Senior Editor, Money Team

Eileen Ambrose is a senior editor and writer for the Money Team. She previously was a personal finance columnist with the Baltimore Sun.

Should You Sell When Your Fund Manager Quits?

So, the star manager of your mutual fund leaves. Should you bail, too? It’s a question on many investors’ minds now after famed bond manager Bill Gross announced Friday he was leaving the company he founded, Pacific Investment Management Co., to start another fund at rival Janus. The Wall Street Journal reported today that investors so far have pulled $10 billion out of Pimco —  and $90 billion more may follow. “You have to be careful not to have a knee-jerk …

U.S. Bank Ordered to Refund $48 Million to Customers

U.S. Bank is the latest institution to come under fire from the Consumer Financial Protection Bureau for charging consumers for credit-monitoring services that they never received. The CFPB announced today that it ordered the Minnesota-based bank to refund about $48 million to more than 420,000 customers. The bank also must pay penalties totaling $9 million to the CFPB and the Office of the Comptroller of the Currency. According to regulators, for several years some consumers paid for credit monitoring that …

Credit Card Issuers Show Some Love to Older Consumers

Is your credit card interest rate too high? You may get a lower rate just by asking, especially if you’re an older consumer. That’s a finding from a survey of nearly 1,000 consumers, released today by CreditCards.com. The  website, which tracks card offers, discovered that about two-thirds of people who asked for a lower rate got it. And the odds of a card issuer showing leniency on late payments also improved with your age. For instance, one-third of people ages 18 to 29 received a …

Regulator Seeks Greater Oversight of Auto Financing

The Consumer Financial Protection Bureau wants to extend its oversight to large nonbank auto-finance companies to make sure they are not discriminating against consumers. The CFPB announced today its proposed rule to expand its supervision to these companies, which would include the finance arms of auto manufacturers. “Nonbank auto-finance companies extend hundreds of billions of dollars in credit to American consumers, yet they have never been supervised at the federal level,” CFPB Director Richard Cordray said in a statement. “Today’s proposal …

FTC Asks Older Americans to Help Spot Fraud

The Federal Trade Commission has created a new campaign to tap into the experiences of older adults to help others avoid being victims of fraud. “A lot of times in the media, [older] people are depicted as things happening to them; they are victims. We don’t actually agree,” says Jennifer Leach, a consumer education specialist at the FTC. >> Scams to Avoid “Most people age 60, 65 and older are doing great,” she says. “They are experienced people who have great …

Unpaid Student Loans May Impoverish Older Americans

Though a small percentage of older Americans carry student loans, those who do are incurring this debt faster, have a higher default rate and, as a result, can find themselves living in poverty in retirement, according to a new report from the U.S. Government Accountability Office. While older citizens are more burdened by mortgages, auto loans and credit-card debt, student loans among this age group are a growing concern. And unlike young borrowers who have many working years ahead of them to repay, older …