Tag: Credit and Finance

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A leading provider of merchant cash advances used deception to lure small business customers, then regularly withdrew money from their accounts without consent even after the customers had repaid the money they owed, according to a Federal Trade Commission lawsuit.
Two new staff reports from the Federal Trade Commission highlight some of the challenges and confusion consumers can face in buying and financing a car, particularly relating to charges for add-on items after the initial price negotiation that can lead to them paying more than expected.The reports...
As adage-writers go, whoever penned, “Sticks and stones will break my bones, but words will never hurt me,” should have looked for another line of work. And, the writer should have hoped that prospective employers wouldn’t spot a promotion for MyLife.com, saying they could see the...
The U.S. District Court for the Central District of California has ruled in favor of the Federal Trade Commission in a case against the operators of a student loan debt relief scheme. The defendants are banned from telemarketing or providing debt relief services.
At the request of the Federal Trade Commission and the Florida Office of the Attorney General, a federal court has temporarily halted an alleged sham credit card interest rate reduction operation that often targeted financially distressed consumers and older adults.
At the request of the FTC and the Florida Attorney General's Office, a federal court has temporarily halted an alleged sham credit card interest rate reduction operation that often targeted financially distressed consumers and older adults. The court’s order, announced in July 2020,...
The Federal Trade Commission is sending more than $16 million to individuals who lost money to a debt relief scam that targeted tens of thousands of consumers facing financial difficulty.
The Federal Trade Commission released the final agenda for a July 13, 2020 virtual workshop that will seek input on proposed changes to the Gramm-Leach-Bliley Act’s Safeguards Rule, which requires financial institutions to develop, implement, and maintain a comprehensive information security...
The FTC alleged that this company and its operators collected more than $5.2 million from consumers through illegal debt collection practices. In its complaint, the FTC alleged that the company used the defendants in the National Landmark Logistics case (above) to place deceptive...
The FTC alleged that this company and its operators collected more than $12 million from consumers through illegal debt collection practices. The FTC’s complaint alleges that the defendants used robocalls to leave deceptive messages claiming consumers faced imminent legal action about...
In the face of COVID-19, many small businesses are looking for help from the CARES Act’s Paycheck Protection Program. They may apply for PPP loans through Small Business Administration-authorized lenders and others the SBA has determined to be eligible. But there are concerns that...
The Federal Trade Commission and U.S. Small Business Administration (SBA) have sent warning letters to six companies that may be misleading small businesses seeking SBA loans as a result of the coronavirus 2019 pandemic.
Many small businesses, medical offices, non-profits, and religious organizations turned to a New York company called Richmond Capital for financing, but according to a lawsuit filed by the FTC, they got less – and way more – than they bargained for. The just-filed law enforcement...
The Federal Trade Commission is taking action against two New York-based companies engaged in small-business financing, along with several of their owners and officers, for allegedly using deception and threats to seize personal and business assets from small businesses, non-profits, religious...
A rogue payment processor and its owners agreed to be permanently banned from payment processing in order to settle charges by the Federal Trade Commission and the State of Ohio that they unlawfully processed payments for multiple scam operations.
The staff of the Federal Trade Commission has provided its 2019 Annual Financial Acts Enforcement Report to the Consumer Financial Protection Bureau on its enforcement and related activities regarding the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act (...
Ostriches get a bad rap. The popular perception is that the species Struthio camelus bury their heads in the sand. But, in fact, they flee from perceived danger at speeds that top 60 miles per hour. An FTC proposed settlement with a payment processor that ignored signs that certain...
A payment processor that allegedly ignored clear warning signs its client was operating an unlawful business coaching and investment scheme will be barred from processing payments in the business coaching field under a settlement with the Federal Trade Commission.

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