Research

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 –

During the past year, the Federal Trade Commission has continued its efforts to stop unlawful debt collection practices, including vigorous law enforcement, education and public outreach, and research and policy initiatives. The FTC sent a summary of its 2016 work on debt collection practices to the Consumer Financial Protection Bureau

GC Services, a large debt collector charged with using unlawful tactics to collect on federal student loans and other debts, will pay a $700,000 civil penalty under a settlement with the Federal Trade Commission. Student loan debt is a large and growing segment of the U.S. debt collection industry,

Under a settlement with the Federal Trade Commission and the State of Florida, the operators of an alleged student debt relief and credit repair scam will be banned from those lines of business. The stipulated final order announced today resolves charges the FTC and the State of Florida brought in

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

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

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

The student loan crisis in the US is getting much worse — student loan debt is over $1.3 trillion and is increasing by more than $2,700 per second. Lenders cannot ignore the impact of that debt on individual borrowing. Latest research shows that: The number of US consumers aged

There’s a statutory right for some cardholders to raise claims and defenses they have against the merchant against the card issuer.   Section 170(a) of the Truth in Lending Act, 15 USC 1666i, permits a cardholder raise any claims or defenses it has against the merchant against the card issuer,

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