Tag: Credit and Loans

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At the request of the Federal Trade Commission, a federal court has halted an online operation that allegedly debited consumers’ bank accounts without their consent when consumers visited the defendants’ websites seeking payday loans. The court also froze the defendants’ assets, pending further...
The Federal Trade Commission and the Federal Reserve Board are seeking public comment on proposed amendments to the Risk-Based Pricing Rule that would require creditors, as of July 21, 2011, to disclose credit score information to consumers when a credit score is used in setting or adjusting credit...
The Federal Trade Commission issued its annual report to the Federal Reserve Board on FTC enforcement activities regarding the Equal Credit Opportunity Act, Electronic Fund Transfer Act (EFTA), Consumer Leasing Act, and Truth in Lending Act. This year’s report also discusses FTC activities under...
The Federal Trade Commission is warning 18 Internet websites offering free credit reports that they must clearly disclose that a free report is available under federal law. The FTC’s recently amended Free Credit Reports Rule, which took effect April 2, 2010, requires certain disclosures to help...
The Federal Trade Commission has posted on its Web site a calculator that gives consumers an estimate of how long it will take them to pay off their credit card balance. Developed by the Federal Reserve Board, the calculator is being provided in connection with the Bankruptcy Abuse Prevention and...
The Federal Trade Commission will suspend enforcement of the new “Red Flags Rule” until May 1, 2009, to give creditors and financial institutions additional time in which to develop and implement written identity theft prevention programs.
The Federal Trade Commission has sent letters to 166 advertisers and 77 media outlets warning them that their advertisements targeting Hispanics are potentially deceptive. The ads were spotted during a one-day surf of Spanish-language newspaper, magazine, Internet, radio, and television...
The three nationwide consumer reporting companies – Equifax, Experian, and TransUnion – today announced the Web address, toll-free telephone number, and postal address consumers can use to request a free annual credit report. Beginning December 1, 2004, consumers in 13 Western states will be able...
The Federal Trade Commission today filed a complaint in federal court charging Associates First Capital Corporation and Associates Corporation of North America (collectively, The Associates) with systematic and widespread abusive lending practices, commonly known as "predatory lending." The FTC...
Following an investigation coordinated with the British Columbia Ministry of Attorney General, the Federal Bureau of Investigation ("FBI") and the Royal Canadian Mounted Police ("RCMP"), the Federal Trade Commission today announced it has filed a civil complaint against the purveyors of a well-...
Six Philadelphia automobile dealerships and their individual owners have signed agreements with the Federal Trade Commission to end alleged practices of omitting or burying in fine print key cost information in their vehicle lease and credit ads. The settlement agreements, signed by Dunphy Nissan,...
Two St. Louis car dealerships will pay a $40,000 civil penalty for alleged violations of a Federal Trade Commission order related to the Consumer Leasing Act ("CLA") and the Truth In Lending Act ("TILA"). The penalty is the first ever collected by the FTC for such an order violation by a vehicle...
Seven subprime mortgage lenders from across the country have agreed to pay redress or be banned from making certain loans to settle Federal Trade Commission charges that their lending practices violated various laws enforced by the agency. The agreements are part of the Commission's "Operation Home...
Consent agreements given final approval: Following a public comment period, the Commission has made final consent agreements with the following entities: Toyota Motor Sales, U.S.A., Inc.; Volkswagen of America, Inc. (including its Audi of America division); Lou Fusz Automotive Network, Inc.;...
The Federal Trade Commission has given final approval to a consent agreement with Jerry C. Cohen and the three northern Virginia automobile dealerships of which he is president and CEO -- Jerry's Ford Sales, Inc., John's Ford, Inc. (which does business as Jerry's Leesburg Ford), and Jerry's...
Three northern Virginia automobile dealerships and their CEO and president, Jerry C. Cohen, have agreed to settle Federal Trade Commission charges that they deceptively adver- tised their "optional payment" financing plan and engaged in other lease and credit advertising violations. Among other...
A new policy hammered out by the National Foundation for Consumer Credit (NFCC) with guidance from staff of the Federal Trade Commission will ensure that financially-troubled consumers who seek help from one of NFCC’s 1,100 Consumer Credit Counseling Services offices nationwide will be told that...

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