…reports the National Law Journal, here (subscription required). In a consent order (available here), the CFPB found that Amerisave Mortgage Corporation violated numerous federal consumer protection and lending-related laws by luring borrowers to its services with inaccurate rates then overcharging them and misleading them into paying fees they did not need to pay. Of the […]
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The Manhattan District Attorney has brought criminal charges against a payday lending syndicate, alleging that an intricate corporate structure was established to to make payday loans with interest rates in violation of the state's usury cap and to shield its principals from detection by law enforcement. Those charged include the owner, the chief operating officer, and […]
The Consumer Financial Protection Bureau has just issued this consumer advisory about the risks of bitcoin and other virtual currencies. The agency has also begun accepting consumer complaints on the topic. Today’s advisory warns that virtual currencies carry significant risks, including: · Exchange rates are volatile and costs unclear: The exchange rate of Bitcoins to U.S. […]
Worth a listen (about 7 minutes), here.
The Consumer Financial Protection Bureau is demanding information about what it terms "secret contracts" between banks and colleges under which the banks pay the colleges to steer students to their products, particularly credit cards. Here is an excerpt of an article on the topic by the CFPB's Rohit Chopra: If you’re a student preparing to […]
On July 21, we noted the Consumer Financial Protection Bureau's 3-year anniversary. If you want some detail on what the CFPB has been up to, over a wide-range of topics, read Ed Mierzwinski's The CFPB at Three: A Child Prodigy.
A judge on the U.S. Court of Federal Claims has ruled that the government violated the Fair Labor Standards Act by waiting until after the fall 2013 government shutdown was over to pay federal workers. Plaintiffs' counsel estimates that up to 1.3 million workers could be affected, the Post reports. Read the opinion, largely denying […]
We all know weddings can get expensive, but here's something most couples do not budget for: fines charged by the hotel if a wedding guest leaves a negative review online. Astonishingly, that's what the website of the Union Street Guest House in Hudson, N.Y., promised guests the hotel would do, according to this story in […]
Law prof Linda Mullenix addresses that issue in Designing Compensatory Funds: In Search of First Principles. Here is the abstract: The World Trade Center Victims’ Compensation Fund of 2001 ushered in a new age of fund approaches to resolving claims for mass disasters in the United States. Since then, numerous funds have been created following […]