The Federal Trade Commission reports that the number of consumer complaints about fraud dropped in 2017, but consumers reported losing more money than they did in 2016. The data book includes national statistics, as well as a state-by-state listing of top report categories in each state, and a listing of metropolitan areas that generated the […]
Author Archives: Allison Zieve
Politico reports: The Trump administration is taking steps to shield student loan collection companies from state regulators, over the objections of consumer advocates and even some Republican attorneys general. Education Secretary Betsy DeVos is preparing to issue a declaration that companies collecting federal student loans are off limits for state lawmakers and regulators. The “notice […]
I was curious to see what the Department of Justice's Consumer Protection Branch has been up to lately, so I checked its website. Here are its 2018 press releases: Tuesday, February 13, 2018 – Michaels Stores Agrees to Pay $1.5 Million to Settle CPSC Delayed Reporting Claim Friday, January 26, 2018 – Leader of Fraudulent Medical […]
ProPublica has an article about the Consumer Financial Protection Bureau today. Here is the lead: Born as a fiercely independent agency meant to protect citizens, the Consumer Financial Protection Bureau has quickly been subsumed into the Trump administration. Banks, student-loan agencies and payday lenders are the winners. The full article is here.
Former Director of the Consumer Financial Protection Bureau Richard Cordray has an op-ed in the Washington Post today, expressing concerns about the agency's current path: The CFPB was designed to serve as a tough and independent watchdog for consumers. Yet Trump and White House budget director Mick Mulvaney, the bureau’s putative acting head, have bullied […]
The Associated Press reports that Wells Fargo has made missteps in its efforts to make amends to customers who were forced to buy unneeded auto insurance. A spokeswoman for the bank said that 38,000 customers received a letter they did not need and that contained no refund. She said the error was due to a […]
The Alabama legislature is considering a bill that would give borrowers who take out payday loans additional time to pay them back. The bill reportedly has bipartisan support in the Alabama Legislature. Currently, payday lenders in Alabama can require that loans be paid back anywhere from 10 days to 31 days. The bill would set […]
The Washington Post reports: "The Trump administration has stripped enforcement powers away from Consumer Financial Protection Bureau office that specializes in pursuing cases against financial firms accused of breaking discrimination laws, according to two people familiar with the matter and emails reviewed by The Washington Post." The full article is here.
Mulvaney sent a memo to employees at the Consumer Financial protection Bureau today. You can read it here.
The Consumer Financial Protection Bureau has ended its investigation into the marketing and lending practices of World Acceptance Corporation, a self-described "small-loan consumer finance" company. World Acceptance generates the bulk of its revenue through refinancings. As ProPublica has explained, here, the company makes installment loans with "sky-high rates" and generates revenue by charging interest up […]