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CU Says Colleges May Be Violating CARD Act; Will Colleges Respond?

In the 2000s, colleges and credit card companies got a lot of flack for entering into agreements to aggressively market credit cards to students on campus.  After the 2008 financial collapse, Congress passed the CARD Act – which, among other things, requires all schools with credit card agreements to make them available to the public. Continue Reading

Posted by Suzanne Martindale in CFPB, Credit, Credit Cards, Student Loans | No Comments »

More Millenials Still Living with Parents – Thanks to Student Debt

Things are supposed to be looking up these days – more jobs and economic growth are good news, right?  But there’s still a huge problem facing “millenials,” or people aged 25 to 34: student debt is making it harder for them to scrape together enough money to move out of the family basement. The New Continue Reading

Posted by Suzanne Martindale in Credit, Student Loans | Comments Off

Feds Get $480 Million in Relief for Corinthian College Students

This week brought big news for students who’ve attended the infamous Corinthian Colleges, which operate under the names Heald, WyoTech and Everest.  The Consumer Financial Protection Bureau (CFPB) and the Department of Education announced a $480 million deal with ECMC, the company that’s buying up several Corinthian campuses, to bring immediate relief to past and Continue Reading

Posted by Suzanne Martindale in Credit, Student Loans | Comments Off

Subprime Credit Card Company Ordered to Return Millions

Continental Finance Company, a company that markets credit cards to folks with dinged-up credit, agreed today to refund an estimated $2.7 million to tens of thousands of customers to compensate them for illegal fees and charges, according to a consent order Continental signed with the Consumer Financial Protection Bureau (CFPB). Continental credit cards carried annual Continue Reading

Posted by Christina Tetreault in CFPB, Credit, Credit Cards | Comments Off

Have You Received Your Free FICO Score?

Consumers are finally seeing substantial progress in the credit score market. They’ve long faced real challenges in getting the same credit score that their banks and lenders purchased when making lending decisions about them. But over the past year, millions of Americans have gained access to free, reliable credit scores. Recently, President Obama announced that more Continue Reading

Posted by Maureen Mahoney in CFPB, Credit, Credit Cards, Credit Reports | Comments Off

Thinking About a Reverse Mortgage? Californians Get New Protections in 2015

Wondering if a reverse mortgage is right for you?  Reverse mortgages are home loans that allow eligible homeowners, 62 years of age or older, to tap into their home equity.  While that friendly reverse mortgage salesperson can be helpful, the Consumer Financial Protection Bureau (CFPB) says you should not rely only on the advice you Continue Reading

Posted by Norma Garcia in CFPB, Credit, Mortgages, Reverse mortgages | Comments Off

CFPB Announces “Scorecard” For Campus Banking Products

In a new effort to protect students being marketed campus banking products, the CFPB announced today that it is developing a “Safe Student Account Scorecard” for schools.  The Scorecard will give schools a roadmap to negotiating a better deal for students when choosing a financial institution to offer bank accounts or prepaid cards on campus. We’ve Continue Reading

Posted by Suzanne Martindale in Banking, CFPB, Student Loans | Comments Off

Buying a House? Don’t Forget to Buy the Right Mortgage Too

Today the Consumer Financial Protection Bureau (CFPB) released some new online tools to help you shop for a mortgage.  The home buying process can be daunting, with so many decisions to make as you move through unfamiliar and high-dollar territory.  That may explain why a new CFPB investigation found that nearly half of all home buyers Continue Reading

Posted by Norma Garcia in Banking, CFPB, Credit, Mortgages | Comments Off

New Offerings from Credit Karma and Experian Not as Helpful as they Appear

Many consumers make a New Year’s resolution to check their credit reports and scores. We’re all in favor of that, especially as Consumer Reports recently found that just under half of Americans have never checked one of their credit reports from the credit bureaus Experian, Equifax, or TransUnion. This year, two companies say they will Continue Reading

Posted by Maureen Mahoney in Credit, Credit Reports | Comments Off

Bitcoin Exchange Hack Highlights Virtual Currency Risks

Not again?! It appears that another Bitcoin exchange has suffered a hack. Bitstamp apparently lost about 19,000 bitcoins, according to news reports  – that’s around $5 million – and is temporarily shutdown as of this writing (see screenshot for what we found when we went to Bitstamp’s website today). In light of this news, now Continue Reading

Posted by Christina Tetreault in Payments | Comments Off