The Consumer Financial Protection Bureau has filed a complaint seeking to halt a nationwide student financial aid scam that allegedly ripped off tens of thousands of students and families across the country by illegally charging millions of dollars in fees for sham financial services. The complaint names as defendants Student Financial Resource Center and College […]
Author Archives: Allison Zieve
In September 2014, the Consumer Financial Protection Bureau sued Corinthian Colleges, Inc., alleging that Corinthian engaged in a predatory lending scheme. This week, a federal court entered a final default judgment against Corinthian. The CFPB's press release explains: The Bureau’s lawsuit against Corinthian alleged that the company lured tens of thousands of students into taking […]
In an op-ed in today's New York Times, Yale sociology professor Frederick Wherry argues that "[t]he United States government could put billions of dollars back into the pockets of [pay-day loan borrowers] by fixing a small regulatory problem and allowing banks to get into the business of small loans." The op-ed it here.
The Consumer Financial Protection Bureau yesterday released its latest monthly consumer complaints snapshot, which highlights credit card complaints. Consumers’ most frequent credit card-related complaints were about incurring late fees and credit report problems due to confusing payment processing schedules and difficulty disputing bill inaccuracies. This month’s snapshot also highlights trends seen in complaints coming from […]
The Hill reports: The Librarian of Congress on Tuesday clarified that researchers can tinker with software embedded in cars to investigate security flaws without running afoul of copyright law. The decision was handed down from the Copyright Office as part of a triennial review that exempts certain activity from the Digital Millennium Copyright Act (DCMA), […]
The Federal Communications Commission has fined six companies a combined $30 million for deceptively marketing prepaid calling cards. The FCC found that the companies falsely advertised that their low-cost prepaid calling cards could allow consumers far more calling minutes than were in fact being sold. The FCC press release explains that "[t]he companies targeted advertising […]
The New York Times reports: A large new study by the federal government found that injuries caused by dietary supplements lead to more than 20,000 emergency room visits a year, many involving young adults with cardiovascular problems after taking supplements marketed for weight loss and energy enhancement. The study is the first to document the […]
"The Federal Trade Commission and consumer protection agencies in 33 other countries that are part of the International Consumer Protection and Enforcement Network (ICPEN) unveiled an updated version of ICPEN’s econsumer.gov to help law enforcement authorities gather and share cross border consumer complaints that can be used to investigate and take action against international scams. […]
October 6, 2015: Government Files Enforcement Actions against Two California Companies and Three Individuals to Stop Importation of Dangerous Children's Products October 6, 2015: Two Sentenced for Roles in Prescription Drug Smuggling Ring October 1, 2015: Former Peanut Company Officials Sentenced to Prison for Their Roles in Salmonella-Tainted Peanut Product Outbreak September 25, 2015: District […]
The Wall Street Journal reports: A powerful Democratic senator has launched an inquiry into bank misconduct, asking top financial institutions to turn over information about the settlements they have entered into with federal agencies over the past decade. Sherrod Brown of Ohio, the top Democrat on the Senate Banking Committee, asked banks in a letter […]