The Wall Street Journal reports that More than at any time in their history, banks are being asked to work hand-in-hand with the U.S. government, serving as deputized watchmen for suspicious activity. That has been happening to some extent since legislation passed after the Sept. 11, 2001, terrorist attacks, but banks’ responsibilities have steadily increased. […]
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The Hill reports: The entire federal government is exempt from consumer protection laws that limit unwanted robocalls, the Federal Communications Commission decided in a ruling issued Tuesday night. While the Telephone Consumer Protection Act bars businesses from making numerous autodialed or prerecorded calls to a person’s cellphone—and similar telemarketing calls to a person’s home phone—the […]
by Julie Murray On Saturday the New York Times had this article about New Jersey’s student loan program, which has an outstanding loan portfolio of about $2 billion. Here’s an excerpt: The loans . . . carry higher interest rates than similar federal programs. Most significant, New Jersey’s loans come with a cudgel that even […]
by Jeff Sovern I'm listening to the audio version of David Dayan's book Chain of Title: How Three Ordinary Americans Uncovered Wall Street's Great Foreclosure Fraud. A lot of it will be familiar to those who followed media reports of the foreclosure crisis and robo-signing, but having it all pulled together gives it considerable impact, and those who didn't […]
This National Highway Safety Administration (NHTSA) just said that some Hondas and Acuras equipped with defective Takata airbags are so dangerous that they shouldn't be driven until they are fixed. As this article explains: Federal regulators on Thursday issued an urgent warning to owners of more than 300,000 Hondas and Acuras, saying they should not drive their […]
There's been a lot of publicity about the recalled defective Takata air bags, and the National Highway Traffic Safety Administration (NHTSA) has been encouraging consumers to get their air bags fixed. (Under the law, recall repairs are free.) According to NHTSA, 8,867,284 Takata air bags have been fixed. That's a lot of air bags. And it's […]
Why? Because the Nobel laureates believe that GMOs can advance human health and nutrition, and, they say, there's no evidence that GMOs hurt people. Read this article on the development by Joel Achenbach. Here are excerpts: More than 100 Nobel laureates have signed a letter urging Greenpeace to end its opposition to genetically modified organismss. The letter asks Greenpeace to […]
The Washington Post has two articles today about payday loans. First, an opinion piece by Mike Calhoun, the director of the Center for Responsible Lending, is entitled "Think there’s no good alternative to payday loans? Think again." Mr. Calhoun begins: The Consumer Financial Protection Bureau’s proposed rule requiring payday and car title lenders to assess […]
The Consumer Financial Protection Bureau today released a monthly "complaint snapshot" highlighting complaints about consumer loans, including vehicle loans and leases, installment loans, title loans, and pawn loans. The report shows that consumers continue to complain about issues managing their loans and problems they encounter when they are unable to pay off the loans. The […]
Confirming the reports last week of a settlement of the VW emissions lawsuit, the parties today announced that VW will pay $14.7 billion to settle allegations of cheating emissions tests and deceiving customers. Volkswagen will offer consumers a buyback and lease termination for nearly 500,000 model year 2009-2015 2.0 liter diesel vehicles sold or leased […]