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Big Banks Pay Less Over Bad Acts When Trump Appointees Push Back

Since Donald Trump’s election, federal white-collar enforcement has taken a big hit. Fines and settlements against corporations have plummeted. Prosecutions of individuals are falling to record lows. But just how these fines and settlements came to be slashed is less well understood. Two settlements with giant banks over financial crisis-era misdeeds provide a window into … Read more

MoneyGram Apparently Just Likes to Screw Customers Over Again and Again

MoneyGram International, Inc. has agreed to pay $125 million to settle allegations that the company failed to take steps required under a 2009 Federal Trade Commission order to crack down on fraudulent money transfers that cost U.S. consumers millions of dollars. The $125 million payment is part of a global settlement that resolves allegations that … Read more

Non-Profit Credit Counseling to Help Consumers With Small Affordable Loans

Consumer Education Services Inc. (CESI) announced today that CEO Michael Croxson will be a speaker covering Financial Inclusion at the upcoming LendIt Fintech USA 2018 conference April 9-11 in San Francisco. The LendIt Fintech conference is the world’s leading event in financial services innovation, and features more than 5,000 attendees, 1,000 investors, 600 banks and … Read more

Here’s Another Way Wells Fargo Took Advantage Of Customers

by Jesse Eisinger ProPublica, Jan. 23, 2017, 8 a.m. Wells Fargo, the largest mortgage lender in the country, portrays itself as a stalwart bank that puts customers first. That reputation shattered in September, when it was fined $185 million for illegally opening as many as 2 million deposit and credit-card accounts without customers’ knowledge. Now … Read more

CFPB Sues National Bank for Tricking Consumers Into Costly Overdraft Service

Today the Consumer Financial Protection Bureau (CFPB) is suing TCF National Bank for tricking consumers into costly overdraft services. Banks cannot charge overdraft fees on one-time debit purchases and ATM withdrawals without a consumer’s consent. The Bureau alleges that TCF designed its application process to obscure the fees and make overdraft seem mandatory for new … Read more

Bank of America Dumping Credit Card Business to Lloyds

Bank of America is getting out of the consumer credit card business, except in the homeland. In the UK this morning Bank of America announced it was getting rid of it’s credit card business it had bought from MBNA and passing it on to Lloyds Bank. The Delaware Business Times is reporting “The sale completes … Read more

Sanctioned Disruption of the Banking Industry to Come

For the most part the announcement from the Office of the Comptroller of the Currency (OCC) are painful boring. Sorry fellas. But this one looks like it could provide some innovative changes to the banking industry that could disrupt things for the better. The OCC says: “On December 2, 2016, Comptroller of the Currency Thomas … Read more

Wells Fargo Bank Gets Nabbed and Then Delays Solving Problem

Much has been said in recent days about Wells Fargo Bank getting nabbed for opening bogus accounts. The Consumer Financial Protection Bureau (CFPB) said, “The Bank’s employees secretly opened accounts and shifted funds from consumers’ existing accounts into these new accounts without their knowledge or permission to do so, often racking up fees or other … Read more

Can My Credit Union Refuse to Give Me My Car Title?

Question: Dear Steve, My credit union is holding my car title hostage for an unpaid charged off visa. Ok, the vehicle was paid off 6 years ago, the car is no longer registered because it needs a new transmission, I refuse to dump anymore money into a 12 year old car, I can’t junk it … Read more

CFPB Takes Bite Out of Dental Financing

The Consumer Financial Protection Bureau (CFPB) has ordered Springstone Financial, LLC to provide $700,000 in relief to victims of deceptive credit enrollment tactics. Many consumers who signed up for Springstone’s deferred-interest loan product at dental offices to pay for dental work were led to believe that the product was interest free. In fact, interest accrued … Read more