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Author Archives: Allison Zieve
The Federal Trade Commission has this page linking to information, blog posts, and other resources about coronavirus scams and how to avoid them, including scams concerning treatments, vaccines, and testing.
ABC reports that "Over 70,000 student borrowers have qualified for debt forgiveness since the Education Department overhauled the program last fall. But another deadline is looming." While CNBC reports that "Majority of borrowers say taking on federal student loan debt is not worth it." Also from a CNBC survey, "Most Americans want Biden to prioritize […]
The Guardian reports that "Industry says no-interest BNPL loans are more equitable than credit cards but consumers say they can be a spending trap." The article is here.
Experian is introducing a program that will allow consumers to create their own credit reports from scratch, the Wall Street Journal reports (subscription required). Fast Company explains: “The program, called Go, will involve customers linking ‘recurring nondebt bills’ (think cell phone payments, utility bills, or even bank accounts just generally) to provide the foundation on […]
The Consumer Financial Protection Bureau today issued a request for information as it considers reducing “exploitative junk fees charged by banks and financial companies.” As examples of the fees it is examining, the agency lists “back-end fees might obscure the true cost of a product and undermine a competitive market,” such as “resort” or “service” […]
The Federal Trade Commission announced two actions today of potential interest: Fashion Nova will Pay $4.2 Million as part of Settlement of FTC Allegations it Blocked Negative Reviews of Products FTC Returns More Than $3.7 Million To Consumers Harmed by Online Lender Avant
The Consumer Financial Protection Bureau will be examining the operations of post-secondary schools, such as for-profit colleges, that extend private loans directly to students. The agency explained: "The CFPB is issuing an update to its exam procedures including a new section on institutional student loans. As the CFPB begins its supervision, the exam procedures inform […]
CNBC reports that Navient, one of the largest student loan servicers, will cancel $1.7 billion in private student loans under a settlement with 39 states. The settlement, announced yesterday, resulted from accusations the lender gave out loans to millions of borrowers who would be unlikely to be able to repay them. The article is here.
Bank of America has announced that, in February, it will cut the fees it charges customers for overdrawing their checking accounts and, starting in May, will eliminate non-sufficient funds fees. CNN reports that other banks, such as Capitol One and Ally, have also cut fees. The federal government has been encouraging banks to waive these […]