Current Industry News
After losing court battle, DeVos to cancel $150 million in student loan debt
The Education Department said Thursday it will cancel $150 million in federal student loan debt, despite Secretary Betsy DeVos’ efforts to overhaul the Obama-era policy. DeVos proposed restricting “borrower defense” claims filed by former students whose schools closed or made false promises, but has to carry out regulations after court rulings sided with students.
FTC and State of Florida Win Summary Judgment: Court Orders Ringleader of Debt-Relief Scam to Pay $23 Million and Imposes Industry Bans
A federal judge in Florida has permanently banned Kevin W. Guice from the telemarketing and debt-relief industries, agreeing with the Federal Trade Commission and the State of Florida that he founded and operated a massive debt-relief scam that took in over $23 million from more than 10,000 consumers, until halted by a June 2016 temporary restraining order.
A.G. Underwood Announces Settlements With Five Companies Whose Mobile Apps Failed To Secure User Information Transmitted Over The Internet
NEW YORK – Attorney General Barbara D. Underwood today announced settlements with five companies – Western Union Financial Services, Inc. (“Western Union”), Priceline.com, LLC (“Priceline”), Equifax Consumer Services, LLC (“Equifax”), Spark Networks, Inc. (“Spark Networks”), and Credit Sesame, Inc. (“Credit Sesame”) – for having mobile apps that failed to keep sensitive user information secure when transmitted over the Internet.
New Consumer Bureau Chief Will Glean Priorities From Listening Tour
On her first day as the permanent director of the Consumer Financial Protection Bureau, Kathy Kraninger said her talks with staff and stakeholders show that many are glad that certain decisions were slow-walked by her acting predecessor—President Trump’s budget director Mick Mulvaney.