• Consumer Protection Law and Advocacy — Chicago, IL

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Consumer Protection In 2017 And Beyond

With the election behind us, there are many questions about what consumer protection role the Consumer Financial Protection Bureau (CFPB) will have going forward.  Today’s edition of The Consumerist notes: “Even before the CFPB launched in 2011, it’s been opposed by many in the financial industries, and by the lawmakers they back.”  Many banks, debt collectors,…

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Prepaid Debit Card Rules Released

Prepaid debit card rules have never been as stringent as those that apply to other debit and credit cards.  That’s why the Consumer Financial Protection Bureau’s October 2016 approval of prepaid debit card rules is so noteworthy. First, what is a prepaid debit card?  It’s a card that usually does not require a credit check…

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Arbitration rules are stacked against consumers

Arbitration Update

In a new arbitration update, six United States Senators have spoken out against the enforcement of Wells Fargo’s arbitration clause: “A major reason that these outrageous practices continued for at least five years is that Wells Fargo’s customer account agreement includes a forced arbitration clause,” reads the letter. “These clauses eliminate consumers’ ability to bring…

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Has A Car Dealer Rejected You For Financing?

Has a car dealer rejected you for financing?  If so, the Equal Credit Opportunity Act requires the dealer to provide you with a written statement explaining why it rejected your credit application.  The Act’s notice requirement can be satisfied in one of two ways: A dealer can routinely provide written statements of reasons for credit…

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Mortgage Servicing Rules Updates

The Consumer Financial Protection Bureau recently announced mortgage servicing rules updates.  Read the alert at http://www.consumerfinance.gov/about-us/blog/weve-updated-our-mortgage-servicing-rules-provide-greater-protections-mortgage-borrowers-and-other-homeowners/.  Here are some of the important highlights: When a homeowner applies for a modification, deed in lieu, or other alternative to foreclosure (known as “loss mitigation”), the servicer must let the borrower know when their application is complete.  In the…

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