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Americans Have More Debt Than Ever – and It Is Creating an Economic trap
Americans have more debt than ever — and it’s creating an economic trap BY: Pedro Nicolaci da Costa of Business Insider –Direct Link to Article October 22, 2017 An International Monetary Fund report finds that high levels of household debt deepen and prolong recessions. US household debt is at pre-Great Recession levels. Household debt jumped by over $500 billion in the second quarter to $12.84 trillion. A scary little... -
Financial crisis bank fines hit record 10 years after market collapse
Since the outbreak of the financial crisis in 2007, financial institutions have paid more than Qatar’s GDP in fines for their wrongdoings. As investigations and lawsuits continue, that number is expected to grow, $150 billion (127.6 billion euros) – that’s how much US authorities have collected in fines from financial institutions for shady dealings with subprime mortgages since the beginning of the credit crisis in 2007, according to research by the British... -
Wells Fargo Management Turned a Blind Eye to the Creation of Fake Accounts
With Sales Abuses Dating Back To 2002, Wells Fargo Board Claws Back $75 Million More From Executives Responsible Maggie McGrath In an attempt to atone for having created millions of bank and credit card accounts without customer permission or knowledge, Wells Fargo installed a new chief executive, reformed its sales incentives and clawed back more than $60 million in stock awards from the executives deemed responsible. And it’s not stopping there. On Monday, following the publication... -
John Oliver Takes Aim At Credit Reports In ‘Last Week Tonight’
John Oliver Takes Aim At Credit Reports In ‘Last Week Tonight’ Lauren Gensler with Forbes Magazine recaps John Oliver’s roasting of Credit Reports and the companies responsible. On Sunday, John Oliver took aim at the credit industry on his show Last Week Tonight, lambasting the credit bureaus for allowing so many mistakes on credit reports. According to a 2013 FTC study, one in 20 people have a substantial error on their credit reports.... -
Citibank Stops Collecting Credit Card Debt
Citibank Will Stop Collecting $34 Million in Credit Card Debt By Jeanine Skowronski Published February 24, 2016 Certain credit card debtors are in for some relief. Citibank (NYSE:C) has agreed to provide nearly $16 million in consumer relief and forgo collecting on about $34 million in debt held by nearly 7,000 cardholders as part of two enforcement actions taken by the Consumer Financial Protection Bureau. The CFPB consent orders, released... -
With Debt Collection, Your Bank Account Could Be At Risk
By CHRIS ARNOLD, NPR and PAUL KIEL, PROPUBLICA This story was co-published by NPR and ProPublica, an investigative journalism organization. September 16, 2014 5:03 AM ET Kari Fiotti moved back to Omaha, Neb., in 2009 after a decade living in Italy. She had divorced her husband and returned to the U.S. to start a new life. Then, Fiotti, 44, took a pricey fall. “When I came back, I fell and... -
GE CareCredit to Refund $34.1 Million
CFPB Orders GE CareCredit to Refund $34.1 Million for Deceptive Health-Care Credit Card Enrollment More than 1 Million Consumers Were Potential Victims of Misleading Practices WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau is ordering GE Capital Retail Bank and its subsidiary, CareCredit, to refund up to $34.1 million to potentially more than 1 million consumers who were victims of deceptive credit card enrollment tactics. At doctors’ and... -
Amerisave To Pay $19.3 Million
CFPB Orders Amerisave To Pay $19.3 Million For Bait-And-Switch Mortgage Scheme Owner Patrick Markert to Pay Additional $1.5 Million for Deceiving Consumers WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against Amerisave Mortgage Corporation, its affiliate, Novo Appraisal Management Company, and the owner of both companies, Patrick Markert, for engaging in a deceptive bait-and-switch mortgage-lending scheme that harmed tens of thousands of consumers. The Bureau... -
American Express to Pay $59.5 Million
CFPB Orders American Express to Pay $59.5 Million for Illegal Credit Card Practices Federal Regulators Fine American Express an Additional $16.2 Million WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today ordered American Express to refund an estimated $59.5 million to more than 335,000 consumers for illegal credit card practices. These practices included unfair billing tactics and deceptive marketing with respect to credit card “add-on products” such as... -
CFPB Launches Inquiry into Overdraft Practices
CFPB Launches Inquiry into Overdraft Practices Bureau Explores Ways to Help Consumers Avoid Overdraft Penalty Fees WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) launched an inquiry into checking account overdraft programs to determine how these practices are impacting consumers. As part of that inquiry, the CFPB is seeking public input on a prototype “penalty fee box” – a disclosure on a consumer’s checking account statement that...
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