Tag: Credit and Loans

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The owners and operators of a vast payday lending scheme that overcharged consumers millions of dollars will be permanently banned from the lending industry under the terms of a settlement with the Federal Trade Commission. The settlement also provides that nearly all outstanding debt—made up...
The Federal Trade Commission is sending more than $1.7 million to people who lost money to a debt relief scheme that targeted individuals trying to pay down their student loan debt.
The staff of the Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) an annual summary of its activities enforcing the Equal Credit Opportunity Act (ECOA).
For people who were looking to run their own businesses, the lesson of the FTC’s proposed $2.1 million proposed settlement with Las Vegas-based Seed Consulting, LLC, is that neither their future nor their fortune was in the cards – credit cards, that is. The defendants’ modus operandi...
Two Nevada companies and two individuals have agreed to stop charging consumers thousands of dollars to apply for multiple credit cards in their names in order to pay for expensive and often ineffective training programs under a proposed settlement of a Federal Trade Commission lawsuit.
Fraudsters have concocted a new COVID-related scam and this time they have businesses in their sights. According to reports, business owners are getting emails that appear to be about government-sponsored loan programs. But they’re really phishing messages trying to trick people into...
The Federal Trade Commission has taken action against a debt collection company that allegedly placed bogus or highly questionable debts onto consumers’ credit reports to coerce them to pay the debts. Under a settlement with the FTC, the company, Midwest Recovery Systems (Midwest Recovery), is...
For people dealing with student loan debt – your employees, a family member, or maybe you – the CARES Act gives emergency grants to qualifying borrowers. But like other financial assistance programs, consumers need to know key details up front.
The Federal Trade Commission has sent a warning letter to a company that markets financial aid prep assistance to post-secondary students, notifying the company that it could potentially be misleading consumers about access to a coronavirus relief program.
The Federal Trade Commission is sending refunds totaling nearly $1.5 million to individuals who were affected by allegedly unlawful financing and sales practices by Bronx Honda.
The Federal Trade Commission is sending refunds totaling nearly $150,000 to individuals who lost money to a company called Grand Teton Professionals, which operated a bogus credit-repair scheme.
What’s in a name? According to an FTC lawsuit filed in April, if you’re an outfit that uses the name “SBA Loan Program” – and you falsely claim to be an approved lender for the Small Business Administration’s coronavirus relief lending program – what’s in your name is deception. Under...
A Rhode Island company and its owner will be permanently prohibited from misrepresenting they are affiliated with the U.S. Small Business Administration (SBA) as part of a settlement resolving Federal Trade Commission charges they misled consumers in the early days of the coronavirus pandemic.
Globex Telecom, Inc. and an affiliated company will pay a total of $1.9 million to settle Federal Trade Commission and State of Ohio charges that they facilitated a scheme that peddled bogus credit card interest rate relief, illegally charging consumers millions of dollars. The settlement marks the...
A group of auto dealerships in Arizona and New Mexico must cease business operations as part of a court-approved settlement resolving Federal Trade Commission charges that the dealerships deceived consumers and falsified information on vehicle financing applications.
Según se indica en una demanda de la Comisión Federal de Comercio (FTC, por sigla en inglés), un importante proveedor de un producto financiero llamado adelanto de dinero para comerciantes extrajo dinero regularmente de sus cuentas bancarias sin el debido consentimiento, incluso después de que los...
Small businesses are a critical part of the U.S. economy, providing opportunity and employment to consumers across the country. Unfortunately, the current health crisis has brought financial strain to small businesses and their ability to secure the financing they need to survive. So...
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.The FTC’s complaint...
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...

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