Congressman Jeb Hensarling of Texas, whose campaign has received more than $8 million from the financial sector since 2010, has long endeavored to undercut the Consumer Financial Protection Bureau, an agency that regulates many of the businesses that keep Hensarling’s election campaigns flush with contributions. So it’s of little surprise that the lawmaker is thrilled at Education Secretary Betsy DeVos’ recent decision to stop working with the CFPB on student loans — even though the Bureau has returned hundreds of millions of dollars to screwed-over student borrowers. [More]
report
Bank-Backed Congressman Praises Betsy DeVos For Cutting Ties With Consumer Protection Agency
By 10.16.17
The Average Nursing Home Room Now Costs Nearly $100K Per Year
By 9.27.17
Sure, you might be a spry 30-something living your best life, leaving the future for the future. But a new report suggests you might want to start planning for you later years, as the costs of long-term care are surging and don’t appear to be stabilizing anytime soon. [More]
Wells Fargo Subpoenaed Over Alleged Insurance Scheme That Resulted In 25,000 Vehicle Repossessions
By 8.2.17
Less than a week after a report alleged, and Wells Fargo admitted, to charging its auto loan customers for unnecessary and unwanted insurance, the bank has been subpoenaed by New York state banking and insurance regulators over the matter. [More]
Student Loan Borrowers Face Delays, Bad Information About Loan Forgiveness Program
By 6.22.17
The Department of Education’s Public Service Loan Forgiveness program allows student borrowers a way to eventually erase federal student loan debt by working for the government or at a non-profit for 10 years. Students have already accused the government of failing to keep its promise, and a new report not only appears to bolster this claim but shines a light on other concerns about other roadblocks to loan forgiveness. [More]
Report: Financial CHOICE Act Would Harm Servicemembers
By 6.6.17 — Updated: 6.9.17
Since its creation, the Consumer Financial Protection Bureau has worked to protect servicemembers from ne’er-do-wells that aim to line their own pockets by taking advantage of those who protect us; from fining auto lenders for failing to issue refunds to servicemebers to ordering banks to pay for their bad debt collection practices. But with a bill to gut the agency’s power making its way through the legislature, these types of protections come to a screeching halt. [More]
Half Of America Is Not Prepared For A $100 Emergency
By 5.17.17
If you opened your mailbox today and found that you owed the city $100 and you had to pay it right away, would you be able to? A new report claims that nearly half of us are not prepared to absorb this cost, and more than 1-in-4 Americans is up a creek if they have to unexpectedly pay as little as $10. [More]
90% Of At-Risk Student Loan Borrowers Not Signed Up For Affordable Repayment Plans
By 5.16.17 — Updated: 5.25.17
Paying back tens of thousands of dollars in student loan can be difficult, and more than 1 million Americans defaulted on their federal student loans just last year. But why are nearly all of these same borrowers failing to take advantage of programs to help them avoid defaulting again? [More]
Cotton Swab Injuries Send 12,500 Kids To Hospital Each Year
By 5.8.17 — Updated: 5.9.17
We all know that we’re not supposed to stick things in our ear, but we’re also told that ear wax is icky and should be removed post-haste. This contradictory set of priorities might explain why thousands of kids show up at the hospital each year with swab-related ear injuries. [More]
Study Finds Paying For Online Reviews Leads To Fewer Reviews
By 5.2.17 — Updated: 5.9.17
Rewarding people with cash has generally been a good way to motivate them to do things they are otherwise not obligated to do, but a new study claims that when you offer folks money for writing online reviews, it can backfire and result in fewer overall reviews. [More]
45% Of Americans Carry At Least $25,000 In Debt
By 4.27.17 — Updated: 5.9.17
If you owe creditors less than $5,000 (not including a mortgage) you’re in a rather small group of Americans with minimal debt. According to a new survey, nearly half the country owes at least $25,000 — and spends as much as half of their monthly income paying down their debt. [More]
Most Americans Favor Payday Loan Reforms
By 4.19.17 — Updated: 5.9.17
Despite claims from the payday loan industry that Americans don’t want reforms intended to prevent borrowers of these short-term loans from falling into a revolving debt trap, two new reports show that most people do think it’s time to rein in payday lending and provide more affordable loan options for borrowers in need. [More]
Viking Range To Pay $4.65M To Resolve Allegations It Didn’t Properly Report Defect
By 4.13.17 — Updated: 5.10.17
Two years ago, Viking Range recalled 52,000 oven ranges that were somehow able to turn themselves on. Now the company behind the ranges has agreed to pay $4.65 million to resolve allegations it failed to properly report the issue to federal regulators in a timely manner. [More]
Data Shows Too Many Americans Being Pestered About Medical Debt They Don’t Owe
By 4.12.17 — Updated: 5.10.17
What’s worse than being overwhelmed by medical debt after a hospital stay or doctor’s visit? Being told you owe money for healthcare procedures and services you never received. Yet, a new analysis of federal data shows that too many Americans are being pestered to pay off medical debt that they don’t actually owe. [More]
Recalled Products From IKEA, McDonald’s Made 2016 A Bad Year For Injured Children
By 4.4.17 — Updated: 5.10.17
There was no shortage of massive, wide-reaching recalls that affected children in 2016: the 29 million top-heavy IKEA dressers that could tip over, McDonald’s 29 million Happy Meal fitness trackers that caused rashes and burns, and three million Tommee Tippee’s spill proof cups that grew mold. Each of these campaigns — and many others — contributed to the largest increase in recalls, injuries, and incidents involving children’s products in nearly a decade. [More]
Report Claims Amazon’s List Prices Mislead Shoppers About Discounts
By 3.20.17 — Updated: 5.10.17
One aspect of shopping on Amazon is that the online retail giant appears to offer significant discounts on many of the items it sells. However, a new report alleges that these markdowns not as generous as they appear, and that many of them are effectively nonexistent. [More]
More Than 1.1M Federal Student Loan Borrowers Entered Default Last Year
By 3.15.17 — Updated: 5.10.17
With the cost of college tuition continuing to increase, it likely comes as no surprise that more borrowers are finding themselves in default. In 2016 alone, 1.1 million borrowers entered default for their federal student loans. [More]
Lawmakers Urge In-Depth Review Of Santander Bank’s Practices After Discrimination Allegations
By 3.3.17 — Updated: 5.10.17
Santander Bank has faced a number of issues in recent years, from an investigation into its auto loan business to receiving a $10 million fine over alleged illegal overdraft practices. More recently, the company received a failing grade from regulators when it came to its community lending business, prompting lawmakers to condemn the bank’s alleged discrimination and urge federal banking regulators to review the financial institution’s practices. [More]
