DIRS.INFO The most relevant business & tech news

☆ Why is Travis Kelce so concerned about my credit score?
▼ + stars: | 2024-02-06 | by ( Emily Stewart | ) www.businessinsider.com time to read: +8 min

And now, he would like to talk about everybody's — credit scores. It's the type of message that can briefly fill you with panic since credit scores can make or break your financial life. The checking account and debit card are pretty vanilla, and Boost doesn't guarantee a higher credit score. America is filled with people with bad credit scores who want to improve, and probably a lot of them are football fans. "But America is filled with people with bad credit scores who want to improve, and probably a lot of them are football fans."

Persons: Travis Kelce, Taylor, He's, It's, Experian, Kelce, Katie Stratman, it's, isn't, Matt Schulz, Aaron Klein, Rajiv Bhatia, Chi Wu, Swift, —, Klein, Emily Stewart Organizations: Kansas City Chiefs, American Express, Chiefs, Netflix, Citibank, Brookings Institution, Treasury, Morningstar, National Consumer Law Center, Capital, Business Locations: Experian, America

☆ Here's what we know so far about Biden's 'Plan B' for student loan forgiveness
▼ + stars: | 2023-11-24 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden speaks about administration plans to forgive federal student loan debt during remarks in the Roosevelt Room at the White House in Washington, U.S., August 24, 2022. Leah Millis | ReutersPresident Joe Biden's new plan to forgive student debt is likely to look much different than his first. His administration has already started that process, and established a "Student Loan Debt Relief Committee" — including Wisdom Cole at the NAACP, Kyra Taylor at the National Consumer Law Center and several student loan borrowers — to hash out the details. Reach of relief could drop to 10% of borrowersNearly 40 million Americans stood to benefit from Biden's original student loan forgiveness plan. Less than 10% of federal student loan borrowers are likely to qualify this round, Kantrowitz said.

Persons: Joe Biden, Leah Millis, Joe Biden's, Wisdom Cole, Kyra Taylor, Mark Kantrowitz, John Roberts, Kantrowitz, Luke Herrine, Herrine Organizations: White, Debt, NAACP, National Consumer Law Center, Finance, Biden, . Nebraska, University of Alabama, CNBC Locations: Washington , U.S, .

Federal rules require banks to reimburse customers for payments made without their authorization, such as by hackers, but not when customers themselves make the transfer. Following its launch in 2017, Zelle grew to become one of the largest U.S. peer-to-peer payments networks by total payments. A March 2022 New York Times report that scams were flourishing on Zelle caught the attention of lawmakers frequently critical of big banks, including Senator Elizabeth Warren. He said Zelle has seen "a step-change reduction" in fraud and scam rates this year but declined to provide details. Chance said EWS has been engaging with policymakers on the need for a "holistic approach" to combating scams, including advocating for more dedicated law enforcement resources.

Persons: Jamie Dimon, Jane Fraser, Brian Moynihan, Banks, Ben Chance, Zelle, Elizabeth Warren, Warren, Dimon, EWS, Chance, ”, Trace, Carla Sanchez, Adams, we're, Lindsey Johnson, Hannah Lang, Chris Prentice, Michelle Price, Rod Nickel Organizations: JPMorgan Chase, Citigroup, Bank of America, Banking, Housing, Urban Affairs, Capitol, Warning, Reuters, Federal, JPMorgan, New York Times, Federal Trade Commission, Consumer Financial Protection Bureau, PayPal, National Consumer Law, Consumer Bankers Association, Thomson Locations: Zelle, U.S, Warren, Washington, New York

NEW YORK (AP) — “Junk fees” are just what they sound like: hidden or misleading charges that increase the total cost of concert tickets, hotel rooms, utility bills and other goods and services. Here's what to know:WHAT QUALIFIES AS A JUNK FEE? That should reduce junk fees for financial advice for people saving for retirement. HOW CAN I AVOID PAYING JUNK FEES? HOW MUCH DO THESE FEES COST CONSUMERS?

