Search results for: payday

The Future of Consumerist

The Future of Consumerist

Over the last twelve years, Consumerist has been a steadfast proponent and voice on behalf of consumers, from exposing shady practices by secretive cable companies to pushing for action against dodgy payday lenders. Now, we’re joining forces with Consumer Reports, our parent organization, to cultivate the next generation of consumer advocacy. [More]

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An important message from Consumer Reports

This is our last post on Consumerist.com. We’re deeply proud of all the work we’ve done on behalf of consumers, from exposing shady practices by secretive cable companies to pushing for action against dodgy payday lenders. [More]

Illinois Sues Payday Lender For Forcing Employees To Sign Non-Compete Agreements

Illinois Sues Payday Lender For Forcing Employees To Sign Non-Compete Agreements

The state of Illinois has filed a lawsuit against payday lender Check Into Cash, but not for its short-term lending practices. Instead, the company is accused of exploiting its low-wage employees by forcing them to sign non-compete agreements that restrict their ability to find jobs elsewhere. [More]

Louis Abate

Patent Trolls, Big Pharma Try To Use Native Tribes To Skirt Patent Review

There are always patent lawsuits and challenges happening around the country. But the new trend in patent suits — from major, established drug companies to fly-by-night outfits alike — seems to be an attempt to get a leg up by using tribal sovereignty to avoid certain parts of the process. [More]

(Scurzuzu)

Company That Sold Fake Payday Loan Debts To Collectors Must Pay $4.1M

We’ve heard it before: A debt collection company engaged in a “phantom” debt scheme in which they try to entice unsuspecting individuals into paying debts they don’t actually owe. While federal regulators have cracked down on these unscrupulous organizations in the past, they are now turning their attention to the companies providing information on these supposed debts. To that end, the Federal Trade Commission today ordered one such data company to pay $4.1 million.  [More]

Adam Fagen

Bank-Backed Congressman Praises Betsy DeVos For Cutting Ties With Consumer Protection Agency

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]

DCvision2006

Operator Of Payday Lending Venture Found Guilty Of Racketeering, Other Charges

Nearly two years after federal authorities arrested the man behind the company responsible for one of the scammiest payday loans Consumerist has ever seen, the man and his lawyer were convicted of racketeering related to running a $3.6 million online payday lending operation that exploited more than 4.5 million people.  [More]

DCvision2006

Financial Protection Bureau Finalizes New Rules To Curb Predatory Lending, But Will Congress Let It Happen?

In an effort to rein in short-term, high-cost loans that often take advantage of Americans who need the most help with their finances, the Consumer Financial Protection Bureau has finalized its new rule intended to make these heavily criticized financing operations to be more responsible about the loans they offer. But will bank-backed lawmakers in Congress use their authority to once again try to shut down a pro-consumer regulation? [More]

Taber Andrew Bain

Are The Comments Opposing Payday Loan Rules Legitimate?

Last summer, the Consumer Financial Protection Bureau released proposed rules intended to prevent borrowers from falling into the costly revolving debt trap that can leave people worse off than if they hadn’t borrowed money in the first place. Since then, those in the payday lending industry have ramped up their efforts to ensure the proposal isn’t finalized. [More]

Joe Gratz

Chamber Of Commerce Files Lawsuit To Stop American Consumers From Being Able To File Lawsuits

The U.S. Chamber of Commerce may sound like a government agency or a quaint organization of helpful business leaders, but it is, in fact, the single largest lobbying organization in the country, spending nearly $104 million last year alone on lobbying, about $40 million more than any other group. The Chamber also thinks the U.S. Constitution is mistaken, that the Sixth and Seventh Amendments don’t apply to consumers; that the mere fact you are a customer should strip you of your constitutional right to sue banks like Wells Fargo or credit bureaus like Equifax when they open millions of bogus accounts in customers’ names or fail to protect sensitive information for more than 100 million people.

And how does the Chamber of Commerce plan to stop the American people from being able to bring lawsuits? By doing the one thing it doesn’t want you to be able to do. [More]

(This Year's Love)

Feds Shut Down Debt Collector That Allegedly Collected $2.1M In Unowed Debts

Once again, as part of its ongoing efforts to crack down on unscrupulous debt collectors, the Federal Trade Commission has accused a North Carolina company of running a “phantom” debt collection scheme that went after people for money that they did not actually owe. [More]

aresauburn™

FTC: Fake Discount Clubs Took $42M From People Who Never Signed Up

Discount clubs that give you savings on stuff you might want could be convenient, if you’re into that kind of thing. But not so much if you’ve never signed up for the service in the first place — and end up getting charged for it nonetheless. [More]

4 Things LuLaRoe Sellers Say About The Stress & Cost Of Their Job

4 Things LuLaRoe Sellers Say About The Stress & Cost Of Their Job

LuLaRoe, best known as the company behind the lycra leggings that at least six of your high school friends are trying to sell through Facebook, markets itself to freelance “consultants” as a possible pathway to financial independence and stability. But once again, LuLaRoe sellers are coming out of the woodwork to allege that this job is putting stress on their well-being, financially and physically.  [More]

(J.G. Park)

House Votes To Strip Bank & Credit Card Customers Of Constitutional Right To A Day In Court

Because the Sixth and Seventh Amendments of the U.S. Constitution are apparently less important than making sure that banks, credit card companies, student loan companies, and other financial services be allowed to behave badly with impunity, the House of Representatives has voted to overturn a new federal regulation that would have helped American consumers hold these companies accountable through the legal system. [More]

frankieleon

Debt Collector Allegedly Threatened Lawsuits, Arrests Against People Who Didn’t Owe Anything

Once again, federal regulators are cracking down on companies running “phantom” debt collection schemes that go after individuals for money they did not actually owe. This time, the Federal Trade Commission shut down an operation that collected more than $690,000 in fake debts by threatening consumers with lawsuits or arrests.  [More]

Joe Gratz

CFPB’s Finalized Arbitration Rule Takes Away Banks’ ‘Get Out Of Jail Free Card’

Roughly 240 days from now, banks and other financial companies will no longer be allowed to prohibit customers from banding together in class-action lawsuits through the use of binding arbitration clauses, as the Consumer Financial Protection Bureau today released a long-awaited finalized rule on arbitration.  [More]

Feds Shut Down Loan Application Sites That Illegally Sold Personal Data

Feds Shut Down Loan Application Sites That Illegally Sold Personal Data

There are a lot of people who need to borrow money quickly but don’t know where to go for a loan. So they go online, where there are plenty of shady operators promising to connect loan applicants with lenders. What the borrower doesn’t know is that these lead generators may also be selling their personal information with third parties who have nothing to do with that loan. [More]

aresauburn™

Debt Collector Accused Of Taking Money From People Who Didn’t Owe Anything

As part of its ongoing efforts to crack down on unscrupulous debt collectors, the Federal Trade Commission has accused a North Carolina company of running a “phantom” debt collection scheme that went after people for money that they did not actually owe. [More]