The Consumer Financial Protection Bureau is adding new barriers to its complaint portal — including disclaimers, proposed two-factor authentication, and complaint limits — after lobbying from the credit bureau industry. Consumer advocates say the changes will hurt the people who need the system most.
Quick Answer: Military debt can help build credit when managed properly, but the 2006 Military Lending Act has failed to protect service members from predatory lenders charging over 400% interest rates. Despite the law’s intent, lenders easily circumvent narrow definitions, leaving military families vulnerable to exploitation around base perimeters.by Paul Kiel, ProPublica, and Mitchell Hartman, …
Quick Answer: The Center for Responsible Lending (CRL) submitted a letter to the FTC supporting the proposed ban on advance fees for debt settlement companies. CRL’s analysis found that key data points about the debt settlement industry’s problematic use of advance fees are largely undisputed by industry participants.Here is another letter sent to the FTC …
Quick Answer: The American Financial Services Association (AFSA), representing major creditors and lenders, formally complained that debt settlement companies cause “untold damage” through unethical practices and charge monthly fees despite minimal activity. This contradicts debt settlement industry claims that “creditors love us and want to work with us.A tipster (send in your tips here) sent …
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