New York Consumer Law Blog

Friday, August 4, 2017

State laws are becoming more restrictive, adding an extra layer of protection for consumers


Criminal background checks are commonplace Applications for certain employment positions. But what about credit checks? Is a job applicant's credit history relevant for employment? May an employer lawfully check a job applicant's credit?  

State and local laws are becoming more restrictive, adding an extra layer of protection for consumers over and above the federal Fair Credit Reporting Act.  

 

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Wednesday, July 26, 2017

Trump and Cordray: Five Scenarios for the CFPB


Here are five potential scenarios on what might happen to CFPB director Richard Cordray once the new president arrives.

One: Bigger Fish Prevail

Competing priorities may push back any big decisions about the CFPB or its director, even if the new administration ultimately plans an all-out assault on the agency, several sources predict.

Two: Congress Moots Controversy

Congress could moot the removal question entirely by changing the CFPB’s leadership structure.

Three: Trump Dismisses Cordray

Trump could dismiss Cordray ahead of the CFPB’s director’s statutory end-of-term in July 2018, and perhaps even as early as Jan. 20.
Read more . . .


Friday, July 21, 2017

As Paperwork Goes Missing, Private Student Loan Debts May Be Wiped Away


 Tens of thousands of people who took out private loans to pay for college but have not been able to keep up payments may get their debts wiped away because critical paperwork is missing.

The troubled loans, which total at least $5 billion, are at the center of a protracted legal dispute between the student borrowers and a group of creditors who have aggressively pursued them in court after they fell behind on payments.

 Judges have already dismissed dozens of lawsuits against former students, essentially wiping out their debt, because documents proving who owns the loans are missing. A review of court records by The New York Times shows that many other collection cases are deeply flawed, with incomplete ownership records and mass-produced documentation.

Read more . . .


Monday, July 17, 2017

Federal Court Certifies FCRA Class in Dispute Over Content of Disclosures


In Graham v. Pyramid Healthcare Solutions, Inc., 2017 WL 2799928 (M.D. Fl.
Read more . . .


Tuesday, July 11, 2017

It just got easier for you to sue your bank and credit card company.


The Consumer Financial Protection Bureau issued a new rule Monday that prevents companies from using arbitration clauses to stop consumers from bringing class action lawsuits.

 The clauses force people to "go it alone or give up," said CFPB Director Richard Cordray. "Our new rule will stop companies from sidestepping the courts and ensure that people who are harmed together can take action together," he said. Many people aren't aware that their bank account or credit card contracts came with an arbitration clause buried in the fine print.

 But they're pretty common.
Read more . . .


Tuesday, July 11, 2017

Wells Fargo customers who had fake accounts created in their names are a step closer to some payback.


A federal judge granted preliminary approval over the weekend for Wells Fargo's $142 million national class action settlement. The court ruled that the settlement, which covers fake accounts back to 2002, "fair, reasonable and adequate."

 Victims may still have to wait before they get paid. The bank and lawyers for the plaintiffs plan to reach out to customers in the next three months, but the settlement may not be final until early 2018. Still, Wells Fargo CEO Tim Sloan called the court ruling a "major milestone in our efforts to make things right for our customers.
Read more . . .


Tuesday, July 11, 2017

Notice of Sabre Data Security Incident Impacting Guest Payment Card Information


Four Seasons Hotels and Resorts was recently informed of a data security incident at Sabre, a third-party hotel reservations provider to thousands of hotel properties, including those managed by Four Seasons. The incident involved unauthorized access to certain guest information associated with a subset of hotel reservations processed through Sabre's SynXis Central Reservations System (CRS) from August 10, 2016 until March 9, 2017. Sabre has confirmed that the issue has been contained and the unauthorized access has been revoked, but some guest information may have been compromised as a result of the incident. 

 The Sabre CRS facilitates the booking of hotel reservations made by consumers through hotels, online travel agencies, and similar booking services. Following an examination of forensic evidence, Sabre confirmed to Four Seasons Hotels and Resorts on June 6, 2017 that an unauthorized party gained access to account credentials that permitted unauthorized access to certain unencrypted payment card information, as well as certain reservation information, for a subset of hotel reservations processed through Sabre's system.
Read more . . .


Thursday, July 6, 2017

TransUnion to pay $60 million to consumers flagged as criminals


TransUnion will pay $60 million to consumers it mistakenly labeled as possible terrorists or drug dealers, under an order issued Tuesday by a federal jury.

 The decision stems from a 2012 class-action lawsuit that alleged the credit bureau failed to notify consumers who were reported to lenders as being included on a “blocked persons” list kept by the Treasury Department’s Office of Foreign Assets Control (OFAC). The list includes terrorists, narcotics traffickers, arms dealers and other criminals who are prohibited from doing business in the U.S.

Read more . . .


Thursday, July 6, 2017

Debt Collection Was the Most Complained About Financial Service Among Older Consumers for March


For March 2017, debt collection was the most-complained-about financial product or service by consumers identifying as over the age of 62. Of the 2,169 older consumer complaints handled in March, there were 496 complaints about debt collection. The second most-complained-about consumer product was mortgages, which accounted for 486 complaints. Credit reporting was the third most-complained-about financial product or service, accounting for 326 complaints.

 

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Wednesday, July 5, 2017

Sloppy Credit Bureaus, Sketchy Credit Doctors Slammed by Trifecta of CFPB, State AGs, and Consumer Lawyers (4/4)


This is part three of a four-part series that looks at how inaccurate credit reporting is being fought by attorneys, the CFPB, and state AGs.

 CFPB Nails Credit Repair Doctors: The credit bureaus not only make mistakes, they fail to conduct adequate reinvestigations of disputes or remove inaccurate information. Instead of complying with these FCRA responsibilities, the bureaus have developed their own lucrative direct-to-consumer channel for selling credit monitoring and identity-theft services to concerned consumers. But, the credit bureaus are so sloppy they’ve also fomented (spawned) an entire add-on predatory industry -- last-dollar credit repair doctors -- that takes advantage of the heightened consumer interest in higher credit scores that’s been driven by the bureaus’ scare-tactic marketing of their own absurdly-priced monitoring products. This week, the CFPB announced penalties of $2 million against 4 California-based credit repair doctors that “charged illegal fees and misled consumers about their ability to fix their credit.


Read more . . .


Monday, July 3, 2017

Sloppy Credit Bureaus, Sketchy Credit Doctors Slammed by Trifecta of CFPB, State AGs, and Consumer Lawyers (3/4)


This is part three of a four-part series that looks at how inaccurate credit reporting is being fought by a attorneys, the CFPB, and state AGs. You may read Part 1 here and Part 2


Read more . . .


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