Consumers with poor credit pay hundreds or even thousands of dollars more every year for basic auto insurance coverage required by state laws, new report shows. On average, a consumer with poor credit has to pay twice as much for auto insurance as a driver with excellent credit, even if everything else, including their driving safety history, are the same.
USASF Servicing is being charged with illegal practices that harmed consumers with auto loans including disabling vehicles, improperly repossessing vehicles, double-billing for insurance premiums, and failing to return millions in refunds, according to a lawsuit. The CFPB is seeking to return money to consumers, impose penalties, and stop future violations.
Stop buying and using Carolina Milano magnetic balls cubes because the loose, hazardous magnets pose a risk of serious injury or death if ingested. Tests showed the magnetic balls sold in cubes don’t comply with federal safety standard for magnets, the U.S. Consumer Product Safety Commission said in a statement.
American companies are using unfair and deceptive practices as they sell many consumer financial products, the CFPB said in a report. For example, auto lenders have originated loan balances above the real value of the car being purchased and engaged in illegal collection practices while servicing these loans.
To help consumers, the Biden administration is cracking down on junk fees, price gouging on food, and mergers. President Biden announced the actions Wednesday the day before the fifth meeting of White House Competition Council, appointed in 2021. The council is made up of 10 cabinet members and the heads of seven agencies.
Another huge recall deserves your attention. Bose is recalling about 884,000 bass modules in the United States, 98,000 in Canada, and 18,300 in Mexico. The company has received 21 reports of the bass modules igniting or melting, including three fires resulting in damage to carpeting, an entertainment cabinet, and materials around the bass box.
More than 804,000 borrowers will have $39 billion in federal student loans discharged in the coming weeks, the U.S. Department of Education announced Friday. The discharges are fixes to ensure borrowers have an accurate count of monthly payments that qualify toward forgiveness under income-driven repayment plans.
Another big bank is being exposed for corporate fraud. Bank of America will pay more than $100 million to customers for double-dipping on fees imposed on customers with insufficient account funds, withholding reward bonuses promised to credit card customers, and misusing personal information to open accounts without customers’ knowledge.
Another large financial institution has been caught gouging customers. Raymond James agreed to settle allegations Tuesday with six state securities regulators for charging unreasonable commissions on trades that harmed investors. The broker-dealer will pay at least $8.2 million in refunds to clients, and $4.2 million in penalties and costs.