Persons: Biden, Ariel Nelson, Nelson, ”, “, Lina Kahn, Lael Brainard, Charles Schwab Organizations: Federal Trade Commission, Consumer Finance Protection Bureau, Department of Labor, National Consumer Law Center, Republican, Consumer Financial, Department, Labor, Securities and Exchange Commission, Interest, White, National Economic Council, FTC, Associated Press, Charles, Charles Schwab Foundation, Inc, AP

☆ Student loan forgiveness: How Biden continues to cancel debt after Supreme Court ruling
▼ + stars: | 2023-10-22 | by ( Katie Lobosco | ) edition.cnn.com time to read: +9 min

Washington CNN —Although the Supreme Court struck down President Joe Biden’s signature student loan forgiveness program in late June, his administration has found ways to cancel more than $48 billion in debt since then. That’s more student loan forgiveness than was granted under any other administration – in part due to the Biden administration’s efforts to temporarily expand some debt relief programs and to correct past administrative errors made to borrowers’ student loan accounts. Expanding debt relief program for public-sector workersNearly $51 billion of student loan debt has been canceled for 715,000 borrowers through the Public Service Loan Forgiveness program since Biden took office. The PSLF program cancels outstanding federal student loan debt for public-sector workers who have made 120 qualifying monthly student loan payments, or about 10 years’ worth of payments. Nearly 513,000 borrowers with a total and permanent disability have received $11.7 billion in student loan forgiveness since 2021.

Persons: Joe Biden’s, Biden, Trump, they’d, –, “, Virginia Foxx, ”, Abby Shafroth, Shafroth, Betsy DeVos Organizations: Washington CNN, of Education, Office, Congress, ”, CNN, Department of Education, Republican, Education, White, New Civil Liberties Alliance, Cato Institute, Mackinac Center for Public Policy, National Consumer Law Center, Loan, Public, PSLF, University of Phoenix, Corinthian Colleges, Social Security Administration, Department of Veterans Affairs, Department, Social Security Locations: Michigan

☆ Lawmakers take aim at credit card interest rates, fees as cardholder debt tops $1 trillion
▼ + stars: | 2023-10-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

"We do not see a path forward for legislation to cap credit card interest rates," Seiberg said. There are 70 million more credit card accounts open now than in 2019, it said. Credit card interest rates have predominantly remained below 36% due to "self-restraint" by banks, though that's still "extremely high" for a credit card, said Lauren Saunders, associate director at the National Consumer Law Center. I think some of the [political] lines are starting to blur a little bit, at least on credit card issues. How to reduce your personal card rate to 0%Rossman's general advice to consumers: Make your personal credit card rate 0%.

Persons: Luis Alvarez, Rossman, Seiberg, There's, that's, Lauren Saunders, Ted Rossman, Sen, Bernie Sanders, Alexandria Ocasio, Glenn Grothman, Grothman, Hawley Organizations: Digitalvision, Getty, Cowen Washington Research Group, Republican, Federal Reserve Bank of New, Federal Reserve, National Consumer Law Locations: Federal Reserve Bank of New York, Alexandria, Cortez, Jesús, Chuy, García

☆ How this 77-year-old widow lost $661,000 in a common tech scam: 'I realized I had been defrauded of everything'
▼ + stars: | 2023-10-08 | by ( Greg Iacurci | ) www.cnbc.com time to read: +19 min

Older adults, many of whom have saved their entire careers for retirement, can have the most to lose. The Covid pandemic was a disproportionate threat to older adults, keeping Americans indoors and quickly pushing them online. Outcomes hinge on a complex web of federal and state rules that govern banking and elder financial fraud. Such "heightened procedures" to protect older adults are part of the bank's duty of care relative to older customers, the lawsuit said. Scammers had her wire funds from her PNC bank account to an account at the now-defunct Signature Bank in New York.

