Rebecca Crootof of Richmond Law and the Yale Information Society Project has written Remote Repossession, 73 DePaul Law Review, (forthcoming 2024). Here’s the abstract: Ford’s February 2023 patent application raises a new possibility: that after a default, an internet-connected vehicle might autonomously drive itself off of the owner’s premises—to a public space, to the repossession agency, […]
Category Archives: Other Lending, Debt, and Credit Issues
NPR reports: “Companies like EasyKnock offer to help people in financial trouble by buying their home and renting it back. A new NPR probe found the deals cost some people a lot of money and even their homes.” Listen to the story here.
During this National Consumer Protection Week, many offices of state attorneys general released their annual list of top 10 consumer complaints received over the last year. The lists present broad categories for received complaints, such as automobile sales, Internet sales/scams, retail, professional or consumer services, banking and loans, health/medical, home improvement, and housing/real estate. Some […]
In a recent blog post, the Consumer Financial Protection Bureau offered a quick overview of its 2023 enforcement work. The agency reported that it filed 29 enforcement actions against financial institutions and resolved six prior lawsuits. Lenders, banks, and other entities that broke the law were ordered to pay approximately $3.07 billion to consumers and […]
I just came across FDIC Consumer News — “the FDIC’s monthly newsletter to consumers, providing practical guidance on how to become a smarter, safer user of financial services, including helpful hints, quick tips, and common-sense strategies to protect and stretch your hard-earned dollars.” Recent articles include: Older Adults Helping Relatives Through Financial Support; Shopping for […]
The Consumer Financial Protection Bureau yesterday proposed a rule to block banks and other financial institutions from charging non-sufficient funds fees on transactions declined at the time the consumer swipes, taps, or clicks — that is, transactions that the financial institution declines in real time. These types of transactions include declined debit card purchases and […]
Buy Now Pay Later, or BNPL, probably would never exist in its current form but for regulation. The Truth in Regulation Act does not apply to loans which are to be repaid in no more than four installments, and BNPL usually provides for repayment in exactly four installments. In other words, BNPL was created to […]
The Consumer Financial Protection Bureau this week published two reports that show fees on financial products continue to shock consumers. Overdraft and non-sufficient funds fees still trouble vulnerable households. Excess charges from some college-marketed financial products still don’t appear to be in the best interest of students. In building on its continued research on overdraft […]
USA Today’s Daniel de Vise has an interesting article, 62% of Americans say this zero-interest payment plan should be against the law, about a form of consumer lending called deferred interest plans. Here’s an excerpt: A popular payment plan offered by America’s big-box retailers promises no interest on your purchase if you pay it off in, […]
This week, the Consumer Financial Protection Bureau ordered Bank of America to pay a $12 million penalty for submitting false mortgage lending information to the federal government under a long-standing federal law. For at least four years, hundreds of Bank of America loan officers failed to ask mortgage applicants certain demographic questions as required under […]