Major Consumer Groups Sue Director of CFPB for Sucking Up to Financial Industry

The National Association of Consumer Advocates (NACA), United States Public Interest Research Group (USPIRG), and Professor Kathleen Engel have filed a complaint for declaratory and injunctive relief against Kathleen Kraninger as Director of the Consumer Financial Protection Bureau (CFPB). The issue alleged in the complaint is that the CFPB has stacked the deck when it … Read more

Mulvaney CFPB Further Abandons Consumer Interests by Firing Volunteer Experts

Recently I wrote about the changing mission of the CFPB from consumer-oriented to business-oriented under acting director Mick Mulvaney. The agency is having such an identity crisis at the moment it is known by two names, the CFPB and BCFP. American Banker is reporting the further castration of the CFPB consumer mission with the new … Read more

Posting Consumer Complaints About Credit Card Companies Increases Consumer Satisfaction With Bank

An interesting academic paper out which studies Consumer Financial Protection (CFPB) complaint reporting found the reporting assisted both consumers and the credit card companies. The investigation looked at the results of public reporting of complaints and found “Consumers procrastinate in reporting exposed banks while rewarding exposed banks for their improved behavior with new accounts.” Most … Read more

Morgan Drexen Rumble With CFPB – Update

Previously covered the suit filed by the debt settlement company Morgan Drexen against the CFPB, here. Today I went to see what, if any, updates there were on the case. Here is the latest: “The Court held two on the record telephone conference calls with the parties on July 24, 2013 and July 25, 2013, … Read more

FTC Gives APEC Cross-Border Privacy Rules Thumbs Up For Consumer Information Protection

Yesterday, President Obama and representatives from other Asia-Pacific Economic Cooperation (APEC) economies met to discuss consumer cross-border data privacy protection at a meeting in Honolulu, Hawaii. The meeting focused on the APEC Cross-Border Privacy Rules, a new initiative to harmonize safe data sharing across country borders and enhance the protection of consumer data that moves … Read more

Free Government Grants, Diet Pills and Credit, Oh My!

Looking for free government grants endorsed by President Obama and Vice President Biden? Dietary supplements supported by scientific research and endorsed by Oprah? How about exclusive credit offers? …Keep looking. The Federal Trade Commission (FTC) has halted an operation called, the “Grant Connect” program, that allegedly deceived and mislead consumers about bogus products and services … Read more

True Cradle Robbers – Stealing Credit From The CradleKids

It’s often not a parent’s first thought to check the credit report of their minor child, however, it may now become a necessity. Not because a child may fraudulently be using credit without their parents’ knowledge but because scammers may have stolen their unused Social Security number and identity. The Better Business Bureau (BBB) put … Read more

Penny Auctions: If You’re Not Winning, You’re Losing

A week ago the BBB posted an article in the blog section of their website entitled “Penny Auctions: Unless You Win, You’re Probably Wasting Time and Money.” Personally, I found it hard to believe that penny auction sites were at all accredited by the BBB – this new blog post of theirs makes me feel … Read more

Elizabeth Warren Called Liar at Congressional Hearing. Disgusting.

A recent appearance by Elizabeth Warren of the Consumer Financial Protection Bureau in front of a Congressional hearing ended most unfortunately when Representative McHenry, Republican of South Carolina, accused Warren of making up the fact their staffs had agreed to an ending time for the meeting. Essentially he publicly called her a liar. More details … Read more

Consumer Groups Call on CFPB to Provide Easy Access to Complaints Filed Against Companies

Consumers Union and a bunch of other groups have submitted a letter to the CFPB to ask that consumers have easy access to complaints filed against companies. Washington D.C.- A coalition of consumer, civil rights, good government, and community groups have called on the new federal financial watchdog, the Consumer Financial Protection Bureau (CFPB), to … Read more

The Effectiveness Of Tearing Up Unwanted Credit Card Offers

Ever wonder how effective tearing up an unwanted credit card offer is? Many will just tear it in half, or even tiny pieces, throw it in the garbage and never think of it again. However, how easy would it be for a criminal to get a hold of your garbage and tape it back together? … Read more

GAO Takes Closer Look at Home Loan Modification Scams

The Government Accountability Office (GAO) comprised a report, Homeownership Preservation: Federal Efforts to Combat Foreclosure Rescue Schemes Are Under Way, but Improved Planning Elements Could Enhance Progress, based on “information available to federal and state agencies and nonprofit organizations, such as consumer complaints and the number of enforcement actions.” The report revealed two predominant schemes … Read more

“The Collector’s Pledge” Marks a Positive Turn in the Debt Collection Industry

Martin Sher of AmSher Receivables Management in Birmingham, Alabama has recently made a huge step in the debt collection industry with “The Collector’s Pledge”. Sher, with over 30 years experience in the credit and collection industry was named as the president of ACA International (the Association of Credit and Collection Professionals) for 2010-2011. Sher co-owns … Read more