Persons: Marjorie Bloom, she'd, Bloom, Roth, Ester, Ester Bloom, Rebecca Keithley, —, they'd, I'm, Kathy Stokes, Keithley, General Merrick Garland, she'll, Marjorie Bloom Bloom, trekked, Mount, Kriangkrai, I've, There's, Sergio Flores, scammers —, Carla Sanchez, Adams, Sanchez, Banks, Marve Ann Alaimo, Porter Wright Morris, Arthur, Alaimo, Cryptocurrency, Scammers, scammers, it's, Patrick Wyman, Wyman, Al Drago Organizations: PNC Bank, Finance, CNBC, Federal Bureau of Investigation, PNC, FBI, Social, Department of Justice's, Vanguard Group, Federal, Consumer Finances, AARP, Microsoft, Department of Energy, Guaranty Corporation, U.S, North Dakota ., Everest Base, Social Security, North Bethesda Camera, PNC Bank —, District of Columbia, Bloomberg, Getty, National Consumer Law, Signature Bank, Asset Unit Locations: Chevy Chase , Maryland, U.S, Vietnam, Mount Everest, North Dakota, liquidating, Nepal, Marjorie Bloom Maryland, District, —, Maryland, PNC, New York, Cayman Islands, Washington ,

☆ Biden administration moves ahead with new plan to cancel student debt
▼ + stars: | 2023-09-29 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

The Biden administration announced on Friday the next step in its new plan to cancel people's student debt after the Supreme Court struck down its original policy in June. The U.S. Department of Education released its initial agenda of policy considerations for its second attempt at delivering Americans student loan relief. It also shared a list of individuals who will serve on the "Student Loan Debt Relief Committee," including Wisdom Cole at the NAACP, Kyra Taylor at the National Consumer Law Center and several student loan borrowers. Its original plan was broader, only cutting out student loan borrowers who earned more than $125,000 as individuals or $250,000 as couples. "The Biden-Harris Administration has taken unprecedented action to fix the broken student loan system and deliver record amounts of student debt relief," U.S. Secretary of Education Miguel Cardona said in a statement.

Persons: Wisdom Cole, Kyra Taylor, Biden, Harris, Education Miguel Cardona Organizations: Biden, U.S . Department of Education, Debt Relief, NAACP, National Consumer Law Center, Finance, Harris Administration, Education

☆ Beware Companies Selling Credit ‘Repair’ Services
▼ + stars: | 2023-09-15 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

But beware the companies that sell credit “repair” services over the phone and charge fees upfront. Credit repair companies typically bombard credit bureaus with dispute letters in the hope of getting negative marks deleted, said Andrew Pizor, a senior attorney at the National Consumer Law Center. Occasionally, the repair companies’ efforts may work, Mr. Pizor said, but any benefit is often temporary. If the negative information is accurate, there’s generally no way to have it erased, Mr. Pizor said. Paying for credit repair, he said, is “really a waste of money for the vast majority of people.”

Persons: Andrew Pizor, don’t, Pizor, you’ve, ” Organizations: Consumer Financial, PGX Holdings, Progrexion, Lexington Law, National Consumer Law Center

Legal experts say that if California wins, it could embolden other states to take action against lenders that make high-interest loans to low-income borrowers using what critics call "rent a bank" partnerships. Several nonbank lenders have already exited California, said Saunders, whose group tracks high-interest lenders. In California, OppFi took the unusual step of preemptively suing to try to block the state from taking action. Federal law allows state-chartered banks to lend across state lines at the interest rate legal in their home state. California has urged Dillon to recognize that OppFi decides who to lend to and has a deal with the bank to purchase the loans.

