Items Tagged with 'FTC'

ARTICLES

  • FTC warns lenders: Do not lie in loan refinancing ads

    SoFi might not be the only one
    In the wake of taking action against SoFi for allegedly lying in its ads about how much borrowers can save by refinancing their student loans with the online lender, the Federal Trade Commission is also warning other lenders to not engage in similar activity. To that end, the FTC is sending letters to an unknown number of lenders, warning them that they may be subject to a regulatory action should they be found to be engaging in false advertising.
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  • FTC accuses SoFi of lying about loan savings in misleading ads

    Online lender allegedly overinflated savings claims on student loan refinances
    For more than two years, SoFi has been making misleading claims in its television, print, and online advertisements and lying about the amount of savings its loan refinancing programs would bring to borrowers, the Federal Trade Commission said Monday. According to the FTC, SoFi “deceptively advertised inflated figures” about loan refinances, basically claiming that it could save borrowers far more than is actually the case.
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  • RealPage to pay $3 million to settle FTC allegations of faulty tenant screenings

    FTC claims RealPage screenings could have returned incorrect criminal records
    RealPage will pay $3 million in a settlement with the Federal Trade Commission, which accused the real estate tech and data company of providing landlords and property managers with faulty tenant screening results over a five-year period. According to the FTC, RealPage’s screening reports could have shown incorrect criminal records for a prospective tenant because of the company’s limited filtering system on its screenings.
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  • Rental scammer ordered to repay $5.2 million to deceived consumers

    Offered fake rentals and tricked people into signing up for credit monitoring
    The owner of a supposed credit monitoring service will repay $5.2 million to deceived consumers for using fake rental properties to trick those consumers into signing up for the credit services. The company's sites offered "free" credit information but auto-enrolled the renters into a credit monitoring service that charged $29.94 on a monthly basis.
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  • Trump picks Warren ally, former CFPB assistant director Rohit Chopra for FTC post

    Also served as senior adviser at Department of Education in Obama administration
    In what might seem like an unlikely move, President Donald Trump selected Rohit Chopra to serve as a member of the Federal Trade Commission. Chopra’s selection comes as bit of surprise, considering that Chopra is a close ally of Sen. Elizabeth Warren, a former member of Hillary Clinton’s transition team, a former Obama administration official, and a former assistant director of the CFPB. But due to FTC rules, some bipartisanship is necessary among the FTC Commissioners.
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  • FTC launching investigation into Equifax data breach

    Scope of investigation unknown
    Equifax, which is already facing inquiries from the Consumer Financial Protection Bureau, the House Financial Services Committee, the Senate Finance Committee, the office of New York Attorney General Eric Schneiderman, and a lawsuit from the state of Massachusetts over its massive data breach, now has another regulator breathing down its neck – the Federal Trade Commission.
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  • Monday Morning Cup of Coffee: EXCLUSIVE: LA granted stay against FTC appraisal order

    Heads roll at Wells Fargo and maybe the CFPB
    All around the nation, some bonfires are starting and others are being put out. However, it’s getting harder and harder to tell which is which. The FTC puts a stop to itself, Wells Fargo cans a bunch of executives and the White House gets a suggestion on who should be fired next. All that and more in your Monday Morning Cup of Coffee.
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  • FTC forcefully rejects Louisiana’s request to pause regulatory action over appraisals

    Claims state’s recent actions to repeal appraisal law do nothing to change past
    Last week, the state of Louisiana asked the Federal Trade Commission to pause its legal action over the state’s appraisal laws after the state’s governor and the Louisiana Real Estate Appraisers Board issued complementary orders that addressed the FTC’s charges that the board was stifling price competition by requiring that appraisal management companies follow the state’s established polices for how they pay appraisers. Well, the FTC received that request, considered it, and promptly swatted it out to half court.
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