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Especially active in 2022, CFPB fined banks, stopped shoddy companies, returned money to consumers, launched a junk fees initiative, and processed consumer complaints

One of the best consumer actions in recent years is the creation of the Consumer Financial Protection Bureau in 2011. Established after the Great Recession of 2007-08 to set up one federal agency to help consumers with their financial issues, the CFPB has made great strides in improving the position of consumers in the marketplace. Read more →


It’s National Consumer Protection Week

Things are busy, here in my corner of the USA. I’m behind in reporting on what’s happening for National Consumer Protection Week. A lot of my time has been taken up since the first of the year taking part in the Dean Ornish heart health program. It ends Wednesday. I’ll be reporting on its many benefits soon. Read more →


Did you know the largest credit card companies aren’t reporting customer payments to credit bureaus?

In 2022, Americans paid more than $120 billion in interest and fees on credit cards. With interest rates going up, that amount is continuing to increase. For consumers to get the best offers on credit cards to keep their costs down, their repayment records need to be reported to credit bureaus. Read more →


Presidents’ Day: A celebration of democracy, a day off, or shopping?

Presidents’ Day sort of sneaked up on me this year. At times in the past, I’ve written about Presidents’ Day as a time to appreciate our democracy and celebrate the many freedoms we have as a result. As thoughts of democracy come to mind, the war in Ukraine looms large. Read more →


Watch out for TAB Bank and other banks that allow non-bank lenders to launder high-cost loans through them

How do you pick out a bank? It’s more difficult than it seems. Many people choose a branch near them. But, banks can have practices that are detrimental to consumers who want to spend money wisely. The Federal Deposit Insurance Corporation or FDIC has downgraded Transportation Alliance Bank or TAB Bank to “needs to improve,” a low rating that few banks get. Read more →


What should you do about the latest T-Mobile data breach of 37 million accounts?

I’m now a T-Mobile customer. Darn. I switched because I was upset that Verizon wouldn’t give me a deal on a new iPhone and I wanted to be in a family plan with my grandson from Spain who’s going to college in Massachusetts. T-Mobile announced last week that its customer records have been hacked again. Read more →


Watch out for ‘dark patterns’ that trick you into paying recurring charges for products and services you don’t want

Financial writers recommend when you’re having money problems that you review your subscriptions. Sometimes subscriptions that you aren’t using keep renewing or you didn’t realize you had one. “Negative option” programs include subscription services that automatically renew, and trial marketing programs that charge a reduced fee for an initial period. Read more →


Wells Fargo to pay a record $3.7 million for illegal activities including unjust vehicle repossession and mortgage foreclosures

Wells Fargo is at it again. It shows why consumers should be skeptical about trusting big banks. The repeat offender has agreed to a settlement that requires it to return more than $2 billion to consumers and pay a $1.7 billion civil penalty for legal violations across several of its largest product lines, the CFPB said Tuesday. Read more →


Biden administration takes action on ‘junk fees’ to help financially stressed consumers

For years, I’ve suggested that consumers consider banking with a credit union rather than a bank. Why? Consumers often can’t trust banks not to gouge them with high interest rates and fees. It was great to listen to President Biden speak on the radio and on television about the action his administration is taking on “junk fees.” Read more →


Watch out when using the Zelle payment app as fraud and theft are rampant, senator says

On Facebook this week, a woman in a financial group told about how she almost paid $2,500 to a scammer on Zelle. It was the government imposter scam. A guy told her she owed $2,500 because she’d missed a court date. The calls went on for about an hour. A friend on another line kept telling her not to send the money. Read more →