The Consumer Financial Protection Bureau yesterday released its latest supervision report where the exams of banks and nonbanks resulted in the remediation of $14.3 million to approximately 228,000 consumers. In its examinations covering the last months of 2015, the Bureau found violations in the student loan market, including illegal automatic defaults by student loan servicers […]
Author Archives: Allison Zieve
The Washington Post reports: A lawsuit stemming from Flint’s lead-contaminated water was filed Monday on behalf of the city’s residents against Michigan Gov. Rick Snyder as well as other current and former government officials and corporations. The federal lawsuit — which is seeking class-action status — alleges that tens of thousands of residents have suffered […]
The Wall Street Journal reports today: President Barack Obama on Monday defended his administration’s record on financial regulatory issues and said that shadow banking, cybersecurity, and rules governing executive compensation would be top priorities during his remaining months in office. On shadow banking in particular, regulators faced a challenging task in overseeing a new sector […]
The Consumer Financial Protection Bureau has announced that it is accepting complaints from consumers encountering problems with loans from online marketplace lenders. The CFPB is also releasing a consumer bulletin that provides an overview of marketplace lending and outlines tips for consumers who are considering taking out loans from these types of lenders. Millions of […]
A new study led by researchers at UC Berkeley and Clinica de Salud del Valle de Salinas demonstrates how even a short break from certain kinds of makeup, shampoos and lotions can lead to a significant drop in levels of hormone-disrupting chemicals in the body. Analysis of urine samples before and after a three-day trial in […]
USA Today reports: Facebook has changed the way people do a lot of things online. For example, you probably notice yourself reflexively clicking 'like' on anything your friends post on Facebook, even if it's just to acknowledge you saw it. Scammers are taking advantage of that reflex for a dangerous scam called "like-farming." What is […]
The Consumer Financial Protection Bureau took action this week against online payment platform Dwolla for deceiving consumers about its data security practices and the safety of its online payment system. The CFPB ordered Dwolla to pay a $100,000 penalty and fix its security practices. Details are in the CFPB's press release.
The Federal Trade Commission has charged a debt relief operation with falsely representing to financially distressed homeowners and student loan borrowers that it would help get their mortgages and student loans modified. At the FTC’s request, a federal court has temporarily halted the operation. The agency seeks to permanently stop the alleged illegal practices and […]
The Consumer Financial Protection Bureau yesterday took two separate actions against Citibank for illegal debt sales and debt collection practices. In the first action, the CFPB ordered Citibank to provide nearly $5 million in consumer relief and pay a $3 million penalty for selling credit card debt with inflated interest rates and for failing to […]
Here are some recent announcements from the Department of Justice's Consumer Protection Branch: February 12, 2016 District Court Enters Permanent Injunction Against Maine-Based Seafood Company and Its Owner to Prevent Distribution of Adulterated Products February 4, 2016 Father and Son Found Guilty in Manhattan Federal Court in Connection with Multimillion-Dollar Vending Machine “Business Opportunity” Scheme […]