Consumer Protection Laws and Information
Do you hear commercials or see ads everywhere that say, “Need some extra cash?” “Want to work from home?” It is everywhere. Have you ever heard the term Multilevel-marketing companies? They are also called MLMs or are doing “direct-sales.” They are very similar or arguably could be called a pyramid scheme. Are any of you familiar with Amway, Herbalife, Roden & Fields, LulaRoe, Young Living, DoTerra, Pampered Chef, Jamberry, Mary Kay, or Avon? I am. My Facebook news feed is full of these names whether it is an invitation to a party or someone hailing the accolades of the products. …Read More
If you have not paid any overdraft fees in the last year, then you are apparently in the minority. According to a recent article by CNN Money, Americans have racked up billions of dollars’ worth of overdraft charges. Overdrafting is when a customer tries to make a purchase without enough money in their account to cover the transaction. Data released by the Consumer Financial Protection Bureau (CFPB) says that in 2016, U.S. consumers paid a total of $15,000,000,000 (that’s $15 Billion!) in fees for bouncing checks or over drafting. In 2015, the CFPB started requiring all banks with assets over…Read More
The Federal Communications Commission (FCC) has proposed an $82 million fine against a man who has allegedly made millions of automated sales calls. The FCC has accused Philip Roesel and Best Insurance Contracts dba Wilmington Insurance Quotes, of violating the Truth in Caller ID act. According to the FCC, Roesel and his company made 21 million automated calls, also known as robocalls, while attempting to sell health insurance. 21 Million Robo Calls The FCC says: “In December 2016, a medical paging provider called Spok complained to Commission staff that robocalling campaigns were disrupting its network. Using information provided by Spok…Read More
Wells Fargo has been in the news quite a lot over the last few years. In April 2016 Wells Fargo agreed to pay $1.2 Billion for Improper Mortgage Lending Practices. In June 2016 Wells Fargo agreed to pay $185 million in settlements for Aggressive/Fraudulent Sales Practices after being sued by the Consumer Financial Protection Bureau. Then in June 2017, as part of a class action settlement, Wells Fargo agreed to pay $142 Million dollars for Creating Sham Credit Card and Bank Accounts causing damage to credit scores for consumers. The latest settlement of $80 Million is for Overcharging its Consumers…Read More
Is it just me or does it seem like calls to your cell phone are exploding in volume? I am probably getting five or more unsolicited and unwelcome calls each day trying to sell me items and services that I do not need nor do I want! I feel like I am under assault! Given the fact I know the law in this area, I thought I would share some ways we can help when you are getting this same type of telephone harassment. This blog post will discuss your rights regarding unsolicited and harassing phone calls, facsimiles, and SMS…Read More
Several weeks ago, I wrote on the possibility of another subprime mortgage crisis. Now, it appears that subprime auto loan defaults are nearing crisis levels. According to a Morgan Stanley research booklet, finance providers and the consumer debt market as a whole should take note that auto delinquency and default rates are on the rise. Specifically, 60+ day delinquencies in subprime loan pools—4.51%—are nearing crisis levels. While not at crisis-era peak levels yet, if that delinquency rate holds up, it will pass the peak level of 4.69% by year’s end. And what about default rates for subprime auto loan pools?…Read More
In a scathing 113-page report, released last Monday, Wells Fargo’s Board of Directors described its former chief executive as a tone-deaf leader who protected an irresponsible lieutenant and worked for board members who didn’t keep the pair in check. According to The New York Times, the report stated that then Chief Executive John Stumpf and then lieutenant, former retail-bank chief Carrie Tolstedt’s behavior was so reprehensible that it decided to claw back an additional $75 million from the pair in the form of pay and incentives. Largest Claw Back for Financial Firm The latest decisions on pay brought the total money clawed…Read More
Don’t get caught by the latest robocall scam. First off, you might ask, “What is a Robocall?” A Robocall is a phone call that uses a computerized auto dialer to deliver a pre-recorded message, as if from a robot. Robocalls are often associated with political and telemarketing phone campaigns, but can also be used for public-service or emergency announcements. Basically if you if you answer the phone and hear a recorded message instead of a live person, it’s a robocall. If the recording is a sales message and you have not given your written permission to get calls from the company…Read More
With every passing year a person’s credit score becomes more central in basic decisions people face on a daily basis. Leases for housing, ability to obtain automobile or homeowner’s insurance and, yes, even employment are some of the areas that are now affected by your credit score. Your credit score is ultimately determined by what is reported in your credit file with the 3 major credit reporting bureaus: Equifax, Experian and TransUnion, and can be impacted by such things as accounts in collections and collection lawsuits reported under the public records section of the report. Removing Tax Liens and Civil…Read More
The Consumer Financial Protection Bureau on Thursday fined Experian PLC $3 million, alleging that the leading credit-reporting firm misrepresented the credit scores it marketed to consumers, according to the Wall Street Journal. On Thursday, the Journal reported that the CFPB said Experian claimed the credit scores it sold to consumers were the same ones lenders used to make credit decisions. In reality, these scores were generated for the purpose of being sold directly to consumers, the CFPB said. In some instances, there were significant differences between the credit scores the company provided to consumers and the credit scores lenders actually…Read More
