The Federal Trade Commission has announced: The marketers of a dietary supplement called Procera AVH will relinquish $1.4 million under settlements resolving Federal Trade Commission charges that they deceived consumers with claims that the supplement was clinically proven to significantly improve memory, mood, and other cognitive functions. Under the terms of the settlements, the defendants […]
Author Archives: Allison Zieve
The Washington Examiner reports: Voters overwhelmingly say they want stronger regulations for banks and less Wall Street influence in Washington even as the financial crisis recedes into the past, according to a new poll released Tuesday by advocates of tougher rules on the financial industry. Seventy-three percent of likely 2016 voters favor the provisions of […]
From the CFPB press release: Today the Consumer Financial Protection Bureau and Attorneys General in 47 states and the District of Columbia took action against JPMorgan Chase for selling bad credit card debt and illegally robo-signing court documents. The CFPB and states found that Chase sold “zombie debts” to third-party debt buyers, which include accounts […]
The Consumer Financial Protection Bureau today put out a report about problems with student loan servicing in the military. Among the problems identified: • Military deferments are denied without adequate explanation, applied in a haphazard way, and, in some cases, are approved verbally but never applied to military borrowers’ accounts, resulting in late fees, defaults […]
The Hill reports: A liberal group that advocates for racial and economic reform is using Shark Week on the Discovery Channel to call attention to predatory payday lending practices. National People’s Action (NPA) is comparing marine sharks to payday loan sharks who they say trap 12 million Americans in a devastating cycle of debt annually. […]
By guest blogger Jessica Ranucci In comments filed last week, banking industry groups opposed proposed Department of Education regulations that would crack down on “college card agreements” between universities and banks that affect students who receive Title IV federal education funds. Twenty-five billion dollars in federal Pell Grant and Direct Loan funds is dispersed annually […]
July 1, 2015 – Virginia Resident Sentenced to Prison in Connection with Lottery Scheme Based in Jamaica June 26, 2015 – Former OtisMed CEO Sentenced for Selling Unapproved Surgical Devices June 26, 2015 – First Jamaican Man Extradited to United States in Connection with International Lottery Scheme Sentenced to Prison June 22, 2015 – California […]
The Hill reports: In a push to produce a more transparent regulatory process, federal agencies will review their standards for genetically engineered food, plants and animals, the White House announced on Thursday. The Environmental Protection Agency (EPA), Food and Drug Administration (FDA) and U.S. Department of Agriculture (USDA) will update their “Coordinated Framework,” the regulatory […]
By guest blogger Jessica Ranucci The Consumer Financial Protection Bureau filed complaints last week against two companies that charge consumers for credit card add-ons — such as “credit monitoring” and “identify theft protection” — that the consumers never receive. The two companies, Affinion and Intersections, partnered with banks to sell add-on services. Fees were charged […]
By guest blogger Jessica Ranucci New York state officials announced today that a student loan debt relief provider is shutting down operations after an investigation by the state’s Student Protection Unit. The company, Inveractiv Edcuation, advertised that it could lower students’ monthly loan payments and charged borrowers upfront fees of up to $3,400 for its […]