Earlier this year, the Consumer Financial Protection Bureau (CFPB) promulgated a long-awaited rule prohibiting banks and payday lenders from using forced arbitration clauses in their contracts. The rule was brought to a halt, however, by the House of Representatives–under the seldom used Congressional Review Act, an authority which enables Congress to “veto” executive-agency actions–and now […]
Industry watch groups are calling on Rep. Barry Loudermilk (R-Ga.) to withdraw proposed legislation that would limit “remedies for consumers who are victims of credit reporting abuses.” A congressional subcommittee met to consider the legislation last Friday as news broke of Equifax’s massive data breach. Rep. Loudermilk’s legislation could drastically limit consumers’ recourse against the […]
In response to the July data-breach, Equifax has offered their Trusted ID Premier service in exchange for consumers’ right to sue Equifax. Industry watchdogs suggest cause for concern regarding Equifax’s terms. The Federal Trade Commission (FTC) warns that consumers’ vital data may have been stolen within minutes of the breach, and Matt Schulz, senior industry […]
Responding to news of Equifax’s huge data breach, the Federal Trade Commission (FTC) offers guidelines for consumers to protect themselves. The FTC suggests that consumers take proactive measures, such as checking their credit reports (available to consumers at annualcreditreport.com), and monitoring “existing credit card and bank accounts closely for charges you don’t recognize.” Read FTC article […]
Equifax, one of the “Big Three” credit reporting companies, suffered a major data breach in late July 2017. The breach (made public today) has compromised the accounts of roughly 143 million Americans. In addition to consumers’ credit scores, “loans, loan payments and credit cards, as well as information on everything from child support payments, credit […]
Neighborhoods within a mile and a half of the Crosby, Texas facility that exploded on Thursday have been urged to evacuate as officials warn that more explosions are possible. The chemical plant exploded early Thursday morning. Authorities are concerned about another explosion because chemicals have not been stored at proper temperatures since power went out […]
A major auto lender has decided to change its approval process to look beyond credit scores in an effort to pump up sales. The move by Ford Motor’s financing unit is expected to unfold in coming years, even as concerns mount about rising auto-loan losses in the industry. Ford Motor Credit is expected to announce […]
Criminal background checks are commonplace Applications for certain employment positions. But what about credit checks? Is a job applicant’s credit history relevant for employment? May an employer lawfully check a job applicant’s credit? State and local laws are becoming more restrictive, adding an extra layer of protection for consumers over and above the federal […]
Here are five potential scenarios on what might happen to CFPB director Richard Cordray once the new president arrives. One: Bigger Fish Prevail Competing priorities may push back any big decisions about the CFPB or its director, even if the new administration ultimately plans an all-out assault on the agency, several sources predict. Two: Congress […]
Tens of thousands of people who took out private loans to pay for college but have not been able to keep up payments may get their debts wiped away because critical paperwork is missing. The troubled loans, which total at least $5 billion, are at the center of a protracted legal dispute between the student […]