The Federal Trade Commission announced its annual summary of activity enforcing the Fair Debt Collection Practices Act: Over the past year, the Federal Trade Commission has continued its vigorous work on behalf of U.S. consumers suffering from unlawful debt collection practices, including bringing law enforcement actions against abusive and fraudulent operations, conducting education and public […]
Author Archives: Allison Zieve
Yesterday, the Consumer Financial Protection Bureau released "a report highlighting the top complaints for reverse mortgages. According to the report, consumers are frustrated with their loan terms, servicer runarounds, and foreclosure problems. To help consumers who already have a reverse mortgage, the CFPB [also issued] an advisory with tips on how to plan ahead to […]
Business groups such as the Chamber of Commerce are pushing the Federal Communications Commission to loosen standards under the Telephone Consumer Protection Act — the law that bars unwanted telemarketing calls and junk faxes. If the groups are successful, the result, say consumer advocates, would be more robocalls calls coupled with more difficultly suing for […]
The Washington Post has two articles today about regulation (or lack of regulation) of sharing services like Uber and Airbnb. In an article entitled "Uber might actually want regulation. Here’s why," the Post reports: Though they are loath to admit it, ridesharing outfits like Uber and Lyft have profited in no small part from dodging […]
The New York Times reports today: The New York State attorney general’s office accused four major retailers on Monday of selling fraudulent and potentially dangerous herbal supplements and demanded that they remove the products from their shelves. The authorities said they had conducted tests on top-selling store brands of herbal supplements at four national retailers […]
"Troubled by consumer complaints and loopholes in state laws, federal regulators are putting together the first rules on payday loans aimed at helping cash-strapped borrowers avoid falling into a cycle of high-rate debt," the New York Times reports this morning. Read "Rules Are Coming on Payday Loans to Shield Borrowers," here.
car title loans are marketed as small emergency loans, but in reality these loans trap borrowers in a cycle of debt. A typical car title loan has a triple-digit annual interest rate, requires repayment within one month, and is made for much less than the value of the car. – See more at: http://www.responsiblelending.org/other-consumer-loans/car-title-loans/tools-resources/what-are-car-title-loans.html#sthash.iYj0Yw6y.dpuf car […]
Here are recent announcements relating to the work of the Department of Justice's Consumer Protection Branch: January 27, 2015 Peruvian Man Sentenced for Defrauding and Extorting Spanish-Speaking U.S. Residents through Fraudulent Call Centers January 21, 2015 United States Files Enforcement Action against Texas Debt Collection Company, Current President and Former Vice President to Stop Deceptive […]
Even when names and other personal information have been stripped from big data sets, as few as four pieces of random information may be enough to identify a specific person, according to a study to be published soon in the journal Science. The magazine explains: [The scientists] analyzed 3 months of credit card transactions, chronicling […]
The Consumer Financial Protection Bureau yesterday proposed changes to its mortgage rules "to facilitate responsible lending by small creditors, particularly in rural and underserved areas," according to the CFPB press release. If finalized, the rule will increase the number of financial institutions able to offer certain types of mortgages in rural and underserved areas. The […]