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Author Archives: Research Department

CFPB Halts Student Loan Debt Relief Scam

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Student Aid Institute Illegally Tricked Borrowers Into Paying Fees for Federal Loan Benefits WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today took action to halt a student loan debt relief scam that illegally tricked borrowers into paying fees for federal loan benefits and misrepresented to consumers that it was affiliated with the Department […] This news from the ... Read More »

CFPB Monthly Complaint Snapshot Examines Debt Collection Complaints

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Report Also Includes Look at Consumer Complaints from Florida WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaint snapshot, highlighting consumer complaints related to debt collection. The report shows that the most common debt collection complaint is about attempts to collect on a debt the consumer reported was […] This news from the ... Read More »

Identity theft protection – you can do it!

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You’ve probably seen ads offering “identity protection” services. In fact, nobody can guarantee you won’t experience identity theft. Those services offer identity monitoring and repair — things you can do yourself, for free. Concern about identity theft has spawned many companies that watch information sources — most notably, your credit report — for signs that an identity thief may be ... Read More »

5 Ways to Ban Phone Solicitors and Save Time

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Phone solicitors can become a time suck if you let them. I’ve simply stopped answering my cellphone unless it’s from a number I know or someone already on my contact list. The unsolicited calls keep coming, however. Once in awhile I’m curious and I pick up, only to realize after the three-second delay or a robot talking that a phone ... Read More »

How Free Samples Of Jam Can Get You Out Of Debt

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Have you ever been to a grocery store or farmer’s stand where free samples of food are available? It is great to work your way from one end of the samples to the other. But afterwards, did you buy any of those products? My wife and I just returned from a trip to the Idaho panhandle. One our stops was ... Read More »

CFPB Supervision of Banks and Nonbanks Recovers $14.3 Million for Consumers

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CFPB Examiners Uncover Illegal Auto Defaults of Student Loans and Other Violations WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released its latest supervision report where the exams of banks and nonbanks resulted in the remediation of $14.3 million to approximately 228,000 consumers. In its examinations covering the last months of 2015, the […] This news from the ... Read More »

CFPB Now Accepting Complaints on Consumer Loans from Online Marketplace Lender

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Bureau Releases Consumer Bulletin with Information and Tips on Marketplace Lending WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced it is accepting complaints from consumers encountering problems with loans from online marketplace lenders. The Bureau is also releasing a consumer bulletin that provides an overview of marketplace lending and outlines tips for […] This news from the ... Read More »

3 things you should consider before co-signing for an auto loan

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Young adults with limited or spotty credit histories often ask older family members, such as a parent or grandparent, to co-sign for a loan to help them buy a vehicle. However, co-signing for an auto loan includes real risks and responsibilities. If you’ve been asked to co-sign a loan, you can use or share our new Take Control of Your ... Read More »

Written Testimony of CFPB Director Richard Cordray Before the House Committee on Financial Services

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Chairman Hensarling, Ranking Member Waters, and Members of the Committee, thank you for the opportunity to testify today about the Consumer Financial Protection Bureau’s Semi-Annual Report to Congress. I appreciate our continued dialogue as we work together to strengthen our financial system and ensure that it serves consumers, responsible businesses, and the long-term foundations of […] This news from the ... Read More »

CFPB Wins Final Judgment Against Morgan Drexen for Illegal Debt-Relief Scheme

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Court Rules that Morgan Drexen and Walter Ledda Charged Illegal Upfront Fees and Deceived Consumers WASHINGTON, D.C. — At the request of the Consumer Financial Protection Bureau, a federal district court entered a final judgment this week against debt relief company Morgan Drexen, Inc., resolving a lawsuit filed by the CFPB in August 2013. The […] This news from the ... Read More »

CFPB Takes Action to Shut Down Illegal Student Debt Relief Scheme

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Student Loan Processing.US and Owner Charged Student Loan Borrowers Millions in Illegal Fees WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) requested that a federal district court enter a final judgment and order that would shut down a student debt relief scheme that charged borrowers millions of dollars in illegal upfront fees for […] This news from the ... Read More »

Congressional Update – Dynamic Repayment Act of 2016

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The bill below was recently introduced on Capitol Hill and it involves student loans. If you would like to learn more about the bill, please click the link below. Dynamic Repayment Act of 2016 S. 2456 — Introduced Session S. 2456 To simplify and improve the Federal student loan program through income-contingent repayment to provide stronger protections for borrowers, encourage ... Read More »

Congressional Update – Department of Veterans Affairs Accountability Act of 2016

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The bill below was recently introduced on Capitol Hill and it involves student loans. If you would like to learn more about the bill, please click the link below. Department of Veterans Affairs Accountability Act of 2016 S. 2554 — Introduced …on which an individual appeals a removal from the civil service and the date on which the administrative judge ... Read More »

Congressional Update – In the Red Act of 2016

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The bill below was recently introduced on Capitol Hill and it involves student loans. If you would like to learn more about the bill, please click the link below. In the Red Act of 2016 S. 2677 — Introduced …through 2012. (3) More than 1 in 4 student loan borrowers are now in default or delinquent on a student loan. ... Read More »

Congressional Update – Commerce, Justice, Science, and Related Agencies Appropriations Act, 2017

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The bill below was recently introduced on Capitol Hill and it involves student loans. If you would like to learn more about the bill, please click the link below. Commerce, Justice, Science, and Related Agencies Appropriations Act, 2017 S. 2837 — Introduced …section 426 of Public Law 108-405, and for grants for wrongful conviction review; (8) $14,000,000 for economic, high ... Read More »

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