Wells Fargo, the country’s largest retail bank and an institution once thought above the fray of financial crisis era scandals, has been under fire this week after acknowledging it had fired 5,300 employees over the past five years for opening as many as 2 million sham accounts customers didn’t ask for. The San Francisco-based bank, which […]
Author Archives: Allison Zieve
The Consumer Financial Protection Bureau has this blog post. The post notes that "over 90 percent of African-American and 72 percent of Latino students leave college with student loan debt, compared to 66 percent of white students and 51 percent of Asian-American students."
From the New York Times: Buyout firms are at the forefront of Capitol Hill. They have successfully promoted legislation to roll back regulatory disclosures required under the postcrisis Dodd-Frank legislation, even as they settle cases over misleading investors. If the bill is enacted, however, there is a risk of repercussions. The House passed the plan […]
The Federal Trade Commission announced this week three settlements with debt relief and debt collection businesses. First, the FTC announced yesterday a settlement with the owners of a debt relief operation that targeted consumers with outstanding payday loans.The settlement bans the owners from the debt relief business. In February 2015, the FTC filed a complaint […]
CNN Money reports: On Thursday, federal regulators said Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts — without their customers knowing it — since 2011. … Wells Fargo confirmed to CNNMoney that it had fired 5,300 employees over the last few years related to the shady behavior. Employees went so […]
As widely reported over the last two weeks, EpiPen, which stops potentially fatal allergic reactions by injecting a precise dose of epinephrine, now costs about $600 for a two-pack, up from roughly $100 when Mylan acquired EpiPen in 2007. The Week summarizes the story in a piece called "The EpiPen uproar, explained," available here. Today, […]
The Consumer Financial Protection Bureau yesterday released a monthly report of consumer complaints received by the agency, highlighting complaints about bank accounts and services. The report shows that consumers continue to experience problems managing their accounts. The report also highlights trends seen in complaints coming from Ohio. The CFPB's press release is here. The report […]
The Washington Post and AP report: About 210,000 owners of Volkswagens with 2-liter diesel engines that cheat on emissions tests have registered to settle with the company under the terms of a June court agreement. The figure was revealed in a federal court motion by class action attorneys seeking final approval of the settlement involving […]
The Ninth Circuit yesterday dismissed a lawsuit brought by the Federal Trade Commission against AT&T Mobility, in which the FTC asserted that AT&T illegally slows internet data speed to customers with an unlimited data plan. Section 5 of the FTC Act contains an exemption for “common carriers subject to the Acts to regulate commerce.” 15 […]
Washington Post Columnist Michelle Singletary recently posted about and answered questions about IRS scams — like those messages on my home answering machine saying that the IRS is about to initiate a prosecution over fictitious tax debt. Color of Money Live: How to avoid those IRS scams Singletary offers advice and answers questions. (Aug. 25) […]