The Consumer Financial Protection Bureau yesterday published an advisory opinion affirming that the Equal Credit Opportunity Act—a federal civil rights law that protects individuals and businesses against discrimination in accessing and using credit—bars lenders from discriminating against customers after they have received a loan, not just during the application process. Read the press release and […]
Author Archives: Allison Zieve
The Federal Trade Commission filed a complaint last Friday against a company called The Credit Game, which claimed it could boost credit scores through “credit piggybacking” and other credit repair services. The FTC's complaint against the operators of The Credit Game (formerly called Wholesale Tradelines) says that the services were a scam and that the […]
The Consumer Financial Protection Bureau has finalized an enforcement action against Bank of America for processing illegal, out-of-state garnishment orders against customers’ bank accounts. The CFPB's press release, with links to relevant documents, is here.
The Department of Education announced it will discharge the loans of tens of thousands of borrowers harmed by pervasive and widespread misconduct at Marinello Schools of Beauty. Borrowers who enrolled in the schools from 2009 through its closure in February 2016 will receive loan discharges totaling approximately $238 million. This group discharge includes former students […]
The Federal Trade Commission is proposing to extending protections against telemarketing tricks and traps to small businesses and strengthening safeguards against other pernicious telemarketing tactics aimed at consumers. That notice seeks comment on whether the FTC should amend the Telemarketing Sales Rule to prohibit misrepresentations in business-to-business calls, and whether the FTC should amend the […]
President Biden is reportedly looking at options to forgive most, if not all, federal student loan debt. He shared his plans during a 90-minute White House meeting Monday with members of the Congressional Hispanic Caucus. As CBS News reports, the move could affect more than 43 million borrowers who hold more than $1.6 trillion in […]
A cautionary tale on forced arbitration: Uber’s platform Uber Eats allows customers to order takeout from various restaurants and have it delivered by a driver for a restaurant-specific delivery fee. Customers are required to agree to Uber's Terms of Use, which contains a provision stating that any dispute between the customer and Uber will be […]
According to a Federal Trade Commission press release, the FTC "is taking action against Intuit Inc., the maker of the popular TurboTax tax filing software, by issuing an administrative complaint against the company for deceiving consumers with bogus advertisements pitching “free” tax filing that millions of consumers could not use. In addition, to prevent ongoing […]
Consumer Reports writes that consumers may "be surprised by some of the clauses in terms of service and end-user license agreements …. A number of them are odd but relatively harmless. [A zombies clause?] In other cases, these agreements try to take away important consumer rights." The article is here.
The Home Mortgage Disclosure Act Modified Loan Application Register data for 2021 are now available on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,316 HMDA filers. The published data contain loan-level information filed by financial institutions, modified to protect consumer privacy.