Last week when I was doing research for my weekly newsletter, I ran across a letter from the American Bankers Association asking President-elect Donald Trump to undo consumer protection regulations. Before I could report on the letter, I received a news release from the Federal Deposit Insurance Commission on Tuesday... Read more →

Photo: Jmswllms0 Another reason why consumers should avoid using big banks when they can. The Consumer Financial Protection Bureau sued Capital One Tuesday for cheating millions of consumers out of more than $2 billion in interest. The CFPB alleges that Capital One promised consumers that its flagship “360 Savings” account... Read more →

A rule that will remove an estimated $49 billion in medical bills from the credit reports of about 15 million Americans was finalized Tuesday by the Consumer Financial Protection Bureau. The CFPB’s action will ban the inclusion of medical bills on credit reports used by lenders and prohibit them from... Read more →

It’s a tough time for consumers. Debt is at an all-time high. As of the third quarter of 2023, the average American consumer had $6,501 in credit card debts, $19,402 in personal loan debts, and $23,792 in auto loan debts, according to Experian, a credit reporting company. For Americans with... Read more →

It’s been quite a year, 2024, in many, many ways. Consumers have been pushed and pulled, then slammed to the ground with the election president who has a record of not acting in the interest of consumers. When he was president, Trump proposed doing away with the ability of states... Read more →

On my blog and in my newsletter, I’ve been warning consumers about the lack of security when using electronic money transfer apps. Now Zelle and three of the nation’s largest banks are being sued for failing to protect consumers from widespread fraud on America’s most widely available peer-to-peer payment network.... Read more →

Do you use payment apps like Venmo and PayPal? On Thursday, the Consumer Financial Protection Bureau finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. The rule applies to companies – those handling more than 50 million transactions per year – so... Read more →

About 30 percent of federal student loan borrowers say they’ve gone without food, medicine, or other necessities because of their monthly bills. Student loan borrowers That finding comes from a new survey by the Consumer Financial Protection Bureau, conducted between October 2023 and January 2024, and including more than 3,000... Read more →

The American people are being conned a second time by Donald Trump, probably the greatest con man in American history, as they voted to give him the presidency again. Now Trump, who lied more than 35,000 times in his first presidential term, is the president elect. He’ll be in the... Read more →

Photo: Quantumquark Here’s another case when a new financial product wasn’t ready for consumer rollout. Also, another cautionary tale about doing business with a big bank. Apple and Goldman Sachs are being fined for customer service breakdowns and misrepresentations that impacted hundreds of thousands of Apple Card users. Apple failed... Read more →