The Federal Trade Commission yesterday issued its Annual Financial Acts Enforcement Report to the Consumer Financial Protection Bureau. The report discusses the FTC's enforcement-related activities regarding Regulation Z (Truth in Lending Act), Regulation M (Consumer Leasing Act), and Regulation E (Electronic Fund Transfer Act). The FTC's press release explains: The report addresses, among other things, […]
Author Archives: Allison Zieve
Two internal reports released by the Department of Transportation identify a series of failings by the National Highway Traffic Safety Administration (a part of the Department) that allowed millions of defective GM cars to go unrepaired for more than a decade. The ignition switch could suddenly turn off, stalling the engine and disabling the airbags. […]
The Consumer Financial Protection Bureau is reporting on its just-completed study of advertisements for reverse mortgages: Ads for reverse mortgages are found on television, radio, in print, and on the internet, and many ads feature celebrity spokespeople discussing the benefits of reverse mortgages without mentioning risks. We looked closely at many ads and found incomplete […]
"As the Consumer Financial Protection Bureau (CFPB) considers new rules to rein in predatory practices in payday and similar types of lending, Senator Merkley and 31 of his Senate colleagues expressed their support today for the initial steps the agency has taken and urged the agency to issue the strongest possible rules to combat the […]
On Tuesday, the IRS announced that hackers had breached the agency's website and gained access to old tax returns of more than 100,000 taxpayers. Hackers apparently used personal information obtained elsewhere to access old returns contained on the IRS website. The activity occurred from February through mid-May. (Story here.) On Wednesday, the Senate Finance Committee […]
The Justice Department and Consumer Financial Protection Bureau have filed a consent order to resolve allegations that Provident Funding Associates engaged in a pattern or practice of discrimination. The consent order resolves allegations that Provident increased loan prices for African-American and Hispanic borrowers who obtained residential mortgages between 2006 and 2011 from Provident’s nationwide network […]
The Volcker Alliance, a nonprofit public policy organization headed by Mr. Volcker, has released a report proposing broad changes to the U.S. financial regulatory system. The Alliance suggests a three-pronged approach to reform, calling for updated oversight and surveillance, streamlined supervision and regulation, and stronger market integrity and investor protection. The report is here. Just […]
Unwanted calls and texts are the number one consumer complaint to the FCC. Now, the FCC has announced a "proposal to protect Americans from unwanted robocalls, spam text messages, and telemarketing calls. The proposal addresses two dozen petitions that sought clarity on how the Commission enforces the Telephone Consumer Protection Act." The FCC says that […]
A federal district court in New York has dismissed a lawsuit filed by a group of for-profit colleges challenging regulations issued by the Department of Education to limit student debt. The Department adopted the “Gainful Employment” rule in 2014 to address overwhelming evidence that some postsecondary career training programs, particularly at for-profit institutions, were failing […]
According to the Federal Trade Commission, federal courts in New York and Georgia, acting on an FTC motion, have temporarily halted three debt collection operations that the FTC alleges have violated federal law by threatening and deceiving consumers via text messages, emails, and phone calls. The FTC's press release explains: [T]he defendants used text messages, […]