Bank Of America To Pay $800 Million For Duping Customers

By: Thursday April 10, 2014 5:22 am

Ever wonder about those “credit card protection” services? In exchange for added fees each month, your card is supposed to be protected from identity theft. Apparently when that service was offered by Bank of America it was a scam with lots of dubious fine print. Even when the banksters offer protection it’s a predatory act. [...]

CFPB Again Gets Full Refund for Customers Abused By Their Credit Card Issuer UPDATED

By: Monday September 24, 2012 1:09 pm

The Consumer Financial Protection Bureau has struck again with an enforcement action against credit card abuse. Previously, CFPB got a full refund for Capital One customers deceived into paying for add-on services on their credit card. Building on that work, CFPB joined with the FDIC to file a similar enforcement action with Discover, another major [...]

Credit Card Debt Collection Looks a Lot Like Foreclosure Fraud

By: Monday August 13, 2012 7:36 am

Considering how banks got away with submitting false documents to state courts on mortgage and foreclosure issues, why should we be surprised that they brought the same eye for detail to credit card debt collection? We’ve known this for a while – back in March, JPMorgan Chase was found to have robo-signed documents and shredded [...]

CFPB Gets Full Refund for Capital One Customers Abused by Add-On Credit Card Fees

By: Wednesday July 18, 2012 9:35 am

In a proof of concept one year after the standing up of the agency, the Consumer Financial Protection Bureau announced an enforcement action that will give consumers a full refund on illegal credit card fees extracted by Capital One. The enforcement action, the first from the CFPB, accomplishes the rare feat of clawing back exactly [...]

Brave New Retailing World: Merchants Can Charge Extra for Payment By Credit Card

By: Monday July 16, 2012 11:43 am

The important element of this multi-billion dollar settlement with MasterCard and Visa on an antitrust lawsuit is not the total amount, though retailers stand to gain about $6 billion in damages. It’s the new regime of pricing that will affect all our lives: Retailers will be able to charge their customers more for paying with [...]

CFPB Rolls Back Rule, Will Allow Run-Up of Credit Card Fees on Subprime Borrowers

By: Friday April 13, 2012 11:36 am

Here’s the first real disappointment from the Consumer Financial Protection Bureau. The Obama administration’s consumer financial watchdog agency is backing off a plan to limit big upfront fees on credit cards, a move that could hit borrowers with poor credit histories especially hard. The Consumer Financial Protection Bureau acknowledged Thursday that its proposal would increase [...]

Banks Return to Subprime Borrowers for Lending

By: Wednesday April 11, 2012 8:56 am

This sure seems like a great idea: Annette Alejandro just emerged from bankruptcy and doesn’t have a job, and her car was repossessed last year. Still, after spending her days job hunting, she returns to her apartment in Brooklyn where, in disbelief, she sorts through the piles of credit card and auto loan offers that [...]

BofA Also Selling Credit Card Debt to Collectors With No Quality Control

By: Friday March 30, 2012 8:15 am

We learned a few weeks ago about the JPMorgan Chase debt collection scandal, which featured robo-signing, shredded documents, and loads of criminal activity. Now there’s evidence that this was more of an industry standard, as Bank of America suffers from similar problems in their debt collection business. Here’s the story from American Banker, which has [...]

JPMorgan Chase Robo-Signed, Trashed Documents in Collection of Credit Card Debts

By: Tuesday March 13, 2012 12:43 pm

Hey, remember when JPMorgan Chase abruptly suspended all their debt collection court cases a couple months ago? Now we’re learning more about the problems in their debt collection arena. And surprise, we have more robo-signing! The abuses are so bad that even the bank-friendly Office of the Comptroller of the Currency has been roused to [...]

60 Minutes Loses Credibility on Congressional Insider Trading Story

By: Monday November 14, 2011 8:57 am

I found last night’s 60 Minutes story on insider trading in Congress to be uneven, partially underwhelming and at times outright misleading. That Congress has access to insider information and does not have to sequester off their stock trades in ways that would allow them to profit from this information is beyond dispute. The simple [...]

Warren Confronts Financial Services Roundtable with Their Own Idea for Consumer Protection

By: Thursday September 30, 2010 6:15 am

Newly minted Assistant to the President and Special Advisor to Treasury Elizabeth Warren chose as the site of her first major speech the Leadership Dinner of the Financial Services Roundtable, a trade lobby representing banks like JPMorgan Chase and Bank of America. Warren, known for her combative stance against the predatory practices of the big [...]

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