Persons: Lee Jae, Timothy Dillon, Lauren Saunders, California's, OppFi, Saunders, Dillon, Allard Chu, That's, Ron Vaske, Ballard Spahr, Jody Godoy, Andy Sullivan Organizations: REUTERS, California Department of Financial Protection, Los Angeles Superior, California, Federal Reserve, National Consumer Law Center, EasyPay Finance, FinWise Bank, FinWise, Thomson Locations: Seoul, California, Chicago, Utah, U.S, In California, Colorado, New York

☆ ‘I’ve had this black cloud looming over me’: How private lenders have left millions of college students with no hope for the future
▼ + stars: | 2023-08-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +15 min

We both do DoorDash, and probably when those federal student loans start up, it'll be more of a necessity to do that." While private debt makes up just about 10% of the $1.7 trillion student-debt mountain in the US — about $136 billion — the industry has exploded over the past decade: the amount of outstanding private debt has jumped an estimated 47% since 2014. "Regardless, the student loan debt that was supposed to be an investment in their futures is dragging them down." To be sure, some private servicers do disclose benefits private borrowers could lose should they choose to refinance. Moran said he didn't regret taking out private student loans because it allowed him to pursue his desired nursing career.

Persons: Brianne Jones, Jones, she's, We're, it'll, Michele Shepard, they've, it's, Shepard, Suzanne Martindale, —, Anna Anderson, you've, It's, Navient, Martindale, Ryan Moran, Moran, Moran isn't, Joe Biden, I've, Anderson, forbearance, Steve Cohen, didn't Organizations: Eastern Michigan University, West, Federal Direct Loan Program, Institute for College, California's Department of Financial Protection, National Consumer Law Center, Consumer Financial, Bureau, Consumer Financial Protection Bureau, — Maryland Locations: Florida, —, California

☆ Is Biden's $39 billion student loan forgiveness action legal? 'Be assured it's going to stay,' says expert
▼ + stars: | 2023-07-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Demetrius Freeman/The Washington Post via Getty ImagesHow are the two loan forgiveness actions different? There are four of these plans, which aim to make loan payments more affordable for lower earners. That law gave the president power to revise student loan programs during national emergencies. The Trump administration had leveraged the Heroes Act to implement a student loan payment pause at the onset of the Covid-19 pandemic. However, Congress has already authorized loan forgiveness relative to income-driven repayment plans, dating to when it created them in the 1990s.

Persons: Joe Biden, Education Miguel Cardona, Demetrius Freeman, —, Biden, hasn't, Virginia Foxx, Abby Shafroth, who've, Trump, Shafroth, Kantrowitz Organizations: U.S, Education, Washington, Getty, White, U.S . Department of Education, Department of Education, National Consumer Law Center, National Consumer Law, of Education

Critics have said such awards encourage frivolous lawsuits and excessive fees going to class action attorneys who may seek to benefit their own interests instead. The Supreme Court in 2019 sidestepped resolving a challenge to cy pres awards in a case involving Google. Conservative Justice Clarence Thomas, dissenting in that case, called cy pres settlements "unfair and unreasonable." Monsanto has called the group, which advocates against what it considers abusive class action procedures, a "serial objector to class-action settlements." The group said in court papers that further steps could have taken to distribute the settlement award to class members.

☆ Even if the Supreme Court finds Biden's student-loan forgiveness was an overreach of authority, it doesn't mean the relief will get struck down. Here's why.
▼ + stars: | 2023-03-05 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Supreme Court justices must first determine whether the cases blocking Biden's student-debt relief have standing. If they find there isn't standing, they aren't able to rule on whether the relief was an overreach of authority. The justices were skeptical of whether GOP-led states had standing to bring student-loan company MOHELA into their case. She agreed with Jackson when asked if they would be "breaking new ground" if they found the states have standing. The Supreme Court will issue a decision by June, when borrowers will find out if the justices' skeptical line of questioning on standing will hold up.

