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US Department of Education won't allow half a million student loans
... across 105 campuses in 2010, operated campuses for WyoTech, Heald College , Everest College and others. The campuses of Corinthian Colleges were accused of being accused of predatory and illegal practices, and the company was facing lawsuits from the Consumer Financial Protection Bureau and Vice President Harris when she was the attorney general of California. As of today, every student deceived, defrauded and driven into debt by Corinthian Colleges can rest assured that the Biden-Harris administration will discharge their ...
Updated: 06/02/2022
FTC shuts down fake credit repair company that roped in millions
... Friedman issued a temporary restraining order last week shutting the company down and freezing its assets. Friedman said that Financial Education Services generated $467 million as a result of unlawful practices, and that there is good reason to believe that a temporary restraining order was unaffected on Monday. Samuel Levine , director of the FTC 's bureau of consumer protection, said these defendants collected millions in junk fees as part of a pyramid scheme that peddled phony credit repair ...
Updated: 06/01/2022
Buy now, pay later (BNPL) is here to stay
... unregulated fintech products can add to the debt burden of consumers already overextended by debt, according to Mike Calhoun , president of the Center for Responsible Lending CRL, Mike Calhoun , president of the Center for Responsible Lending CRL. The Consumer Financial Protection Bureau CFPB is looking at the credit option and collecting information from five BNPL providers - Affirm, Afterpay , Klarna, PayPal and Zip -- to determine its risks and benefits. If you're struggling to repay BNPL debt, you might consider consolidating ...
Updated: 05/06/2022
Senators urge banks to end overdraft fees
... Wells Fargo are making tens of billions of dollars in profits. Warren told the hearing that families are still squeezing overdraft fees. Chase, BOA and Wells can be helped by the fact that Citibank and Capital One can eliminate overdraft fees. The Consumer Financial Protection Bureau, which Warren helped create, promised a crackdown on overdraft fees last December after a report by the government agency revealed banks were making billions of dollars from overdraft fees and other non-sufficient fund fees. The report shows that ...
Updated: 05/05/2022
Bank of America ordered to pay $10 million in fines for processing illegal payments
... bank accounts that have violated state laws. The U.S. consumer watchdog said on Wednesday that Bank of America will pay $10 million in civil penalties for processing garnishments against customer bank accounts that have violated state laws. The U.S. Consumer Financial Protection Bureau on Wednesday ordered Bank of America to pay $10 million in civil penalties for processing payments to creditors from customers' accounts in 3,700 cases and leaving customers with at least $592,000 in related fees since August 2011. The CFPB alleged ...
Updated: 05/04/2022
Republican Tim Ryan likely to win Senate nomination
... like Medicare for All. His positions are often informed by his working-class constituents in a region that has bled manufacturing jobs since the decline of Big Steel and the closing of a General Motors plant. Harper, a former attorney for the U.S. Consumer Financial Protection Bureau, ran to Ryan's left in the primary, emphasizing her support for abortion rights and calling for an expanded Supreme Court. Ryan stuck with his comparatively moderate approach to his tone, airing TV ads that hit themes that would sound more at home ...
Updated: 05/04/2022
CFPB director says agency will review rules on late fees
The Consumer Financial Protection Bureau CFPB seal is seen at their headquarters in Washington, D.C. Casino Chief Financial Protection Agency's director told Congress on Wednesday that the U.S. consumer watchdog will revisit its rules around credit card fees in a bid to stamp out abuses,...
Updated: 04/27/2022
U.S. payments industry is developing a market structure that uses consumer data
Consumer Financial Protection Bureau Director Rohit Chopra warned that the U.S. payments industry is developing a Chinese market structure in which large technology companies leverage consumer data to power their financial-Services subsidiaries. Consumer Financial Protection Bureau ...
Updated: 04/27/2022
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