One way America offers a well-deserved thanks to veterans is through educational benefits. The FTC, the Department of Veterans Affairs – and taxpayers, of course – share an interest in ensuring that the people who protect us are protected from misleading practices in the marketing of educational services. But what happens when “Support Our Troops” turns into "Thwart Our Troops" in their effort to get accurate information about educational opportunities?
Blog Posts Tagged with Credit and Finance
Georgia’s on our mind – and if you have clients in the debt collection industry, it should be on yours, too. That’s because the FTC’s third Debt Collection Dialogue is set for Wednesday, November 18, 2015, in Atlanta. The FTC is hosting the event with the Office of the Georgia AG and Attorney General Sam Olens will set the stage with opening remarks at 1:00 PM.
If there were a Debt Collection Decathlon – and we’re glad there isn’t – National Check Registry would have been a contender. According to the FTC and New York AG, the Buffalo-based debt collector “excelled” in a number of events: the Bogus Lawsuit Vault, the Disclosure of Debt Dash, and the Unauthorized Fee High Jump, to name just a few.
For debt collectors who resort to illegal tactics, it must feel like 110 in the shade because 115 law enforcement actions announced this year by the FTC and local, state, federal, and international partners – including 30 just-filed cases – have turned up the heat on law violators. From Buffalo to San Diego and dozens of jurisdictions in between, companies that flout debt collection standards are feeling the burn.
If you couldn’t make it to Washington to attend the FTC workshop Follow the Lead, watching the webcast is the next best thing – and it starts at 8:30 a.m. Eastern Time on Friday, October 30, 2015. We’re bringing together industry members, consumer advocates, researchers, law enforcers – and you – to discuss the consumer protection implications of online lead generation.
Two people walk into a deli and both order a pastrami on rye. When the check arrives, one is charged $8. The other is surprised to get a bill for $15.99. That’s not the start of an old Henny Youngman joke. It’s an analogy that raises some of the issues in the FTC’s proposed $2.95 million settlement with Sprint for allegedly charging customers with lower credit scores a monthly fee without giving them the proper up-front notice required by law.
Last year the FTC received 280,998 complaints about questionable debt collection practices. We think consumers and responsible members of the industry can agree that number is higher than it should be. The FTC is fighting that battle on three fronts. We’ve brought dozens of cases – both on our own and with state partners – to enforce the Fair Debt Collection Practices Act and Section 5.
The Beatles were right: One does get by with a little help from one’s friends – but that’s not always a good thing. A partial settlement just announced by the FTC sheds light on the unsavory cooperative relationship between certain shadowy data brokers and the scammers who buy their wares for illegal purposes.
Federal and state law enforcers and leading members of the debt collection industry. According to the line-up just announced by the FTC, that’s who will be talking at the FTC’s second Debt Collection Dialogue, set for September 29th in Dallas. But there’s another important voice that will be heard, too.
Federal and state law enforcers and industry members are heading to Dallas on September 29, 2015, to talk about that other Big D – debt collection.
Last month’s Debt Collection Dialogue in Buffalo – sponsored with the New York AG’s Office – drew nearly 200 participants, including many from the debt collection industry.
Record-breaking refund programs are usually cause for celebration. But the FTC’s largest-ever debt collection redress case offers sobering insights into the lengths some companies will go to illegally squeeze the last dime out of people already in financial distress.
“The Federal Trade Commission works for America’s consumers in every community.” I’ve lost count of how many times I’ve said those words or heard them from my colleagues – and that’s a good thing. Of course, business owners are consumers, too, and the FTC works for you in two ways.
First, we strive to protect all consumers – including you, your family, friends, and employees – from deceptive practices.
They say what happens in Vegas stays in Vegas. But here’s one thing that doesn’t belong in Vegas or anywhere else: ads that draw buyers in with eye-catching terms while burying the “gotchas” in fine print. In separate law enforcement actions, the FTC alleged that two Las Vegas dealers – car dealers, that is – didn’t play it straight with consumers.
The online ads offer consumers a “risk-free trial” of skincare products from companies that claim to be accredited by the Better Business Bureau with an A- rating. How could that possibly be deceptive or unfair? Let us count the ways.
Beef on weck, frozen custard – and one of the largest debt collection industries in the U.S. Those are some of the things Buffalo is known for. That’s why the FTC kicked off its continuing Debt Collection Dialogue in Buffalo on June 15, 2015.
It’s a text that would make most people take notice: ALERT ALERT ALERT .. YOUR PAYMENT WAS DECLINED DUE TO AN INSUFFICIENT ACH TRANSACTION…CALL 866.597.3075. But it wasn’t really an alert. There wasn’t a declined payment. And an “insufficient ACH transaction” isn’t even a real thing.
It was a deceptive text message sent by debt collectors to illegally lure purported debtors into contacting them.
Buffalo is famous as the home of the Bills, but it’s also home to many bill collectors. The FTC is sponsoring a series of Debt Collection Dialogues across the country and the first stop will be Buffalo on June 15, 2015, in conjunction with the New York Attorney General’s Office. If debt collection practices are of interest to you, fry the wings, take out the hot sauce – and mark your calendar for June 15th.
As the name suggests, Green Tree Servicing was supposed to service homeowners’ mortgages by collecting and crediting monthly payments. But according to a $63 million settlement announced by the FTC and CFPB, rather than service, Green Tree gave many homeowners the business.
Like juggling chain saws or using a Ming vase as a sippy cup, some things are just too risky to be reasonable. Here’s one to add to that list: posting unencrypted financial information about 55,000 consumers on a website available to anyone with an internet connection.
The FTC keeps its finger on the pulse of markets, channeling its resources to protect consumers from deceptive and unfair practices involving new technologies. A few years ago, we created the Mobile Technology Unit to help bring consumer protection into the mobile era. Staffers assist the Bureau of Consumer Protection and FTC regions with law enforcement investigations and lend their expertise to the development of consumer protection policy.