Business Opportunity Scheme Operators Banned from Telemarketing and Selling Investment Opportunities; Will Return Millions to Consumers

The operators of a telemarketing scheme charged with bilking millions of dollars from consumers, many of whom are seniors or military veterans on fixed income, will pay approximately $7.5 million in consumer redress under a settlement with the Federal Trade Commission. The stipulated final order also prohibits the defendants –

Read More >

Major Credit Reporting Agencies Have Been Lying to Consumers

The Consumer Financial Protection Bureau announced that two of the three major credit-reporting agencies responsible for doling out those scores—Equifax and Transunion—have been deceiving and taking advantage of Americans. The Bureau ordered the agencies to pay more than $23 million in fines and restitution. In their investigation, the Bureau found

Read More >

How to think about banks

Banking is not an industry; banking is not the real economy. The big banks especially are economic and political behemoths that remain unpopular and poorly understood in the popular imagination. Opinion polls show voters favor breaking them up, and some shareholders do too. While Wall Streeters may bemoan the fact

Read More >

New CRA Guidance Promotes Use of Alternative Data in Lending

The potential of alternative data in consumer lending decisions continues to be a hot topic in Washington, D.C., with the latest evidence seen in developments related to the Community Reinvestment Act (CRA). When federal banking agencies recently revised their Q&As for CRA compliance, their focus on the use of

Read More >

Non-Profit Firm Helping Low-Income with Bankruptcies.

As a credit consultant, many will approach with questions regarding bankruptcies and other financial issues. There is a recently launched non-profit organization that can be a useful resource for you to direct these question too. UpSolve.org is a nonprofit startup working to “modernize legal aid.”  They are using technology to

Read More >