Advances in payment methods could end those open-wallet debates about who owes what for the pizza. But as innovative technologies change how people pay for things, established consumer protection principles apply. An FTC complaint against peer-to-peer payment service Venmo – now operated by PayPal – alleges that the company failed to disclose material information about the availability of consumers’ funds.
Blog Posts Tagged with Finance
As a business person managing your personal portfolio, you do your best to keep up with the latest financial news. You’ve been hearing more about cryptocurrencies and asking yourself “Hmmm.” Of course, it’s not just bitcoin. There are now hundreds of cryptocurrencies, which are a type of digital currency, on the market. They’ve been publicized as a fast and inexpensive way to pay online, but many are now also being marketed as investment opportunities. But before you decide to purchase cryptocurrency as an investment, here are a few things to know:
Military families face all the consumer protection issues other Americans face – and then some. Frequent moves and deployments can pose additional financial challenges for servicemembers. And some of these concerns continue even after they’ve settled into civilian life.
If you operate a business, how you handle personal information can affect whether your customers, employees, and yes, even your business, are at risk of identity theft during tax season and all through the year.
Like calling an NFL lineman “Tiny,” we appreciate an ironic name as much as the next person. But it’s different when a company calls itself – among other things – Consumer Defense, Preferred Law, and Modification Review Board and then makes allegedly deceptive claims regarding loan modification services to consumers struggling to hold onto their homes.
If you think the feuds among the Great Houses of Westeros get intense, consider the dinner table discussions about student loan debt. It’s not just taking a toll on the home front. Experts report that the $1.4 trillion debt burden carried by 42 million Americans is affecting workplace productivity, too. But at a time when consumers need accurate information, opportunistic outfits fly in like Daenerys Targaryen’s dragons with false promises of debt reduction or forgiveness.
If you or your clients are in the tax preparation field, there are three letters you should focus on. OK, I-R-S may be the first thing on your mind. But as the FTC’s proposed settlement with TaxSlayer suggests, don’t forget those other important letters: G-L-B.
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.
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.
An FTC lawsuit has put the brakes on a debt collection operation that the agency says used deception to collect traffic tickets, court fines, and other municipal debts for more than 300 local governments in eight Southern and Midwestern states.
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.
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.
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.
“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.
“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.
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.
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.
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.
The FTC just posted a new list and you’ll want to make sure you don’t land on it.
It’s a list of hundreds of companies and individuals banned from the debt relief business.
For companies that peddle phony student loan debt relief, we have a message for you: Winter is coming.