Santander Bank has agreed to pay $10 million to settle federal regulatory allegations that it illegally charged overdraft fees to customers who didn’t affirmatively opt in to the bank’s overdraft policies.
Four national retailers will be paying a hefty tab at the register after federal regulators say they continued to deceptively mislabel rayon products as “bamboo,” despite being warned five years ago that this practice violated the law. [More]
Before offering a prospective employee a job, many companies will first perform a background check. As with credit reports, any inaccuracies in these transcripts can affect an applicant’s eligibility for employment. To that end, federal regulators have ordered two of the country’s largest employment background screening report providers to pay $13 million in penalties and refunds for providing inaccurate information. [More]
Under the Federal Trade Commission’s Fair Credit Reporting Act, companies are required to inform consumers when they are offered services with less favorable terms than those offered to consumers with better credit standing. That apparently wasn’t the case for Sprint. [More]
We can all agree that automated robocalls are an annoying interruption. But you know what’s worse? Receiving those automated calls meant for someone else, telling the company to place you on the Do Not Call list and then continuing to receive a total of 153 prerecorded messages. [More]
Consumers facing the prospect of losing their homes have few avenues of recourse and when even one of those options is taken away, the results can be devastating. That’s just one reason why the Consumer Financial Protection Bureau announced action – to the tune of a $37.5 million – against a Michigan bank for its illegal conduct in blocking borrowers’ attempts to save their homes. [More]
Next time you brush past your credit limit you may get hit with more than a hefty over-the-limit fee. The Red Tape Chronicles reports that credit card companies are starting to slap exuberant spenders with penalty interest rates. Compounding the danger to consumers, creditors are simultaneously rushing to slash credit limits.