She reviews the implementation required for the Treasury’s financial inclusion strategy. Secretary of the Treasury Janet Yellen spoke at a meeting of the Financial Literacy and Education Commission…
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FTC Issues Refunds to Consumers Misled by Credit Karma’s False “Pre-Approval” Claims
Refunds target misleading credit offers promising high odds of approval. The Federal Trade Commission (FTC) is distributing more than $2.5 million to nearly 51,000 consumers misled by Credit…
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New Jersey Bank Agrees to Settlement with DOJ and HUD Over Redlining Allegations
The institution also agreed to five-year compliance training for the Fair Housing Act. New Jersey’s OceanFirst Bank filed a proposed settlement agreeing to pay $15.1 million to settle…
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Federal Reserve Board Cuts Prime Rate 50 Basis Points
The central bank was motivated by the change in the employment rate, among other factors. The Federal Reserve cut interest rates by half a point on Wednesday, an…
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SEC Imposes $3 Million in Charges Against 7 Companies for Whistleblower Violations
Companies agree to remediate charges of impeding whistleblower communications. The Securities and Exchange Commission (SEC) announced that seven companies have agreed to pay a collective $3 million to…
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President’s Administration Continues to Address Late Credit Payment Fees
Interagency cooperation and new provisions focus on consumer protection from fee hikes. Multiple agencies in President Biden’s administration recently announced partnerships to address price hikes and industry “junk…
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HHS Highlights New Research to Avoid Data-Based Discrimination
The director of the study says decisions must be made intentionally to “mitigate and prevent racial and ethnic bias.“ The Department of Health and Human Services (HHS) highlighted…
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Federal Reserve Keeps Interest Rate Unchanged
They leave the door open for future rate hikes. The Federal Reserve determined to keep its benchmark interest rate at about 5.4 percent this past week, the highest…
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CFPB Proposes Removal of Medical Bills from Credit Reports
The director says, “Medical bills have little predictive value in credit decisions.“ The Consumer Financial Protection Bureau (CFPB) is in the rulemaking process that would take medical bills…
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FTC Charges Experian Over Unsolicited Email Violations
Consumers were not provided with an opt-out for marketing communications. The Federal Trade Commission (FTC) reported that California-based Experian Consumer Services (ECS), also known as ConsumerInfo.com, has been…
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