveness
Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) launched a toolkit to empower school districts and other public service organizations to help their employees pay off student loan debt. The CFPB is asking these employers to make a pledge to inform their employees of their options.
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»
Consumer Financial Protection Bureau orders Auto Loan program Partners to Refund about $6.5 million to Servicemembers
Written by Kent Markus
Washington, D.C. – If you are a servicemember who participated in the Military Installment Loans and Educational Services (MILES) auto loan program operated by U.S. Bank and its nonbank partner, Dealers’ Financial Services (DFS), you may benefit from an order we announced today.
As a result of this enforcement action, U.S. Bank and DFS must return about $6.5 million to servicemembers for failing to properly disclose an allotment fee charged to participants, as well as the timing of the allotment payments. «Read the rest of this article»
Written by Holly Petraeus
Washington, D.C. – Today, the Consumer Financial Protection Bureau announced a public enforcement action against U.S. Bank and Dealer’s Financial Services (DFS).
At issue was the way they used the military discretionary allotment system to have servicemembers pay for cars bought through the MILES (Military Installment Loan and Education Services) Program.
It’s an important announcement because it shines a spotlight on potential problems with the use of allotments as a way to pay off consumer debt. «Read the rest of this article»
Consumer Financial Protection Bureau orders American Express to pay $85 million refund to consumers harmed by illegal credit card practices
Federal Regulators Fine American Express an Additional $27.5 Million
Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced an enforcement action with orders requiring three American Express subsidiaries to refund an estimated $85 million to approximately 250,000 customers for illegal card practices.
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»
Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) announced a new rule giving the financial watchdog more oversight of credit bureaus, which generate billions of credit reports each year.
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»
By Elaine Sanchez, American Forces Press Service
Washington, D.C. – It’s that time of year when top 10 lists seem to proliferate across nearly every web and news page in the nation, proclaiming everything from the best movies and TV shows to the most memorable photos and celebrities of the year.
Since I find it tough to encapsulate a year’s worth of information into a tidy list, I typically steer away from the concept. However, this was such a momentous year for military families that I decided it was time to hop on the list-making bandwagon.
So, here’s my top 10 most memorable military family moments of 2011. It’s certainly not all-inclusive, but I’m hoping it at least hits the highlights. «Read the rest of this article»
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