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The Federal Trade Commission recommends finding a reputable credit counseling organization that uses certified counselors trained in consumercredit and debt management. Unsecured debts, such as credit cards, store cards and personal loans, can be part of your DMP. Studentloans aren’t covered, either.
On October 11, the Federal Trade Commission (FTC) announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. The FTC has estimated that these fees can cost consumers tens of billions of dollars per year in unexpected costs.
According to the Federal Trade Commission, one in five people do. If you’re among them, be sure to dispute the misinformation with the credit bureau in question (here’s how). Your credit score will likely thank you for it.
In keeping with Federal Trade Commission rules , Freedom Debt Relief doesn’t charge upfront fees. Focused on protecting and helping consumers. In 2010, the company helped to establish Federal Trade Commission rules to ban abusive debt settlement practices and protect consumers. Ads by Money.
Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumercredit market already quickly changing with technology.
On May 1, the Federal Trade Commission (FTC) announced a permanent ban from debt relief telemarketing for operators of debt relief scam. The FTC charged the defendants with taking tens of millions of dollars from people by falsely promising to eliminate or substantially reduce their credit card debt. For more information, click here.
For example, the bill distinguishes a “digital asset” from a “digital commodity,” empowering the Securities and Exchange Commission (SEC) to regulate the former and the Commodity Futures Trading Commission (CFTC) to regulate the latter. On July 26, the CFPB published a blog focused on consumercredit scores.
Federal Activities: On September 29, the Consumer Financial Protection Bureau (CFPB) released its fifth biennial report to Congress on the consumercredit card market, finding that the market’s growth over the last few years reversed course in 2020. On September 28, Federal Trade Commission (FTC) Chair Lina M.
District Court for the Southern District of Texas granted motions filed by three groups of trade association intervenors to extend the court’s existing injunction against the CFPB’s enforcement of its final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule) to cover all small business lenders nationwide.
On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal studentloan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.
On June 8, the Commodities Futures Trading Commission (CFTC) obtained a default judgment against a decentralized autonomous organization (DAO) Ooki Dao in the U.S. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency. For more information, click here.
On June 15, the Consumer Financial Protection Bureau (CFPB) issued an update about its December 2021 market monitoring inquiry into Buy Now, Pay Later (BNPL) — a short-term, no-interest consumercredit product that has become nearly ubiquitous at the point of purchase online and, increasingly, in brick-and-mortar stores.
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. State Activities. VantageScore decided to drop medical debt from its calculations. For more information, click here.
On November 2, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential impact of studentloan payment reinstatement. The CFPB found that studentloan borrowers are increasingly likely to struggle once their monthly studentloan payments are reinstated.
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. million to consumers and pay a $500,000 civil penalty for deceiving consumers with false claims about their services.
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. On October 21, the Eighth Circuit temporarily blocked President Joe Biden’s studentloan forgiveness program.
On October 13, the Federal Reserve and the CFPB announced the dollar thresholds used to determine whether certain consumercredit and lease transactions in 2023 are exempt from Regulation Z (truth in lending) and Regulation M (consumer leasing). For more information, click here. 1701 , et seq.). For more information, click here.
On July 6, the Federal Trade Commission (FTC) announced that, in cooperation with the state of Florida, it will send refunds to consumers nationwide allegedly defrauded by a telemarketing financial services company, and related companies, into paying for credit card interest rate reduction and debt elimination programs.
House of Representatives that seeks to amend the Fair Credit Reporting Act to exclude COVID-19-related evictions from consumers’ credit reports. On March 12, the Federal Trade Commission (FTC) warned consumers that scammers will follow, and try to take advantage of, the new COVID-19 rescue plan.
20 tapped Uejio, previously the Consumer Financial Protection Bureau’s chief strategy officer, to run the agency until his nominee for permanent director, Rohit Chopra, is confirmed. Chopra is currently a member of the Federal Trade Commission. President Biden on Jan. The two share many of the same priorities, Cordray said.
Federal Activities: During the week of August 24, 2020, the Consumer Financial Protection Bureau (CFPB) updated pages relating to studentloans and its guidance on protecting credit during COVID-19. ” Additionally, the CFPB recently released additional resources for Spanish speakers, which can be viewed here.
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