Associated Press reports: New York's attorney general says President-elect Donald Trump has agreed to a $25 million settlement to resolve three lawsuits over Trump University, his former school for real estate investors. The deal announced Friday by Attorney General Eric Schneiderman would settle two class-action lawsuits in California and a civil suit filed by Schneiderman. […]
The Department of Justice plays a role in consumer protection. So for that reason (and there are plenty of others), our readers may want to meet our next attorney general (assuming Mr. Trump's nominee is confirmed). See this article by Ari Berman.
Here. And here is the abstract: Though few realize it, forced arbitration clauses are endemic in today’s marketplace — hidden in credit card agreements, bank accounts, corporate social media pages, even Starbucks gift cards. More than half a billion arbitration provisions infiltrate our everyday lives. Despite their prevalence, few consumers are aware of the forced […]
The Consumer Financial Protection Bureau has announced a request for information regarding consumer access to financial records: The Dodd-Frank Wall Street Reform and Consumer Protection Act provides for consumer rights to access financial account and account-related data in usable electronic form. The [CFPB] is seeking comments from the public about consumer access to such information, including […]
Since the Consumer Financial Protection Bureau began accepting mortgage complaints in 2012, it has received more than 12,500 mortgage complaints from servicemembers, veterans, and their families. In a new report, the CFPB reviews and analyzes about 1,800 of those complaints related to mortgage refinancing. The report finds that veterans complain that "the solicitations and advertisements they […]
The Federal Trade Commission has a new financial readiness website designed for mobile devices to help members of the military community navigate personal financial decisions in light of the unique challenges they face, such as frequent relocations and deployment. The FTC's provides the details, here.
The IRS has finalized a proposed rule issued in 2014 removing the three-year nonpayment testing period from the list of “events” for determining when debt had been discharged for purposes of issuing a Form 1099-C, Cancellation of Debt, to taxpayers. Prior to the change in the rule, individuals would receive a 1099-C after three years, […]
Read Americans Blame Obesity on Willpower, Despite Evidence It’s Genetic by Gina Kolata.
The statement is here. Excerpt: * * * Federal policy should focus on free enterprise, while protecting consumers by policing markets for force and fraud. Both Wall Street and Washington should be held accountable. Following the financial crisis, Congress enacted the Dodd-Frank Act, a sprawling and complex piece of legislation that has unleashed hundreds of […]
Here. The whole piece is worth reading, but here's an excerpt: Donald Trump’s Presidential campaign was filled with a lot of bold talk about “draining the swamp” and fighting against lobbyists. He attacked Hillary Clinton for her supposed cozy relationship with banks, and talked about how he’d stand up to Wall Street on behalf of the […]