New York Consumer Law Blog

Friday, June 16, 2017

Robocalls Hijacking Your Voicemail Is ‘Invasive and Abusive,’ Say Lawmakers


There is a new type of automated call sneaking up on American consumers: ringless voicemails, the quieter cousin of what some people call the “annoying robocall.” The messages go straight to voicemail, without ringing your phone.

"I've received at least a hundred of these voicemails," said Sue Merritt, president of Lenox Fit in Lenox, Massachusetts. And they often come from area codes where she has important contacts.

"I'm a cancer survivor, I still get calls from my hospital in Boston, so for example when a 617 area code comes up I feel very compelled to deal with that right away," Merritt told NBC News.
Read more . . .


Tuesday, June 13, 2017

Americans are suddenly defaulting on their credit cards


The American economy has looked pretty robust of late — unemployment just hit a 16-year low, and stocks recently reached an all-time high. This makes it all the more curious that Americans have suddenly stopped paying off their credit-card bills at a rapid rate.

In the past two fiscal quarters, banks reported a steep rise in credit-card charge-offs — debt that companies can't collect from their customers — according to a report from Moody's.

The sharp increase, the largest since 2009, is especially unusual given how strong the US employment market has been, Moody's noted. It suggests that American consumers haven't fallen on hard times so much as banks have started to loosen their standards and issue credit more aggressively.
Read more . . .


Monday, June 12, 2017

Burger Chain Faces FCRA Class Action Lawsuit Over Background Checks


A potential class action lawsuit brought by a former employee against Five Guys claims the popular burger chain violated the federal Fair Credit Reporting Act (FCRA) and California labor law by conducting background checks on employees without properly notifying them, according to a report from BigClassAction.com.

BigClassAction.com reports that the plaintiff, Jeremy R. Lusk, claims Five Guys “regularly secured credit and background reports on employees, conducted background checks on potential, current, and former employees, and used this information to make hiring decisions without providing clear disclosures.
Read more . . .


Friday, June 9, 2017

Your consumer protections, on the brink of destruction in Congress


When Congress sought to make sure that abuses by the financial industry that put our economy on the brink of collapse would never be repeated, it created the Consumer Financial Protection Bureau. Since its founding in 2011, the CFPB has delivered resoundingly, providing $12 billion in relief to 29 million consumers wronged by banks and other institutions.

That success has some members of Congress — their campaigns well funded by the financial industry — lining up to gut the bureau’s powers, with a bill expected to head to a House vote this week.

 The impact of the CHOICE Act on consumers is so potentially devastating that together with three colleagues I wrote and 158 experts in financial services regulation, consumer protection and housing policy signed a letter to Congress urging its rejection.

 The bill would take away the CFPB’s ability to inspect banks, mortgage brokers, foreclosure relief firms, student and payday lenders, debt collectors, credit reporting agencies and auto financing companies to ensure they accurately disclose credit terms to borrowers and that they comply with laws that protect consumers from fraud and other wrongdoing.
Read more . . .


Friday, June 9, 2017

House passes sweeping bill to strip back financial rules


The House of Representatives on Thursday passed sweeping legislation to strip and replace much of the financial regulations passed under former President Barack Obama after the 2008 financial crisis.

The House passed the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act, 233-186, along party lines. The bill is not expected to pass the Senate. 

Sponsored by House Financial Services Committee Chairman Jeb Hensarling (R-Texas), the CHOICE Act is the most ambitious Republican effort to roll back the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010. Republicans have long targeted Dodd-Frank, saying it has created a crushing regulatory burden that suffocates small businesses and banks while empowering unaccountable bureaucrats.
Read more . . .


Thursday, June 8, 2017

House to vote on killing Dodd-Frank today


Have you been a victim of ID theft?  Check your credit report for errors at annualcreditreport.com.


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Sunday, June 4, 2017

CFPB Report Details Problems, New Requirements Consumer Reporting Companies Must Implement


Have you been a victim of ID theft?  Check your credit report for errors at annualcreditreport.com.


Read more . . .


Tuesday, May 30, 2017

CRCs Might Now Ignore Certain Kinds of Data in Calculating Your Credit Score


Have you been a victim of ID theft?  Check your credit report for errors at annualcreditreport.com.


Read more . . .


Monday, May 29, 2017

Big auto lender only checked 8% of applicants' incomes


Have you been a victim of ID theft?  Check your credit report for errors at annualcreditreport.com.


Read more . . .


Friday, May 26, 2017

One Step Forward, One Step Back?


Have you been a victim of ID theft?  Check your credit report for errors at annualcreditreport.com.


Read more . . .


Friday, May 19, 2017

A record 107 million Americans have car loans


Have you been a victim of ID theft?  Check your credit report for errors at annualcreditreport.com.


Read more . . .


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