Blog Posts Tagged with Finance

Pages

How is your business honoring Month of the Military Consumer?

Pork Chop Hill Road, Screaming Eagle Boulevard, Hell on Wheels Avenue, or my former home on Patton Drive. If those street names sound familiar, chances are you’re a servicemember, a veteran, or part of a military family. July is the Month of the Military Consumer and the FTC has resources to help keep members of the military fiscally fit and scam savvy – and a tip for businesses that do business with military consumers.

Students not a-loan in fighting debt relief deception

First came the companies claiming they could reduce consumers’ credit card debt. Next were the outfits saying they could renegotiate mortgages or save homes from foreclosure. Now that people are struggling with the trillion-dollar burden of student loan debt, some marketers are making dramatic promises about reduced payments and loan forgiveness – representations the FTC alleges are false or misleading.

FinTech Forum: A closer look at peer-to-peer payment systems and crowdfunding platforms

Financial technology remains a hot topic for consumers, offering the possibilities of increased convenience and access to financial services at a lower cost. As part of its FinTech Forum series, the FTC continues to promote public discussion of the ways in which innovative FinTech services – many provided by non-banks and technology companies within the FTC’s jurisdiction – can benefit consumers and the potential issues for stakeholders to keep in mind.

Third FinTech Forum to discuss artificial intelligence and blockchain

Artificial intelligence and blockchain. If those terms relate to your company’s work, you might want to mark March 9, 2017, on your calendar. If you have financial services clients and you’re not up to speed on how either artificial intelligence or blockchain relates to their business, you’ll definitely want to reserve March 9th for the FTC’s third FinTech Forum.

$20 million FTC settlement requires Uber to have proof for earnings, auto financing claims

In promotional materials to attract prospective drivers, ride-hailing company Uber Technologies touted how much money drivers would earn and the favorable terms they could get by financing a car through Uber’s Vehicle Solutions Program. But according to an FTC complaint, Uber exaggerated those earnings claims and misrepresented the terms of its Vehicle Solutions Program.

$586 million Western Union settlement: Be careful about the company your company keeps

“For many years, Western Union’s money transfer system has been used by fraudsters around the world to obtain money from their victims.” That’s how the FTC’s complaint against Western Union opens – and it tells a compelling story of a corporation the FTC says knew that massive fraud was afoot and had the ability to address it, but chose to look the other way.

Edge of ‘17

Just like the white winged dove sings a song,” you can count on the BCP Business Blog to celebrate the “Edge of Seventeen” – 2017, of course – with a recap of in-case-you-missed-it developments from 2016. (Sorry, Stevie Nicks. That was a stretch.) In no particular order, here is our take on ten noteworthy consumer protection actions from the year gone by.

Military Consumer: Sound Off!

The military community makes many of the same consumer decisions as their civilian counterparts. We all need to manage our money – and avoid rip-offs. But servicemembers and their families also face unique challenges, like frequent relocations and deployment. When a permanent change of station is on the horizon, a military family needs to rent or buy a new place to live, manage money while on the move, and be vigilant about dealing with businesses in an unfamiliar locale. A servicemember’s regular paycheck from Uncle Sam can make them a target for scammers.

FinTech Forum: A closer look at marketplace lending

Innovative financial technology is changing the way consumers borrow, share, and spend money, offering the promise of increased convenience and access to financial services. The FTC is hosting a series of FinTech events to broadly explore the implications of this financial technology for consumers, building on the agency’s longstanding focus on technological innovation and extensive enforcement experience in the area of non-bank financial practices.

Are you following FinTech?

FinTech is the latest word in emerging financial technology and the FTC’s FinTech Forum will offer the latest word on the latest word. The topic for today’s half-day conference is marketplace lending – nonbank financial platforms that use technology to reach potential borrowers, evaluate creditworthiness, and facilitate loans. Can’t participate in person? Watch the webcast from the FinTech event page.

Are your FCRA policies worth the paper they’re printed on?

In the words of movie mogul Samuel Goldwyn, “An oral contract isn’t worth the paper it’s printed on.” If your company provides information about consumers to credit bureaus, the law requires that you have written policies in place regarding the accuracy and integrity of that data. But are your policies worth the paper they’re printed on? That’s one of the issues presented in an FTC settlement with Dallas-based debt collector Credit Protection Association.

Top 10 consumer complaint categories: Is your industry on the list?

Usually a Top 10 list is something industries are delighted to find themselves on. So we’ll call this one a Flop 10 list, the FTC’s annual report about consumer complaints added in 2015 to the Consumer Sentinel database. How did your industry – and your state – rank in reported complaints?

First, the box score:

IdentityTheft.gov means business!

Why is it your business if identity theft victims can get free personal recovery plans and other help that makes it easier for them to report and recover from identity theft?  Here’s an answer: Because it’s good business – for you, your customers, your employees, and your community.

Self-regulation and debt buying

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.

Pages