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CFPB Report Finds Large Banks Charge Higher Credit Card Interest Rates than Small Banks and Credit Unions
Switching to a lower rate could save the average borrower hundreds of dollars per yearWASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today reported on the first set of results from the newly updated Terms of Credit Card Plans survey. The survey data reveal that large banks are offering worse credit card terms and interest rates than small banks an ... View Full Article
CFPB and Seven State Attorneys General Sue Debt-Relief Enterprise, Strategic Financial Solutions
Ryan Sasson and Jason Blust run an illegal enterprise that collects fees but delivers little reliefWASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and seven state attorneys general sued Strategic Financial Solutions (SFS) and its web of shell companies for running an illegal debt-relief enterprise. The CFPB and state attorneys general also sued the chief architects of th ... View Full Article
CFPB Reaches Multibillion Dollar Settlement with Credit Repair Conglomerate
he largest credit repair brands in America, including Lexington Law and CreditRepair dot com, perpetrated years long scheme to illegally harvest billions in feesWASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) entered into a proposed settlement with a ring of corporate entities operating some of the largest credit repair brands in the country, including Lexington Law and CreditRepair.com. The agreement follows a ruling from t ... View Full Article
Cash Stored in Payment Apps At Risk!
Analysis of Deposit Insurance Coverage on Funds Stored Through Payment AppsThe Consumer Financial Protection Bureau (CFPB) published an issue spotlight on digital payment apps heavily used by consumers and businesses. The analysis finds that funds stored on these apps may not be safe in the event of financial distress, since the funds may not be held in accounts with feder ... View Full Article
FHA Reduces Annual Mortgage Insurance Premiums by 30 Basis Points to Support Affordable Homeownership
BIDEN-HARRIS ADMINISTRATION TO SAVE FHA HOMEBUYERS AVERAGE $800 ANNUALLY ON MORTGAGE PAYMENTS THROUGH PREMIUM REDUCTIONWASHINGTON - [February 22, 2023] The Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), announced a 30 basis point reduction to the annual mortgage insurance premiums (annual MIP) charged to homebuyers who obtain an FHA-insured mortgage. Vice Preside ... View Full Article