The Consumer Financial Protection Bureau filed suit today against Top Notch Funding and two individuals associated with the company for lying in loan offerings to consumers who were awaiting payment from settlements in legal cases or from victim-compensation funds. These consumers included former National Football League players suffering from neurological disorders, victims of the Deepwater […]
The Consumer Financial Protection Bureau yesterday took action against the National Collegiate Student Loan Trusts and their debt collector, Transworld Systems, Inc., for illegal student loan debt collection lawsuits. Consumers were sued for private student loan debt that the companies couldn’t prove was owed or was too old to sue over. These lawsuits relied on […]
State and federal authorities are proposing tougher regulations against Equifax and the entire credit monitoring industry after the company announced that personal information like Social Security numbers of about 143 million Americans was exposed. The Washington Post has the story, here.
The New York Times reports that "[l]obbyists and Republican lawmakers are gearing up for battle over a new U.S. regulation that is likely to dent profits in the $6 billion short-term, high-interest "payday" loan industry. The Consumer Financial Protection Bureau (CFPB) is expected in coming days to release a long-anticipated rule curbing payday lending, now […]
As explained in this detailed press release, Massachusetts Attorney General Maura Healey today filed the nation’s first enforcement action against Equifax alleging that the company failed to protect the personal information of almost three million Massachusetts residents. Healey claims that “that Equifax knew about the vulnerabilities in its system for months, but utterly failed to keep the […]
This Wall Street Journal report gives more details on how the Equifax hack happened — more for me, at least. The report also includes this statement suggesting that Equifax's security is not so great: Alex Holden, chief information security officer of identity-theft monitoring company Hold Security LLC, says Equifax has long been considered a target for identity […]
by Jeff Sovern Earlier this week, Senator Elizabeth Warren issued a press release about the responses she had received from Bank CEOs to her questions about the CFPB's arbitration rule, Responses from Bank CEOs Demonstrate Positive Impact of CFPB Arbitration Rule, Undermine Industry Case for Reversal. The press release contains a lot of interesting information, […]
Here, in the LA Times. Excerpt: First, visit the company’s often crashing Web page to check if your information was compromised. Then decide whether to sign up for the one year of free credit monitoring, * * * Next, the personal finance experts said, freeze your credit reports, not just at Equifax, but at its […]
by Jeff Sovern Equifax is, as expected, turning into a huge consumer protection story and as with many such stories, it is generating so much news that not only is it hard to keep up, it seems easier to give up. Still, I wanted to direct our readers to a report in the Times, Equifax […]
by Jeff Sovern Yesterday, the House passed an appropriations bill that incorporates provisions from the Financial Choice Act that would cripple the CFPB. According to Law360: The base bill would make a number of changes to the CFPB, including bringing it under the purview of the normal appropriations process. In addition, the bill would remove […]