Since Betsy DeVos took over as Secretary, the Department of Education has been — to put it mildly — generous to the student loan industry. Through DeVos, the Trump administration has stopped cooperating with federal financial regulators to rein in unscrupulous loan servicers, and announced its plan to put all federal student loan accounts into the hands of a single company. But several states are letting it be known that they will not go easy on student lenders and servicers, even if they ask nicely. [More]
enforcement action
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]
Investment Advisors Will Be Required To Work In Your Best Interest, But Will Trump Administration Enforce Rule?
By 5.23.17 — Updated: 5.25.17
After a nearly four-month delay, the Trump administration has decided to allow the Department of Labor to move forward with a rule intended to stop investment advisors from pushing customers into products that primarily benefit the advisor. However, some question whether the administration will actually enforce this rule. [More]
Citizens Bank Must Pay $31.5M In Fines, Refunds For Failing To Credit Full Deposit Amounts
By 8.12.15
Several federal agencies teamed up like your favorite buddy-cop movie to bring down the bad guy today. In this particular case the bad guy was Citizens Bank, which must now pay a total of $20.5 million in penalties and $11 million in refunds to the owners of accounts it allegedly failed to credit for full amounts of deposited funds. [More]
