Last month, the Consumer Financial Protection Bureau (CFPB) put $1.8 billion back into the pockets of 4 million people fleeced by credit repair companies Lexington Law and CreditRepair.com. This is one more example of the CFPB doing its job to hold corporate scofflaws accountable, stand up for working people, and get financial justice for people who were ripped off or scammed by predatory finance.
We are now full-on into the mad rush of the busiest shopping season of the year and retail sales are expected to reach a record breaking $75 billion just from Black Friday through Cyber Monday. But can we really afford all of these purchases? Or are we being lured into an endless credit card debt trap that will take the rest of the year — or longer — to pay off the interest and fees and charges?
This week, a chapter closed on one of the more outlandish crypto crimes we’ve seen (which is saying a lot for crypto): a couple of internet influencers pulled off a massive crypto heist that fueled their lavish lifestyle, leading to the Department of Justice’s largest asset seizure in history.
The Chicago Mercantile Exchange (CME) has just gotten approval from the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC) to become the first exchange to buy and sell commodities with and for the same customers who trade on its exchange.
Last week, the Consumer Financial Protection Bureau (CFPB) ordered the largest credit union in the United States to stop charging its customers illegal overdraft fees. Navy Federal Credit Union has been ordered to refund $80 million back to its customers, many of whom are active duty servicemembers, veterans, and Department of Defense civilian employees. Additionally, the credit union must pay a $15 million penalty to the agency’s victims relief fund.
Last month’s settlement agreement with Invitation Homes confirms what their tenants have been telling us: our country’s largest landlord of single family homes has a consistent track record of ripping off its tenants.