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FTC ANNOUNCES NEW INITIATIVE AIMED AT STUDENT LOAN DEBT RELIEF SCAMS
- Never one to shy away from a pun, the Federal Trade Commission, in coordination with 11 state attorneys general, on Friday announced “Operation Game of Loans,” an initiative aimed at deceptive student loan debt relief scams. The announcement of the initiative included details of 36 enforcement actions being undertaken by the FTC along with the state AGs, including Florida, Illinois, Pennsylvania, and Texas, to name just a few. According to the FTC, those companies that are the subject of the enforcement actions have scammed $95 million from students and former students.
JURY CONVICTS SCOTT TUCKER IN PAYDAY LENDING SCAM
- Scott Tucker, a racecar driver who earned nearly $400 million from running a massive payday lending operation, was convicted on Friday of exploiting individuals with illegally high interest rates and deceptive loan terms. Tucker, along with business partner Timothy Muir, face “significant” prison terms when they are sentenced on January 5, 2018.
PAYDAY LENDERS MUST FORGIVE $12 MILLION IN LOANS TO NEW YORKERS
- The New York Department of Financial Services has entered into a consent order with a payday lender and servicer after the companies tried to collect on payday loans with higher interest rates than allowed by New York state law. The companies must forgive $12 million in outstanding loans that were not paid back and originated
WHAT BAD PHONE SCAMS SOUND LIKE
- If you ever wanted to hear what a bad phone scam sounds like, click here.
WORTH NOTING: And you thought your office was small … The most expensive places in the world to buy food … President Trump has already raised $10 million for his re-election campaign … Even though it has more orders than it knows what to do with, Tesla fired up t0 700 workers after conducting performance reviews … As more women share their stories of being harassed by Harvey Weinstein, it makes you wonder how he was able to get away with it for so long … A museum dedicated to the Bible is drawing a lot of criticism … Drinking this vodka can help fight hunger … If this is true, it could be a really big deal for anyone using WiFi … Is CFPB director Richard Cordray doing the rope-a-dope to keep people thinking he’s running for governor of Ohio? … Delta is now going to start automatically checking passengers in for their flights … How to be more strategic and stop making dumb decisions … The importance of surrounding yourself with the right people.
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The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.
