The Education Department revealed in a court filing this week that it identified an additional 29,000 former Corinthian Colleges students who were pursued for federal student loan payments despite a court order barring collection. A federal judge held Education Secretary Betsy DeVos in contempt and fined the department $100,000 in October after the agency said it attempted to collect payments from 16,000 former students of the defunct for-profit college in violation of the order.
Richard Cordray, first director of the Consumer Financial Protection Bureau (CFPB) said today the agency is functioning many ways as it was intended even though it has been under apparent retreat from regulation and enforcement since President Donald Trump took office.
LAS VEGAS, NV (KXNT) – Identity theft is a well known problem across the country, and the state of Nevada is among the top states where it’s most likely to happen. A recent report issued from the Motley Fool website shows that Nevada is second among the US states in identity theft with over fifty-eight-hundred reports. Nevada trails only the state of Georgia, which has a staggering twenty-three-thousand reports of identity theft. Residents of Vermont, Iowa, and maine have reported the fewest identity thefts.
Court Halts Operations of VoIP Service Provider after the FTC and Ohio Alleged that it Helped Promote Credit Card Interest Reduction Scheme
At the request of the Federal Trade Commission and the State of Ohio, a federal court has halted the operations of Voice over Internet Protocol (VoIP) service provider Globex Telecom Inc., which allegedly played a key role in robocalling consumers to promote a credit card interest reduction scheme that bilked consumers out of millions of dollars. The federal court in El Paso, Texas issued a temporary restraining order against Globex and its Canadian counterpart, 9506276 Canada, Inc., that appoints a temporary receiver and freezes the defendants’ assets.
The Federal Reserve is reviewing parts of its supervisory framework, particularly around bank liquidity requirements, in the aftermath of unusual overnight lending market volatility earlier this year, according to a growing chorus of Fed officials. The Fed might have contributed to the repo market turmoil in September and will review if the policies could have exacerbated the problem, Fed Vice Chair for Supervision Randal Quarles said at a House Financial Services Committee hearing. And in the lead-up to the hearing, Fed Chairman Jerome Powell and New York Fed President John Williams sent a letter to committee ranking member Pat McHenry (R-N.C.), saying that the Fed will “continue to analyze” the dynamics that contributed to the turmoil.
In the years ahead, might there be a greater number of smaller financial institutions (FIs) offering remittance services? As Bloomberg Law reported Tuesday (Dec. 3), the Consumer Financial Protection Bureau (CFPB) has proposed to boost the number of smaller banks and credit unions (CUs) that would not be governed by rules tied to international money transfers. In a move that some advocates say would ease regulatory and compliance costs, the proposal would extend an exemption that allows these FIs to estimate the fees and costs associated with such international fund flows as providing exact figures might prove an expensive task.