CFPB DINGS NEXT BANK IN DEBT SALE CRUSADE
- Citigroup was hit with two separate actions yesterday by the Consumer Financial Protection Bureau. First, the bank must pay $8 million to settle claims it sold credit card debt with inflated interest rates and failing to send payments made by consumers to debt buyers. Separately, the company must pay $11 million in fines and stop collecting on $34 million in credit card debt after it – and two collection agencies that worked on behalf of Citi – allegedly altered affidavits and the amount of debt owed.
RENTERS WITH PRIOR EVICTIONS SIGNIFICANTLY MORE LIKELY TO GET EVICTED AGAIN
- Renters who end up getting evicted from their rental units have nearly three times as many prior eviction or rental-related collection actions in their past, according to TransUnion.
CFPB ATTACKS FOR-PROFIT UNIVERSITY ACCREDITATION PROCESS
- The CFPB is not just looking at the student lending practices at for-profit universities; but the process through which those universities are accredited. Republicans are claiming this is another example of CFPB over-reach while the organization in charge of accreditation is fighting the CFPB in court.
PENNSYLVANIA TOWN CONSIDERS OUTSOURCING COLLECTIONS
- A Pennsylvania borough is considering hiring a third-party collection agency to collect more than $100,000 in unpaid utility bills.
WORTH NOTING: The best and worst cars, according to Consumer Reports … Donald Trump won in Nevada … Things that top performers do every day … There are now more billionaires in Beijing that New York … The FBI now wants access to 12 iPhones … The downside of living near a lottery winner … The number of newly registered drones outnumber the number of planes … Why you shouldn’t buy seafood at a restaurant on Monday … The Federal Reserve’s complicated relationship with race … The verbal habits of likable people … Why creating a to-do list is derailing your success.
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