In the first penalty issued under the Trump administration, the Consumer Financial Protection Bureau is seeking a record penalty against Wells Fargo & Co. The fine, which could exceed hundreds of millions of dollars, is in regard to abuses in Wells Fargo's auto insurance and mortgage lending areas.
We've all seen the tags and stickers manufacturers put on products that say, "void if removed." Or, the warning may indicate that the warranty is no good if you try to repair the product yourself, or if you use parts from another manufacturer. Warranties can be limited in many ways, but those limitations are illegal -- and now the Federal Trade Commission is stepping in.
It's a great feeling when your car is under warranty. A warranty is a manufacturer's promise to stand behind its product -- or as much of it is covered by the warranty. Vehicle warranties are often limited to the power train or limited in other ways.
A proposed federal class action claims that six top hotel chains are entering into an illegal anti-competitive agreement. In 2015, the lawsuit says, Hilton, Hyatt, Marriott Wyndham, InterContinental and Choice Hotels agreed not to compete with each other in online keyword-based advertising. The scheme was deceptive and created an unlawful restraint on trade, the suit claims.
Consumers and consumer advocates have been stunned to learn of a database that tracks shoppers' returns and flags people as potential fraudsters. The Retail Equation's database, which is used by stores such as Best Buy, The Home Depot and Victoria's Secret, claims to predict who is making fraudulent or abusive returns. Unfortunately, there appears to be no mechanism for appeal.
A Massachusetts regulator is investigating whether employees of Wells Fargo & Co.'s brokerage division violated securities regulations and abused consumers' trust. Federal investigators may also be pursuing the question.
A former fraud investigator for Wells Fargo claims that the mega bank hasn't been living up to its legal responsibility to investigate signs of fraud on customers' accounts. Instead, it simply closes those accounts to avoid the time and expense of investigating. Wells Fargo is reviewing the allegations -- and a federal regulator is investigating.
Since its creation in 2011, the Consumer Financial Protection Bureau has been working to protect consumers' interests in the financial sector. Its new director has been making apparently substantial changes.
Whether through an email encouraging us to provide funds for an investment led by a foreign prince or a call claiming we owe money to a creditor we do not recognize, we've all had some experience with financial fraud. Proactive steps can be taken to help reduce the risk of becoming a victim of financial fraud. The Consumer Financial Protection Bureau (CFPB) recently provided some specific tips in an effort to help encourage people to protect themselves from financial exploitation.
From getting a car to applying for a mortgage, having a good credit score can make life much easier. That's why an error on your credit report can be especially frustrating. It can take years for you to discover a credit reporting error and during that time you may have suffered the consequences of a credit report that was not entirely accurate. If there is a problem with your credit report, talk to a consumer protection attorney today to get help. Below we will look at some of the most common credit reporting errors, according to the Consumer Financial Protection Bureau.