May 13, 2021

US: Consumer Watchdog seeks rollback of payday lending rules

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From Newsmax The U.S. consumer watchdog on Wednesday proposed reviewing a rule cracking down on payday lenders in what consumer advocates said is a further sign consumer protections are being eroded by the Trump administration. The Consumer Financial Protection Bureau is revisiting the payday lending rule, drawn up under the Obama administration, after payday lenders […]

Wells Fargo grapples with real accounts it closed or froze

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From WN After paying customers millions of dollars for opening phony accounts they did not want, Wells Fargo & Co. now says it may have harmed customers by closing real accounts they needed, leaving them without access to funds, Reuters reports. Wells, the third-largest U.S. bank, disclosed in a regulatory filing on Aug. 4 that […]

US: D.C. Circuit poised to disrupt consumer protection bureau power structure

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By Zoe Tillman, From The National Law Journal A federal appeals panel in Washington on Tuesday appeared ready to disrupt the organizational structure of the Consumer Financial Protection Bureau, which vests power in the hands of a single director. During arguments in the U.S. Court of Appeals for the D.C. Circuit in a challenge to […]

Barry Silbert’s latest investment is more evidence Bitcoin’s biggest opportunities may lie outside the US

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By Rob Wile From Business Insider A gas station attendant looks at an Indian rupee. American venture capital in Bitcoin continues to cross the ocean. On Monday, Barry Silbert’s Bitcoin Opportunity Corp. announced it had invested $250,000 in Bangalore-based Unocoin. The firm is less than a year old but already claims the title as the […]

CFPB report: Typical overdraft situation is comparable to small-dollar loan with 17,000% interest rate

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By Ashlee Kieler From Consumerist If you’re one of the hundreds of millions of consumers who use a debit card you’ve likely found yourself on the receiving end of an overdraft fee when your account balance just wasn’t quite enough to make a desired purchase. While consumers might not necessarily question the occasional overdraft fee, […]

Feds sue law firms in foreclosure relief scams

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By Jenna Greene, from The National Law Journal Federal and state consumer protection watchdogs on Wednesday [23] took aim at lawyers, filing more than three dozen suits targeting law firms and other entities for running illegal foreclosure relief scams. The nationwide enforcement sweep, dubbed Operation Mis-Modification, was led by the Federal Trade Commission, the Consumer […]

Fixing fees for profit

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By Arthur Hall, Senior News Editor, From Jamaica Gleaner NOTE: The dollar amounts mentioned in this story are Jamaican Dollars (1 Jamaican Dollar equals 0.0091 US Dollar) Banks increase earnings from transaction charges -CaPRI A just-concluded study by the local think tank, Caribbean Policy Research Institute (CaPRI), has found that the income earned by banks […]