Alison Frankel at Reuters has this article today.
Author Archives: Allison Zieve
The Consumer Financial Protection Bureau yesterday announced an enforcement action against an indirect auto finance company and its auto title lending subsidiary for pressuring borrowers using illegal debt collection tactics. The CFPB found that Westlake Services, LLC and Wilshire Consumer Credit, LLC deceived consumers by calling under false pretenses and using phony caller ID information, […]
Over two years, a hack of Experian apparently acquired the records of 15 million T-Mobile customers and people who had applied for credit. Experian, the vendor that processes T-Mobile's credit applications. T-Mobile's CEO posted a letter on the company's website to explain: We have been notified by Experian, a vendor that processes our credit applications, […]
The New York Times reports: Consumer lending firms that focus on borrowers with weak credit have done surprisingly well in the last few years. Many survived the financial crisis of 2008, the Great Recession, and even went on to post strong profits in the face of an onslaught of new regulations. Now, though, these lenders […]
The Hill reports: Payday lenders contributed hundreds of thousands of dollars in campaign funds to nearly a dozen House Republicans over the last four years, according to the report from Allied Progress, a government accountability organization run by Democratic strategist Karl Frisch. The campaign contributions coincided with votes taken by many of these Republicans that […]
The Consumer Financial Protection Board released today a report outlining widespread servicing failures reported by both federal and private student loan borrowers. According to the CFPB press release: Consumers describe companies using a wide range of sloppy, patchwork practices that can create obstacles to repayment, raise costs, cause distress, and contribute to driving struggling borrowers […]
The New York Times has an estimate: Unlike the ignition defect in General Motors vehicles that caused at least 124 people to die in car crashes, Volkswagen pollution is harder to link to individual deaths. But it is clear to public health researchers that the air pollutants the cars illegally emitted damage health, and they […]
The Consumer Financial Protection Board on Tuesday released its latest monthly consumer complaints snapshot, which highlights mortgage complaints. According to the report, consumers continue to face problems with mortgage servicing, particularly during certain circumstances, such as when they apply for a loan modification to avoid foreclosure. The CFPB report finds the consumers continue to experience […]
A discouraging article from the New York Times: Long before Volkswagen admitted to cheating on emissions tests for millions of cars worldwide, the automobile industry, Volkswagen included, had a well-known record of sidestepping regulation and even duping regulators. For decades, car companies found ways to rig mileage and emissions testing data. In Europe, some automakers […]
The New York Times reports on a study that found a correlation between generous company stock options for executives and the incidence of serious product recalls of the companies products. The study, “Throwing Caution to the Wind: The Effect of C.E.O. Stock Option Pay on the Incidence of Product Safety Problems,” concluded that “C.E.O. option […]