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A Better Day for Mobile Pay? Google Wallet Adds FDIC Insurance

              Good news for consumers who store funds directly in a Google Wallet: your funds are will soon be protected by Federal Deposit Insurance Corporation (FDIC) Insurance, according to press reports. In general terms, deposit insurance makes sure that consumers don’t lose money if the bank where their money Continue Reading

Posted by Christina Tetreault in Banking, CFPB, Mobile, Payments, Prepaid Cards | No Comments »

Your Wallet on Four Wheels?

Could the ultimate mobile payment device be your car? Payments Source reports that financial technology providers, payment card networks, banks, car manufacturers and retailers are all thinking about ways to turn cars into wallets. For example, you could – maybe, someday – use your car to order a pizza from Pizza Hut and pay via Visa Checkout. Or Continue Reading

Posted by Christina Tetreault in Mobile, Payments | No Comments »

Alert: Facebook’s New P2P Terms of Service Say You’re On Your Own If Things Don’t Work Out

In March, Facebook announced the launch of a payments feature for its Messenger application. It allows users to send each other money with just a message, just like this image from Facebook’s press release about this new service: In order for the transaction to go through, of course, you have to have money available to Continue Reading

Posted by Christina Tetreault in Banking, Mobile, Payments | No Comments »

FICO’s Plan to Extend Credit Access Could Harm Those it Claims to Aid

We received some concerning news from the credit-scoring company FICO last week. FICO announced the start of a pilot program to introduce a new credit score based on “alternative” data, such as utilities and phone bills. These types of bills typically have been included in consumers’ three major credit reports only when they have been written off or Continue Reading

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

CFPB Answers Our Letter About Possible CARD Act Violations at Schools

We recently told you about our investigation into whether colleges and universities with credit card marketing agreements were making their agreements available to the public.  Using information from the CFPB’s college credit card database, we contacted 10 schools with the largest active account volume that did not post their agreements or offer guidance for how Continue Reading

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

President Calls for “Student Aid Bill of Rights”

If you’ve got student loans, you know how complex and overwhelming the financial aid system can be – and how tough it is to navigate your way to the best options for paying for college.  Luckily, the President appears to be stepping up efforts to stop the madness. Yesterday, the Obama Administration announced a sweeping Continue Reading

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

Big Win for Consumers! Top Credit Bureaus to Improve Accuracy

It’s time for consumer advocates to take a much-deserved bow: after years of pressure, the top three credit bureaus have finally agreed to take real steps to improve credit reporting accuracy. Today, New York State Attorney General Eric T. Schneiderman’s office announced a settlement with Equifax, Experian, and TransUnion.  The three major credit bureaus have agreed Continue Reading

Posted by Maureen Mahoney in Credit | Comments Off

Leader of Mortgage Relief Scam Gets 24 Year Prison Sentence

Over the years, Consumers Union has spoken to countless homeowners who were duped by fraud artists who promised to rescue them from losing their homes to foreclosure.  Their stories are heartbreaking of how the scam artists preyed upon their desperate situation, took their money, and left them worse off. That’s why it is very good Continue Reading

Posted by Norma Garcia in Banking, Mortgages, Uncategorized | Comments Off

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 | Comments Off

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