The CFPB’s rules will require prepaid companies to limit consumers’ losses when funds are stolen or cards are lost, protections common to bank- and store-issued credit cards.
Many borrowers are unaware of what loan modifications may be available and what the criteria is for qualifying.
The incident came to light Friday. The president went out to dinner with the first lady. But when it was time to pay the bill, his card was not accepted.
The bank took too much time to process borrowers’ applications for foreclosure relief, failed to tell borrowers when their applications were incomplete, denied loan modifications to qualified borrowers, and illegally delayed finalizing permanent loan modifications, the CFPB alleges.
As vehicle financing surges, there is a broader need for federal oversight and the U.S. Consumer Financial Protection Bureau wants to fill that gap by seeking authority over “nonbank” auto finance companies.
Leah learned about the Income Based Repayment option, which helped to significantly lower her monthly payments. “It’s a lot less stressful now,” she says.
The CFPB issued an advisory for consumers to be aware of “potential issues with virtual currencies such as unclear costs, volatile exchange rates, the threat of hacking and scams, and that companies may not offer help or refunds for lost or stolen funds.”
Investigators found that ACE used harassment, false threats of lawsuits or criminal prosecution to pressure overdue payday loan borrowers into taking on additional debt they couldn’t afford.
Synchrony has agreed to pay $56 million to 638,000 cardholders who were pitched bad information about the company’s debt cancellation add-on
product. Another 108,000 customers who are Spanish speakers or Puerto Rico residents will get $169 million for being left out of debt relief
offers that other people received.
In some instances, the consumer may not even be aware of a medical debt that has been sent to collections, or that it is on their credit record