consumer financial protection bureau

Medical Credit Card Issuer Ordered to Make Refunds

Posted on 12/12/2013 by | Money and Work | Comments

Bulletin Today | Money & SavingsA dentist tells an older patient during an exam that she needs expensive treatment. She can’t pay the fee outright, so the dentist immediately arranges financing through a medical credit card plan. A month later, the patient opens her first bill and discovers that the card is not interest-free, as she’d thought. In fact, it carried an annual interest rate as high as 27 percent if she didn’t pay it off within a certain period. Richard Cordray, director of the Consumer …

Reporting Senior Scams Trumps Privacy Laws

Posted on 09/30/2013 by | AARP Blog Author | Comments

Money & SavingsHoping to curb an epidemic of financial abuse against seniors, federal regulators are telling banks and other money managers that they can – and should – report questionable transactions without fear of violating privacy laws. Working with seven other agencies, the Consumer Financial Protection Bureau has issued new “guidance” to  financial institutions. It assures them that telling authorities about signs that older customers are falling victim to scams and fraud doesn’t violate federal restrictions on sharing personal information – a long-time concern …

Retirees Borrow Against Pensions at Loan Rates Up To 106%

Posted on 04/29/2013 by | Money and Work | Comments

Bulletin Today | Money & SavingsUPDATE: Last week, we cited a report by The New York Times that a growing number of older adults are using their pensions as the basis to borrow cash — and paying interest rates as high as 106 percent. That report caught the attention of New York banking regulators. They’re now probing 10 companies that do pension advances, the Times reported Tuesday. Benjamin M. Lawsky, who heads the Department of Financial Services (DFS), calls pension advances ‘‘nothing more than payday …

Confused by Financial Designations? Read On.

Posted on 04/18/2013 by | Money and Work | Comments

Bulletin Today | Money & SavingsAs we head into our retirement years, we could all use a little financial guidance to help us fluff up our nest eggs. Do we tap a certified senior adviser or chartered financial consultant for advice, or would a senior or retirement specialist be better? Maybe a certified trust and financial adviser or an accredited retirement adviser would be best? No, wait, what about a certified financial gerontologist? Or a chartered adviser for senior living? Each day, tens of thousands …

Feds Get Tough With Home Loans

Posted on 01/10/2013 by | Money and Work | Comments

Bulletin Today | Money & SavingsFederal regulators announced new rules Thursday that are intended to protect homeowners from getting sucked into the kinds of risky loans that caused millions to lose their properties during the collapse of the housing market. The rules laid by the Consumer Financial Protection Bureau (CFPB) take effect one year from now. Sadly, they’re too late to help families who’ve already foreclosed because they couldn’t afford the terms of their loans. Still, it’s better late than never. Under the terms of the …

Refunds Coming for Some Credit Card Holders

Posted on 12/18/2012 by | Money and Work | Comments

Bulletin Today | Money & SavingsIf you’re a Discover, American Express or Capital One credit card holder, you may see your balance shrink in the coming months. And not because you dutifully paid down debt. Those three companies are refunding a whopping $435 million to some 6 million customers  between now and March, thanks to the government crackdown on deceptive credit card practices. Don’t worry about filling out complex paperwork to collect. A credit will show up on your statement if you’re a current cardholder. Checks will go out in …