A New York Times editorial today argues that revoking bonuses from two former Wells Fargo executives "is not enough to punish their misconduct, deter wrongdoing by others and restore trust in the bank — or in the rule of law when it comes to investigating and prosecuting bank executives." The editorial is here.
Author Archives: Allison Zieve
The New York Times reports: Wells Fargo’s board said on Monday that it would claw back an additional $75 million in compensation from the two executives on whom it pinned most of the blame for the company’s sales scandal: the bank’s former chief executive, John G. Stumpf, and its former head of community banking, Carrie […]
March 23, 2017 – New York Salesman Sentenced to Prison for Fraudulently Selling Vending Machine Businesses March 22, 2017 – South Florida Man Pleads Guilty To Mail Fraud In Connection With Jamaican-Based Fraudulent Lottery Scheme March 22, 2017 – Owner of New England Compounding Center Convicted of Racketeering Leading to Nationwide Fungal Meningitis Outbreak March […]
Last Friday, the Consumer Financial Protection Bureau published its 2016 Consumer Response Annual Report, available here. The CFPB offered a few key takeaways: The CFPB handled 291,400 consumer complaints in 2016, a 7 percent increase over complaints handled in 2015. Debt collection, credit reporting and mortgages were the top three most-complained-about consumer financial products and […]
Jeff posted yesterday one of the amicus briefs filed in support of the CFPB in the pending DC Circuit case. The others amicus briefs in support of the CFPB are these: Public Citizen, Consumer Federation of America, Consumers Union, National Association of Consumer Advocates, and National Consumer Law Center, and Tzedek DC – Click here. Americans […]
The Federal Trade Commission announced today that it is mailing 5,232 checks totaling more than $2.7 million to people who lost money to Rincon Debt Management, a debt collection scheme that focused on people who were strapped for cash. The company’s owners are banned from the debt collection business. People who lost money are getting […]
FairWarning reports: Can a used car be marketed as “safe” or “certified” even if it has defective air bags, a faulty ignition switch or other potentially lethal problems? Yes, so long as the used car dealer discloses that the vehicle may be subject to a pending safety recall. That stance, taken by the Federal Trade […]
… because who doesn't want their online history collected and sold by internet companies? The New York Times has the story.
Still at work, the Consumer Financial Protection Bureau announced today action against credit reporting agency Experian for deceiving consumers about the use of credit scores it sold to consumers. Experian claimed the credit scores it marketed and provided to consumers were used by lenders to make credit decisions. In fact, lenders did not use Experian’s […]
An Urban Institute report issued today on the "American Health Care Act" finds that, "taking both tax reductions and benefit reductions into account, the average high-income family would be significantly better off and the average low-income family would be significantly worse off under the AHCA." Specifically, under the bill, "[t]he average family with less than […]