frankieleon

Treasury Department Calls For More Oversight, Regulations Of The Online Lending Industry

Sure, the idea of sitting on your couch in your boxers and picking a loan from a list of preselected lenders seems like an easy and fairly straight-forward process. But federal officials say the relatively new online lending industry is rife with potential risks and should be subjected to additional oversight. [More]

Feds Recommend Overhaul Of Student Loan Servicing

Feds Recommend Overhaul Of Student Loan Servicing

Earlier this year, the Consumer Financial Protection Bureau launched a public probe into potentially anti-consumer practices of the student loan servicing industry. More than 30,000 people responded, leading the Bureau, along with the Departments of Education and Treasury, to release a framework they hope will curb these questionable practices, promote borrower success, and minimize defaults. [More]

For-Profit Colleges Lead The Way On Loan Defaults: Report

For-Profit Colleges Lead The Way On Loan Defaults: Report

During the Great Recession, the growing industry of for-profit colleges promised millions of Americans a path to a higher education. But the high tuitions charged by many schools sent U.S. student loan debt soaring to more than $1.2 trillion. A new report claims that while for-profit schools charged top-dollar, many students were getting a cut-rate education, making it difficult to obtain jobs that will allow them to pay down this debt.
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Adam Fagen

Carnival Cruise Ship Sailing Toward Cuba Next Spring

If visiting the Dominican Republic on Carnival’s latest Fathom cruise line for a few days of volunteer work didn’t seem like the right fit for you, there’s now another island option: Cuba. [More]

Bank Of America To Pay $16.6M To Settle Allegations Of Processing Drug Traffickers’ Transactions

Bank Of America To Pay $16.6M To Settle Allegations Of Processing Drug Traffickers’ Transactions

Processing transactions for drug traffickers is a big no-no, which is why Bank of America has agreed to pay $16.6 million to resolve federal allegations that it was involved in moving money around for ten traffickers over the course of four years.
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Banks Want To Forgive Credit Card Debt — But The Government Says No

The next wave of the credit crisis — the skyrocketing defaults on credit cards — is coming in and odd alliances are being formed. The Consumer Federation of America, along with the Financial Services Roundtable ( a self-described “major player on Capitol Hill and with the regulators” which represents the securities, investment, insurance and banking industries) has requested a “special program that would allow as much as 40 percent of credit card debt to be forgiven for consumers who don’t qualify for existing repayment plans.”