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CFPB Says Citibank Really Screwed Over Consumers With Debt Protection

Crime Or Corruption Cartoon Illustration

The Consumer Financial Protection Bureau (CFPB) has ordered Citibank, N.A. and its subsidiaries to provide an estimated $700 million in relief to eligible consumers harmed by illegal practices related to credit card add-on products and services. Roughly 7 million consumer accounts were affected by Citibank’s deceptive marketing, billing, and administration of debt protection and credit monitoring add-on products. A Citibank ... Read More »

    M&T Bank Accused of Discriminating Against Black, Latino and Asian Homebuyers

    Bank

    by Nikole Hannah-Jones ProPublica, Feb. 9, 2015, 11:06 a.m. One of the nation’s largest banks discriminates against black, Latino and Asian homebuyers by offering lesser qualified white borrowers higher loan amounts and using hidden racial criteria in one of its loan programs, according to a lawsuit filed this week in federal court in Manhattan. The suit also accuses the bank ... Read More »

      The Importance of the Asterisk in Credit Offers Using a MiLEND Example

      MiLEND Offer mailed to consumer.

      A reader sent in a mailer about an offer from MiLEND for a new mortgage. MiLEND appears to be all licensed and registered so for once that’s not the issue. The offer appears to be legit and for a new mortgage and cash back “to use any way you like for just an additional $101.18 per month.” But this is ... Read More »

        U.S. Bank Slapped With Massive Fines Over Unfair Billing Practices

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        The Office of the Comptroller of the Currency has just announced a $4 million civil money penalty against U.S. Bank National Association, Cincinnati, Ohio, and ordered restitution of $47.9 million to more than 420,000 consumer accounts. The OCC says the bank unfairly billed customers for identity theft protection products marketed by the bank and sold by its vendor. The restitution ... Read More »

          U.S. Fines Bank of America for Hustling Mortgage Loans

          Real Estate Concept

          U.S. District Judge Jed S. Rakoff yesterday ordered Bank of America to pay a significant civil penalty of $1.27 billion for fraud it committed before and during the time taxpayers invested $45 billion in the bank through the TARP bailout. Additionally, former Bank of America executive Rebecca Mairone was ordered to pay a civil penalty of $1 million to the ... Read More »

            Wells Fargo Halts Selling Bad Credit Card Debt For Now

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            It looks like other banks are taking the government warnings to clean up their act when it comes to how they handle dealing with their bad debt from credit card accounts that they used to sell off without much care. The American Banker is reporting: “Wells Fargo (WFC) has halted sales of its customers’ unpaid consumer loans to outside debt ... Read More »

              Sheila Bair, Former FDIC Chairman Shares Thoughts on Financial Failures

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              Sheila Bair, former chairman of the Federal Deposit Insurance Corp., shares her thoughts about on what went wrong in the banking industry and how to prevent financial collapse in the future. In this video she talks about how bankruptcy is now the strategy to deal with future banking failures, why over borrowing was a critical cause of the financial failures, ... Read More »

                California AG Sues Over Chase Credit Card Collection Activity

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                Attorney General Kamala D. Harris yesterday filed an enforcement action against JPMorgan Chase & Co. (Chase) alleging that the bank engaged in fraudulent and unlawful debt-collection practices against tens of thousands of Californians. The suit alleges that Chase engaged in widespread, illegal robo-signing, among other unlawful practices, to commit debt-collection abuses against approximately 100,000 California credit card borrowers over at ... Read More »

                  Former Bank President and Real Estate Developer to Buy Soap on a Rope

                  mans hands behind bars in jail or prison

                  The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) and United States Attorney for the Eastern District of Louisiana Dana J. Boente today announced that Reginald R. Harper, age 59, a resident of Hammond, Louisiana, the former president and chief executive officer of First Community Bank of Hammond, Louisiana, and Troy A. Fouquet, age 45, ... Read More »

                    JPMorgan Chase Gets Slapped for Derivatives Trading Activity

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                    The Office of the Comptroller of the Currency (OCC) announced today the issuance of a cease and desist order, by consent, against JPMorgan Chase, N.A., for unsafe and unsound practices and violations of law or regulation related to derivatives trading activities conducted on behalf of the bank by the Chief Investment Office (CIO). The OCC found that the bank’s internal ... Read More »

                      Chase Minimum Payment Class Action Lawsuit Moves Closer to Paying Out

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                      A kind reader and tipster (send in your tips here) let me know that the class action suit against Chase bank for raising minimum monthly payments is proceeding to paying out soon. The suit was brought in 2009 on behalf of consumers that had engaged in balance transfers to Chase Bank under the impression the minimum payment on the credit ... Read More »

                        Bank of America Offers Sweet Balance Transfer Deal in Time for Christmas

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                        You would not believe the number of credit offers I review and see. But this one caught my attention as usually interesting. I have no idea how many people have access to this offer but if you are a Bank of America card holder it might be worth calling customer service and seeing if you are eligible for it if ... Read More »

                          Bank Founded in 1472 Launches Dual Sided Credit/Debit Card. Freaky!

                          Debit Card Side of the Card.

                          Belgium bank Banca Monte Paschi Belgio is launching a split personality credit card and debit card. It’s kind of weird but very cool. The PaschiCombo card on one side has a chip and PIN Maestro debit card on it. The card also has a button on it that users can press when they want to make online purchases but need ... Read More »

                            Target Sells RedCard Credit Card Biz to TD Bank But Will Keep Servicing

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                            You know that Target card you have in your wallet. Not the debit card, but the credit card. Well Target has sold their book of customers and accounts to Toronto Dominion Bank (TD Bank) for a reported $6 billon. The price tag is equal to the entire amount of the amount due on the cards. The agreement does not have ... Read More »

                              Doubts Spread About Independent Foreclosure Reviews

                              Ready to Collapse

                              by Paul Kiel ProPublica The idea behind the Independent Foreclosure Review seems simple. During the peak of the foreclosure crisis, the banks broke laws and made errors that hurt homeowners. In response, the government mandated they compensate the victims. But there is growing evidence some banks are playing a major role in identifying the victims of their own abuses, raising ... Read More »

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