Three defendants in a student loan debt relief scheme have been ordered to pay millions to resolve Federal Trade Commission charges that they deceived consumers by promising to reduce or eliminate their student loan debt.
The Consumer Financial Protection Bureau filed a lawsuit in Illinois Monday against Fifth Third Bank, one of the largest banks in the Midwest. The CFPB alleges that for several years Fifth Third, without consumers’ knowledge or consent, added services consumers didn’t approve.
Wells Fargo has agreed to pay $3 billion to resolve civil and criminal charges related to its practice between 2002 and 2016 of pressuring employees to meet unrealistic sales goals that led to millions of accounts being created under false pretenses or without consent.
The operator of a debt collection scheme has settled claims by the Federal Trade Commission and New York attorney general that he and the companies he controlled lied to consumers about how much debt they owed and used illegal scare tactics to collect it.
In Tuesday’s email, I received a notice from the Federal Trade Commission that outlines its proposal to reexamine the Funeral Rule. The rule, adopted in 1984, protects consumers from unfair and deceptive practices in the sale of funeral products and services.
Citizens Bank is being sued by the Consumer Financial Protection Bureau for allegedly violating the federal Truth in Lending Act and other consumer protection laws by failing to properly manage and respond to credit card disputes.
As usual, most of the end-of-the-year, round-up articles are about national issues or corporations. If consumers are mentioned, it’s usually about how they’re responding to some corporation. For the most part, it’s been a grim year for consumers.
State insurance regulators on the National Association of Insurance Commissioners’ Life Insurance and Annuities Committee should reject a proposed industry friendly, anti-consumer annuity model regulation. They should create a true “best interest” standard of care.
Twenty-three attorneys general urged the FTC Tuesday to adopt regulations to prevent consumers from being tricked by negative option marketing schemes. In a letter to the agency, they argue that the FTC should use its rulemaking authority to expand existing regulations.