☆ Why a student-loan company's involvement in a case seeking to block Biden's debt relief might end up working in borrowers' favors
▼ + stars: | 2023-03-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +8 min

Student-loan company MOHELA played a central role in one of the cases seeking to block Biden's student-debt relief. All justices dug into whether the state of Missouri has standing to claim an injury to MOHELA is an injury to itself. Some experts said the company's involvement in the case could undermine plaintiffs' standing to sue. The states argued that Biden's debt relief would hurt their states' tax revenues, but that was an issue the Supreme Court justices barely questioned. "And two, that President Biden's debt relief plan would impact MOHELA such that MOHELA could not even start paying back its debts to the Lewis and Clark Fund."

☆ CFPB: What it does and why its future is in question
▼ + stars: | 2023-03-03 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

The CFPB’s missionThe agency was created after the 2008 financial meltdown, as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The broad purpose of the CFPB is to protect consumers from financial abuses and to serve as the central agency for consumer financial protection authorities. It is charged with implementing and enforcing consumer protection laws, making rules and issuing guidance for consumer financial institutions. And it is the place consumers can go to lodge complaints about financial products and services. “It has completely changed the consumer financial marketplace.

☆ Will student loan forgiveness pass the Supreme Court? Here's what we know so far
▼ + stars: | 2023-03-02 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +7 min

WASHINGTON, DC - People rally in support of the Biden administration's student debt relief plan in front of the the U.S. Supreme Court on February 28, 2023 in Washington, DC. This week, the Supreme Court heard oral arguments from both supporters and opponents of President Joe Biden's student debt forgiveness plan. Student loan borrowers have the most immediately at stake, but the high court's ruling and rationale could have bigger implications for the government. Nebraska solicitor general, James Campbell, who represented the state plaintiffs, responded that "the state speaks for MOHELA." Will student loan forgiveness pass?

☆ Biden's student-loan forgiveness plan is in jeopardy. Here are 4 major takeaways from the Supreme Court's oral arguments.
▼ + stars: | 2023-02-28 | by ( Ayelet Sheffey | Oma Seddiq | ) www.businessinsider.com time to read: +11 min

The Supreme Court heard oral arguments for Biden's student-debt relief on Tuesday. The nation's highest court heard more than four hours of oral arguments in two high-profile cases that reviewed Biden's plan to cancel up to $20,000 in debt for federal borrowers, which lower courts temporarily paused in November. "We're talking about half a trillion dollars and 43 million Americans," Chief Justice John Roberts said, referring to the estimated costs of Biden's plan and the number of affected borrowers. Justice Elena Kagan raised a hypothetical national emergency of an earthquake and the education secretary responded by deciding to cancel student loans for those harmed. Still, even if Barrett and the court's three liberals find that the states and borrowers lack standing, they would need another conservative vote to uphold Biden's debt relief.

☆ Debt due to another person's fraud can't be discharged in bankruptcy. Neither can these bills
▼ + stars: | 2023-02-28 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +5 min

That includes $11.9 trillion in mortgages, $1.6 trillion in student loans, another $1.6 trillion in car loans and more than $990 billion in credit card debt. Some debts cannot be wiped out in bankruptcyFirst, while most forms of consumer debt — credit card debt, personal loans, medical debt, mortgages and auto loans — are generally fair game for either eliminating or negotiating a lower payback amount in bankruptcy, that's not true for student loan debt. Same goes for cash advances above $1,100 from a single creditor in the 70 days ahead of filing bankruptcy. Both Chapters 7 and 13 stop collection activity like calls from creditors or debt collectors, wage garnishments and, potentially, lawsuits from creditors. This approach can quickly erase certain forms of unsecured debt, including from credit cards, medical bills and personal loans.

Since the start of the pandemic, Americans have been able to access free weekly credit reports. "Even when consumers are successful in having their complaint addressed, complaints call into question the underlying data contained in consumers' credit reports," the report read. Navigating the credit reporting system in the United States requires skill and often a good deal of patience. Democratic Rep. Maxine Waters of California, who chaired the panel at the time, said during the hearing that a public credit reporting agency "would be a major upgrade over today's broken, biased credit reporting system." Consumer advocates stress that not only should credit reports be easily accessible but that Americans should be able to scrutinize the information contained in credit reports.

