Caveat Emptor

Wells Fargo got in major trouble for applying payments first to fees, then to the principal of a mortgage. And because it pissed off a New Orleans bankruptcy judge by fighting the case for five years while the homeowner’s lawyers worked without pay. (From Bloomberg Law) Wells Fargo Fined $3.2 Million by New Orleans Bankruptcy [...]

Wells Fargo Fined $3.2 Million by New Orleans Bankruptcy Judge is a post from Caveat Emptor

Today, the Consumer Financial Protection Bureau made the following announcement: When we build our own software or contract with a third party to build it for us, we will share the code with the public at no charge. Exceptions will be made when source code exposes sensitive details that would put the Bureau at risk [...]

The CFPB Embraces Open Source Software is a post from Caveat Emptor

NPR’s Planet Money put together a series of minimalist economic posters. Here’s one, but you should check out the rest. Posters for the Economic Recession is a post from Caveat Emptor

Posters for the Economic Recession is a post from Caveat Emptor

Debt settlement is basically debt collection by another name. Out of one side of their mouths, debt settlement companies promise creditors they will help them get paid. Out of the other side of their mouths, debt settlement companies promise consumers great “deals” to resolve their debts. In order to appear more effective (or trustworthy, maybe), [...]

Ohio AG Goes After California Debt Settlement Companies is a post from Caveat Emptor

Tonight, I received the following official-sounding message from “the Transaction Review Department of Wells Fargo Bank” asking me to “verify recent transactions on [my] credit Visa card.” While I do have a Wells Fargo business card, this message doesn’t sound quite right. First, I’ve never heard anyone refer to a “credit Visa card.” Second, as [...]

Phishing by Phone is a post from Caveat Emptor

The Consumer Financial Protection Bureau has started looking into regulating non-bank financial industries now that it has a chief. For starters, it is looking at debt collectors and credit reporting agencies. Says CFPB chief Richard Cordray, “Our proposed rule would mean that those debt collectors and credit reporting agencies that qualify as larger participants are [...]

CFPB Plans to Regulate Debt Collectors & Credit Reporting Agencies is a post from Caveat Emptor

Payday lending traditionally happens in seedy storefronts, often in low-income neighborhoods and around military bases. Not any more! Eager to get in on the next big subprime lending bubble before it bursts, big banks are brushing up on their loan shark chops and opening payday lending divisions. So what’s the problem, here? Well, payday loans [...]

Big Banks Jump on the Payday Loan Train is a post from Caveat Emptor

Today, Minnesota Governor Mark Dayton vetoed a package of tort-reform bills passed by the state legislature earlier this week. I was particularly happy to see his reasons for vetoing SF 429, which would have rendered many consumer and civil rights statutes effectively unenforceable in Minnesota. Here’s a choice excerpt from Governor Dayton’s veto letter for [...]

Governor Dayton Vetoes Misguided “Tort Reform” Bills is a post from Caveat Emptor

Across the country, legislators (mostly Republicans) are pushing for so-called “voter ID” laws that would require every voter to present a photo ID before casting his or her vote. This requirement is ostensibly meant to reduce voting fraud. In fact, it would do no such thing. Nearly all reports of voter fraud turn out to [...]

Voter ID Won’t Prevent Fraud, but Will Prevent Votes is a post from Caveat Emptor