The Consumer Financial Protection Bureau and the Navajo Nation yesterday filed suit to shut down a tax-refund scam that allegedly preyed on tribe members in New Mexico by prodding them into high-cost tax-refund-anticipation loans. Consumerist has the story.
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A joint investigation by the Center for Public Integrity and the Seattle Times reveals troubling practices by Clayton Homes, owned by Warren Buffett’s Berkshire Hathaway. Clayton, which operates under various names, is the nation’s biggest homebuilder, according to the report, which describes Clayton's practices thus: “Clayton relies on predatory sales practices, exorbitant fees, and interest […]
Below are recent announcements from the Department of Justice's Consumer Protection Branch. April 13, 2015 Quality Egg, Company Owner and Top Executive Sentenced in Connection with Distribution of Adulterated Eggs April 13, 2015 California Man Sentenced to Prison for Odometer Fraud Scheme April 10, 2015 First Jamaican Man Extradited to the United States in Connection […]
AP, via The Washington Post, reports that President Obama is threatening to veto two bills that, he says, would undermine the Dodd-Frank financial reforms. "One of the bills would exempt some borrowing fees from an existing law aimed at protecting consumers. The second bill would undo a provision in Dodd-Frank that categorized some loans for […]
Connecticut law caps interest rates at 12%. But Great Plains Lending, affiliated with a Native American tribe in Oklahoma, is hawking payday loans by web and mail with rates of 200-400%, according to WTNH.com, reporting from Hartford, Conn. In response, the Connecticut legislature is crafting legislation to prevent residents from being held liable for more […]
This clip from a recent Last Week Tonight is both funny and topical (though lengthy, at 18 minutes). John Oliver reveals not only the lengths to which Philip Morris will go to oppose anti-smoking regulations worldwide but also the potentially devastating effect of international trade deals on government safety regulation (a subject we most recently […]
You can find some useful basic financial advice at mymoney.gov, here. Among its offerings (check out the right-hand column): -Spending and Spending Plans -How to Obtain Your Free Credit Report (from the FTC) -Help Your Children Grow Their Money Skills (from the CFPB) There are also “Money Quizzes” which are mainly lists of suggested individual […]
The New York Times today has an editorial on regulation of dietary supplements and industry capture of the agency. The editorial begins: The Food and Drug Administration’s lethargic regulation of dietary supplements containing a dangerous stimulant described in recent reports in The Times is a classic example of what happens when industry representatives infiltrate the […]
The California Department of Business Oversight announced this week that it has launched an initiative with Bing, Yahoo and Google to halt advertising by unlicensed payday lenders. When the DBO identifies unlicensed online payday lenders, it issues cease and desist orders against them. Under the protocol, when those orders become final, the DBO will notify […]
The FTC's press release explains: The Federal Trade Commission and the Illinois Attorney General’s Office have obtained a court order temporarily halting a fake debt collection scam located in Aurora, Illinois, a western suburb of Chicago. The defendants are charged with illegally using threats and intimidation tactics to coerce consumers to pay payday loan debts […]