☆ Billions of political text messages were sent last year — and there’s little to stop more from coming
▼ + stars: | 2023-01-26 | by ( Alex Ford | Alex Ford Is An Interactive Journalist At Nbc News. | ) www.nbcnews.com time to read: +6 min

More than 15 billion political texts were sent in 2022 according to call-blocking service Robokiller — about 50 messages for every phone in the country. Political texts spiked last fall during the run-up to November’s midterm election. Republican campaigns and groups sent the bulk of political texts sent in 2022, Robokiller’s data shows. Even if they don’t recall consenting to political texts, voters have limited options for revoking it. Political texts are not subject to the federal Do Not Call registry, which allows consumers to opt out of telemarketing calls and text messages.

☆ A top Republican says Biden's proposals to make monthly student-loan payments cheaper are a 'backdoor' for his 'radical free college agenda'
▼ + stars: | 2023-01-10 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Biden administration announced new regulations to improve income-driven repayment plans. The changes are meant to make payments cheaper, and "create faster pathways to forgiveness," according to Education Secretary Miguel Cardona. Foxx has been an outspoken opponent of Biden's broad student loan forgiveness and other pandemic-era debt-relief measures. Under IDR, borrowers are meant to make monthly payments based on their incomes, with eventual loan forgiveness after at least 20 years of payments. "These plans will significantly cut monthly loan payments and it's part of a real transformation of the student loan system."

☆ Biden's step toward allowing student loan discharge in bankruptcy is 'a step in the right direction,' director of new student loan documentary says, but 'the devil is always in the details'
▼ + stars: | 2022-11-23 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +7 min

"Loan Wolves," a documentary about the law surrounding bankruptcy and student loans, premiers Dec. 11 on MSNBC. Currently, two words inserted into a '90s law make it nearly impossible for borrowers to declare bankruptcy over student loan debt. The conversation surrounding the "undue hardship" clause and student loan discharge through bankruptcy has evolved in recent years, as the Biden administration has progressed on promises to discharge some student debt and address the growing debt crisis. Cancelation of student debt? Schumer has been pushing Biden to cancel student loan debt.

☆ Student debt forgiveness is on hold for now—here's why it's blocked and what could happen next
▼ + stars: | 2022-11-16 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +9 min

After appearing to clear a number of other legal hurdles, President Joe Biden's student debt forgiveness plan has been blocked. If the president's appeal in Texas is successful, it's likely the plaintiffs will escalate the case to the Supreme Court or vice versa. Still, federal judges are appointed by elected officials, and it so happens the judges striking down Biden's debt forgiveness were nominated by Republican presidents. Aside from appealing in Texas, the president has not yet announced next steps for the debt forgiveness plan or other relief for borrowers. The 8th Circuit Court's decision to keep the block on debt forgiveness for now adds to the likelihood of a Supreme Court case, she says.

They also note that adjustable rate mortgages and other atypical home loans make up a much smaller percentage of total mortgages than what was seen during the 2008 crash. But consumer advocates and others close to the real estate industry warn that homebuyers could still find themselves in a precarious financial position when their mortgage interest rates reset and they find their monthly payments going up. “We are watching anxiously as we see more interest in these alternative mortgage products that often seem to involve some sort of initial teaser interest rate and the interest rate is going to go up,” said Sarah Mancini, a staff attorney with the National Consumer Law Center. “Now, they are feeling like, 'Oh, God, higher interest rates are coming, we want to jump on it, we don’t want to miss it again,'" said Holeman. In marketing material, mortgage brokers often suggest that buyers can refinance after the two-year period, suggesting rates will go down in the near future.

Search resuls for: "National Consumer Law"

25 mentions found