Citibank Deceived Borrowers About Tax Benefits, Incorrectly Charged Late Fees and Interest, Sent Misleading Monthly Bills and Incomplete Notices 11/22/17 – The Consumer Financial Protection Bureau (CFPB) took action against Citibank, N.A. for student loan servicing failures that harmed borrowers. . Specifically, the Bureau found that Citibank: Citibank misled borrowers into believing that they were […]
Consumer Financial Protection Bureau “CFPB” is the first organization that is actually taking huge steps to punish lenders and creditors who are preying on the innocent or naive consumer.
Medical debt – number one cause for seniors filing bankruptcy According to an article in Forbes, the 65+ demographic now makes up a higher percentage of bankruptcy filers than it did a decade ago. Filing for bankruptcy is seen by many seniors as a social stigma. Some live in a nightmare where they are forced […]
ONCE AGAIN CONSUMERS LOSE TO BIG BUSINESS Reuters reports that Richard Cordray, director of the Consumer Financial Protection Bureau, will step down at the end of the month. Large companies (banks, auto finances, pay day loans and student loans, to name a very few) are ecstatic because this opens the door for Trump to nominate […]
October 19, 2017 – Article posted in Bloomberg.com. Bank of America tries to bully a bankruptcy judge, ignoring the consequences of illegal acts, but the judge is not standing for it. Bank of America seems to think they can bully a bankruptcy judge, like they did a California couple in a nightmare foreclosure, but the […]
Sued for Fraud – Federal Debt Assistance Association, LLC and Financial Document Assistance Administration, Inc. “FDAA” The CFPB alleges that FDAA’s so-called “debt validation” programs violated the law by falsely promising to eliminate consumers’ debts and improve their credit scores in exchange for thousands of dollars in advance fees.
Lenders Must Determine Upfront If Consumers Have the Ability to Repay Loans October 5, 2017 The Consumer Financial Protection Bureau (CFPB) has developed a new rule which has common-sense protections cover loans that require consumers to repay all or most of the debt at once, including payday loans, auto title loans, deposit advance products, and […]
CFPB REPORT WARNS THAT TAKING OUT A REVERSE MORTGAGE LOAN CAN BE AN EXPENSIVE WAY TO MAXIMIZE SOCIAL SECURITY BENEFITS Reprint from The Consumer Financial Protection Bureau (CFPB) (8/24/2017) CFPB issued a report warning older consumers about taking out a reverse mortgage loan in order to bridge the gap in income while delaying Social Security […]
From Bloomberg: Student Loan Giant Faces Trial over US Claim it Duped Borrowers. Lawsuits brought by Consumer Financial Protection Bureau and state attorneys general of Washington and Illinois allege that Navient mistreated hundreds of thousands of student debtors by taking shortcuts to minimize its own costs, while adding what the CFPB said was as much as $4 […]
New policy governing credit reporting criteria. Photo by CafeCredit under CC 2.0 Starting July 1, 2017, the three nationwide consumer reporting agencies, Equifax, Experian and TransUnion, are starting a new policy that will raise about 12 million consumers’ credit scores as much as 10 points. This could mean the difference in qualifying for a better […]
CREDIT REPAIR SCAMS – COMPANIES SUED FOR CHARGING ILLEGAL FEES AND MISLEADING CONSUMERS The Consumer Financial Protection Bureau (CFPB), June 27, 2017, filed two complaints and proposed final judgments in federal court against Prime Credit, LLC, IMC Capital, LLC, Commercial Credit Consultants (Accurise), Blake Johnson, Eric Schlegel, Park View Law, fka as Prime Law Experts, […]
D.L. DRAIN P.A.