The Federal Trade Commission and Consumer Financial Protection Bureau have reauthorized their memorandum of understanding. The memorandum outlines the working relationship between the two agencies and is designed to coordinate efforts to protect consumers and avoid duplication of enforcement and regulatory efforts.
Author Archives: Allison Zieve
The Consumer Financial Protection Bureau yesterday released a report on legal violations it has uncovered. The CFPB "found deceptive student loan debt collection practices, unfair and deceptive overdraft practices, mortgage origination violations, fair lending violations, and mishandled disputes by consumer reporting agencies." According to the report, "CFPB supervisory resolutions resulted in remediation of $19.4 million […]
Obama this morning signed a memorandum to "clamp down" on student loan servicers, the Boston Herald reports: More than 40 million Americans are in debt thanks to their education, and most of their loans come from Uncle Sam. So President Barack Obama is aiming to clamp down on the private companies that service federal student […]
From Consumer Watchdog: Four Senate Democrats have re-introduced a bill that would enable consumers to wield control over how information about them is used by data brokers. The Data Broker Accountability and Transparency Act (S. 668) empowers consumers to stop the use and sale of their personal information by data brokers. The measure also allows […]
The online publication Kansas City infoZine reports: Attorney General Chris Koster has obtained an agreement with eight online payday loan operations to shut down payday loan operations in Missouri, provide $270,000 in consumer restitution, and erase all loan balances for Missouri consumers. … The Attorney General’s Office received 57 complaints from consumers who were collectively […]
The Hill reports: The chairs of the congressional progressive, Hispanic and Black caucuses are urging financial regulators to crack down on payday loans. In a joint letter to Consumer Financial Protection Bureau Director Richard Cordray, Congressional Progressive Caucus Co-Chairs Keith Ellison (D-Minn.) and Raúl Grijalva (D-Ariz.), Hispanic Caucus Chair Linda Sánchez (D-Calif.) and Black Caucus […]
As we reported last week, the Administration recently released a proposed "Privacy Bill of Rights." Since then, both consumer groups and industry groups have noted their dissatisfaction with the Administration's draft. An article today in the Christian Science Monitor reviews the complaints of both sides.
In a settlement with the Department of Justice, JP Morgan Chase has agreed to pay more than $50 million to more than 25,000 homeowners through cash payments, mortgage loan credits, and loan forgiveness. The payment will resolve DOJ accusations that JP Morgan Chase filed robo-signed mortgage documents in bankruptcy courts. The DOJ press release explains: […]
"Following a review of 22 private collection agencies, the U.S. Department of Education announced today that it will wind down contracts with five private collection agencies that were providing inaccurate information to borrowers. The five companies are: Coast Professional, Enterprise Recovery Systems, National Recoveries, Pioneer Credit Recovery, and West Asset Management. …. "In its review, […]
"Why it's nearly impossible to sue your credit card company" is the title of an article in today's Washington Post about the mandatory arbitration provisions that are now standard in credit card agreements and the Consumer Financial Protection Board's report, expected to be released next week, about mandatory arbitration in consumer financial agreements. The full […]