In the first Consumer Financial Protection Bureau oversight hearing of 2019, "Democrats repeatedly hammered Director Kathy Kraninger and GOP lawmakers for supporting recent changes at the agency." Rollcall has the story, here.
Author Archives: Allison Zieve
The American Banker reports on state efforts to pass consumer privacy laws, including laws passed others under consideration. The article is here.
The CFPB has released a report on financial exploitation of the elderly by people ranging from offshore scammers to family members. The report compiles information from Suspicious Activity Reports submitted by banks, credit unions, casinos, and other financial services providers. The 180,000 elder financial exploitation SARs reviewed for the report were submitted from 2013 to […]
The Federal Trade Commission announced its first case challenging a marketer’s use of fake paid reviews on an independent retail website. In a settlement announced at the same time, Cure Encapsulations and its owner resolved allegations that they made false and unsubstantiated claims for their garcinia cambogia weight-loss supplement and that they paid a third-party […]
According to a report issued by the Federal Trade Commission last week, between July 1, 2017 and June 30, 2018, the agency’s law enforcement actions yielded more than $2.3 billion in refunds to defrauded consumers, including $122 million mailed directly by the FTC to 2.2 million people. The report is here.
Scammers who use love to target consumers can take both an emotional and a financial toll on their victims. New complaint data from the Federal Trade Commission shows romance scams generated more reported losses than any other consumer fraud type reported to the agency in 2018. The FTC reports that romance scammers "often find their […]
Seven million Americans are at least 90 days behind on payments for automobile loans, according to a study by the Federal Reserve Bank of New York. According to the study, more people are now delinquent or late on loan payments than at the height of the 2008 financial crisis. A blog post by the study's […]
A New York Times editorial today addresses the proposal by the Consumer Financial protection Bureau to gut the Bureau's own rule protecting low-income borrowers from predatory practices of payday lenders. As the NYT put it, "The federal Consumer Financial Protection Bureau betrayed financially vulnerable Americans last week by proposing to gut rules conceived during the […]
In 2017, the Consumer Financial Protection Bureau issued a rule to protect borrowers from payday lending practices that harmed consumers. Today it proposed to eliminate several important protections that it earlier adopted to prevent industry practices from trapping low-income people in cycles of debt. I have not yet had a chance to read proposal in […]
The Consumer Financial Protection Bureau today filed a proposed settlement with several payday lenders: NDG Financial Corp., E-Care Contact Centers, Ltd., Blizzard Interactive Corp., New World Consolidated Lending Corp., New World Lenders Corp., Payroll Loans First Lenders Corp., New World RRSP Lenders Corp., Northway Financial Corp., Ltd., and Northway Broker, Ltd., as well as several […]