The Consumer Financial Protection Bureau (CFPB) has put debt collection companies on notice against harmful debt collection practices. CFPB has also released new tools to help consumers communicate with debt collectors and resolve collection complaints.
CFPB explains that most collection firms treat consumers fairly, but the ones that don’t “can cause financial harm to consumers and undermine the financial marketplace.” The bureau is in the business of protecting consumers. It warns debt collectors that “any entity that is subject to the Consumer Financial Protection Act of 2010 is legally required to refrain from committing unfair, deceptive, or abusive acts or practices that would violate the Act.”
The “Action Letters” Continue reading Combating Harmful Debt Collection Practices: Debt Collectors Respond
Banks and other financial institutions are struggling to keep up with ever advancing technology while still protecting our money, in part because we want instant access wherever we are. But mobile banking comes with risks, especially that our information and account numbers are vulnerable without strong safeguards in place. And while the banks are continually increasing and assessing security measures, thieves are also working to learn ways around online security.
Today, millions of transactions are happening online or over mobile apps, and that brings an increase in the risk of cyber fraud, where skilled hackers can steal your information, your money and your identity.
One of the challenges banks face in protecting our accounts is that they have to keep us happy. That mean making sure we can access our own accounts with a minimum of fuss, yet we still expect the banks and other financial institutions to protect us from cyber fraud. Of course, it’s in the banks best interest to protect our money, or we might just take our business elsewhere, and they know that. It’s a fine balancing act they have, and it’s important that we play a bigger role in preventing cyber fraud.
Banks are realizing that Continue reading Consumer and Companies Working Together to Stay Safe from Cyber Fraud
Most consumers are familiar with the FDIC (Federal Deposit Insurance Corporation) that insures bank accounts and offers blanket protection for any deposits made to member banks. You may be less familiar with the SIPC (Securities Investor Protection Program) but every investor or potential investor at any level should be aware of the protection services that the SPIC offers.
Continue reading Are Your Investments Protected by the Securities Investor Protection Program?