U.S. Government News

2008 Direct Loan School Guide

Thu, 22 May 2008 21:45:46 PST

The Direct Loan School Guide is being reorganized and updated to reflect the regulatory requirements and electronic processes for the 2008-2009 award year.

Credit Repair: FTC Charges Credit Repair Business with Violations

Thu, 22 May 2008 08:33:51 PST

A home-buying consulting business that offers credit repair and home-buying consulting services has agreed to settle with the Federal Trade Commission for alleged federal law violations, including illegally charging an advance fee for credit repair and falsely claiming that they can remove negative information from consumers’ credit reports, even if the information is accurate and timely. At the Commission’s request, the U.S. Department of Justice (DOJ) filed the FTC’s complaint and proposed settlement in federal court

Reducing Credit Card Offers

Mon, 19 May 2008 06:54:38 PST

Preapproved credit offers are based on information in your credit report that indicates you meet criteria set by the credit offeror.

Money Smart for Young Adults

Tue, 15 Apr 2008 08:11:51 PST

The FDIC’s Money Smart for Young Adults curriculum helps youth ages 12-20 learn the basics of handling their money and finances, including how to create positive relationships with financial institutions. Equipping young people in their formative years with the basics of financial education can give them the knowledge, skills, and confidence they need to manage their finances once they enter the real world.

Standard & Poor’s Boycott: Chiang Calls for State and Local Governments to Consider Standard & Poor's Boycott

Tue, 08 Apr 2008 06:54:11 PST

As an option, we ought to consider boycotting Standard & Poor's until they constructively engage California and national municipal issuers on credit rating reform. The costs passed on from the current rating system to states, local governments and, ultimately, taxpayers across thecountry, are serious enough to consider not paying for the ratings unless municipal bonds are judged on an even playing field

Federal Government Announces Stimulus Tax Payments for 2008

Mon, 10 Mar 2008 12:07:46 PST

The U.S. Federal Government has announced economic stimulus payments for 2008. Even if you are not otherwise required to file a U.S. Income Tax Return, you may still be entitled to an economic stimulus payment from the U.S. Federal Government.

A To-Do List for Fine-Tuning Your Finances

Wed, 20 Feb 2008 21:11:08 PST

Any time is a good time to prioritize your financial goals and begin taking steps to achieve them. Here are suggestions to consider for your financial to-do list.

Building Your Financial House: The I.I.I.’s Free, Personal Finance Software Makes Keeping Track of Your Finances Easier than Ever

Fri, 25 Jan 2008 11:27:58 PST

What would happen if you became ill and couldn’t make financial decisions to safeguard your family? Or if your family were unable to find vital records after your death? Have you done all you can to reduce your debt while saving for the future? The Insurance Information Institute’s (I.I.I.) free, downloadable personal finance software can help you put your financial house in order.

Online Marketers of Prepaid Debit Cards to Subprime Consumers Will Pay More Than $2.2 Million to Settle FTC Charges

Fri, 25 Jan 2008 11:21:17 PST

An operation marketing Visa- and MasterCard-branded prepaid debit cards to subprime consumers has agreed to settle Federal Trade Commission charges that it made unauthorized debits from consumers’ bank accounts and engaged in deceptive marketing practices. The settlement requires the defendants to pay $2,258,258 for consumer redress, plus the proceeds from the sale of an automobile. In addition, one of the defendants, Dale Paul Cleveland, must pay taxing authorities an additional $667,288

California Settles Annuity Sales Scam

Wed, 26 Dec 2007 11:21:49 PST

Attorney General Edmund G. Brown Jr. and Insurance Commission Steve Poizner today announced a $7.2 million settlement with American Investors Life Insurance Company, Family First Insurance Services, and Family First Advanced Estate Planning, resolving allegations that the companies sold thousands of annuities with exorbitant fees to vulnerable senior citizens

Don't Print Full Credit and Debit Card Numbers on Customers' Purchase Receipts: FTC Reminds Businesses

Fri, 14 Dec 2007 10:55:19 PST

To reduce the risk of fraud and identity theft, the electronically printed credit and debit card receipts given to consumers must not include more than the last five digits of the card number, and must not show the expiration date.

Nationwide Debt Collector Will Pay $1.3 Million to Settle FTC Charges

Tue, 06 Nov 2007 08:43:37 PST

A Texas-based debt collection company will pay more than $1.3 million to settle Federal Trade Commission charges that it misled, threatened, and harassed consumers in violation of federal law.

FTC Creates Consumer Hotline for Consumers Who Paid for Debt Reduction Services

Tue, 06 Nov 2007 07:38:02 PST

The Federal Trade Commission has created a consumer hotline for consumers who purchased "debt reduction services" from Edge Solutions, Money Cares, the Debt Settlement Company, the Debt Elimination Center, and Pay Help Inc. The hotline is in addition to a letter that was recently sent to the customers of Edge Solutions and the other companies, notifying them that the companies were shutdown.

5 Tips for Protecting Your Checking Account

Mon, 05 Nov 2007 06:10:45 PST

Make sure all the checks, debits, automatic payments, and other withdrawals are ones you authorized. If you see a transaction you did not authorize, notify your bank immediately. If your bank has online banking, you don’t have to wait until your bank statement comes--you can check your transactions at any time.

Consumer Credit Limitations for Military Service Members and Dependents - Limits interest to 36 percent MAPR

Wed, 17 Oct 2007 18:07:16 PST

The rule applies to all persons engaged in the business of extending consumer credit and their assignees. The final rule applies to consumer credit, which the DoD defines as payday loans, vehicle title loans and tax refund anticipation loans that meet specific parameters. For these defined transactions with covered borrowers (covered transactions), the DoD rule.

Feds Urges Improved Underwriting Standards on Third Party Loans

Mon, 08 Oct 2007 10:56:26 PST

When a bank makes a loan that it plans to hold, the fundamental standard it uses to underwrite the loan is that most basic of credit standards that I’ve already talked about: the underwriting must be strong enough to create a reasonable expectation that the loan will be repaid.

Give Yourself Credit – Good Credit; It Reaps a Variety of Financial Rewards

Wed, 03 Oct 2007 05:20:24 PST

Having a solid credit history can affect consumers in a surprising number of ways. Credit histories influence everything from renting an apartment and getting a mortgage to applying for a job or qualifying for a lower rate on auto or home insurance, according to the Insurance Information Institute (I.I.I.).

Home Equity Lines of Credit - Who Uses This Source of Credit?

Wed, 26 Sep 2007 10:57:26 PST

This report profiles single-family homeowners who used home equity lines of credit in 2001 and compares them to their counterparts from 10 years earlier, including age, home value, mortgage, age of home, number of loans for home improvements and proportion of people using home equity for debt consolidation.

Seven Credit Rating Agencies Register with SEC as Nationally Recognized Statistical Rating Organizations

Tue, 25 Sep 2007 08:58:05 PST

Washington, D.C., Sept. 24, 2007 — The Securities and Exchange Commission issued orders today granting the registrations of seven credit rating agencies as nationally recognized statistical rating organizations (“NRSRO”). The firms are the first to be registered with the Commission under the Credit Rating Agency Reform Act of 2006.

Underfunded Pension Plans: Treasury, IRS Issue Proposed Regulations

Tue, 28 Aug 2007 13:58:21 PST

Washington, D.C.--The Treasury Department and IRS issued today proposed regulations to provide guidance on new rules enacted as part of the Pension Protection Act of 2006 (PPA) that restrict benefits in pension plans that are underfunded.