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Advocate Andy
New Rule Extends Protections for Buy Now, Pay Later Loans
Some credit card rules extended to short-term purchase financing. Customers who take advantage of short-term loans that offer "pay-in-four" installment flexibility will now have some new protections thanks to the Consumer Financial Protection Bureau (CFPB).
Supreme Court Upholds CFPB's Funding and Authority
Court upholds funding, structure of Consumer Financial Protection Bureau. Consumer advocates are hailing a decision by the U.S. Supreme Court that will allow the Consumer Financial Protection Bureau (CFPB) to continue conducting business with a steady stream of funding.
Victims of Think Finance Deception to Receive $384 Million
Online lender tricked borrowers into repaying loans they did not owe. Nearly 200,000 victims of an online lending scam will receive payments from a $384 million fund. The Consumer Financial Protection Bureau (CFPB) is distributing payments to former borrowers of Think Finance, an online lender that operated a deceptive scheme to secure loan repayments from borrowers.
Devalued or Denied: Credit Card Rewards Disappoint Customers
Report highlights customer problems with credit card reward programs. A new report indicates that many customers feel misled by claims made by credit card rewards programs. The Consumer Financial Protection Bureau (CFPB) released a report analyzing rewards programs offered by credit card companies as incentives and noted that in a number of cases, those programs end up being devalued or promised benefits are later denied.
LendUp Customers to Get $40M Refunds
More than 100,000 customers misled by LendUp's false claims. The Consumer Financial Protection Bureau (CFPB) announced that more than 100,000 customers of now-defunct nonbank installment lender LendUp will receive a total of $40 million in payments.
Chime Financial Fined $4.5 Million for Harming Customers
Nonbank financial services provided withheld customer refunds for months. A nonbank lender will pay more than $1 million directly to former customers and also pay a civil penalty in excess of $3 million for harmful and illegal actions it took against customers.
Pastor Speaks Out Against Arming Teachers
Local minister applauds Anderson County's decision on teachers with guns. An Anderson County pastor is celebrating news that officials in the local school district have decided against arming teachers, despite a new state law allowing certain teachers to carry firearms on campus.
Credit Report Crisis: $49 Billion in Medical Debt
Despite policy changes, 15 million Americans have medical debt on credit reports. A consumer advocacy group is speaking out in light of a new report showing that 15 million Americans have a total of $49 billion in medical debt in collections showing up on credit reports.
No Arming Teachers: Sumner County Stands Firm
Director of Schools releases message on recently passed state legislation. In response to legislation passed by the General Assembly that would allow teachers who complete certain training to carry concealed firearms on school campuses, Sumner County Director of Schools Scott Langford released a statement noting he opposes the measure and will not allow Sumner County teachers to carry firearms while on duty.
Advocacy Group Rallies for Equity, Fights Harmful Bills
Group laments harmful bills passed during legislative session. A coalition of advocacy groups joined a rally at the Tennessee Capitol hosted by The Equity Alliance.The groups highlighted injustices from the nearly-concluded legislative session.
Lawmakers Reject Plan to Boost Teacher Pay with Unspent Voucher Funds
Senate committee votes down measure that would have invested unspent voucher funds into teacher salaries. A key legislative committee rejected an effort to increase a planned teacher pay raise this week. The proposal would have used funds previously allocated for Gov. Bill Lee's school voucher program, which now seems unlikely to advance this year.
BloomTech Fined $164,000 for Deceiving Student Borrowers
Tech training company lied about income share agreement loans. For-profit tech training school BloomTech has been fined $164,000 and ordered to cease student lending activities after findings that it deceived students into using expensive student loan products to finance their educations.
Advocate Andy
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Andy Spears is a middle Tennessee writer and policy advocate. He reports on news around public policy issues - education, health care, consumer protection, and more.
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