| Volume 141 Number 23 |
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The People’s Lawyer’s Tip of the Day
Did your favorite celebrity reach out to you on social media? Before you get too excited, are you sure it’s that person? Really sure? We’ve heard reports that scammers, who will try just about anything to separate you from your money, are now posing as celebrities on social media. Click here for more.
Consumer agency ending routine audits of lenders
The Consumer Financial Protection Bureau (CFPB) is changing the way it monitors lenders for their adherence to the Military Lending Act, passed to protect servicemembers from abusive lending practices. Instead of conducting routine audits of lenders to look for evidence of predatory lending, as has been the practice since the agency was founded, CFPB will take action when a military consumer makes a complaint, either on the CFPB website or by calling a hotline. The proposed change came to light when the New York Times reported on internal CFPB documents that laid out the different approach. A spokesman for CFPB acting director Mick Mulvaney told the Times the change is the result of a major review of the agency's procedures. Mulvaney, a long-time critic of the agency he heads, has characterized CFPB's past enforcement efforts as overly aggressive. Click here for more.
Your Money
If you’re thinking about making some home improvements or looking at ways to pay for your child’s college education, you may be thinking about tapping into your home's equity — the difference between what your home could sell for and what you owe on the mortgage — as a way to cover the costs. Home equity financing can be set up as a loan or a line of credit. With a home equity loan, the lender advances you the total loan amount upfront, while a home equity credit line provides a source of funds that you can draw on as needed. When considering a home equity loan or credit line, shop around and compare loan plans offered by banks, savings and loans, credit unions, and mortgage companies. Shopping can help you get a better deal. Remember that your home secures the amount that you borrow through a home equity loan or line of credit. If you don't pay your debt, the lender may be able to force you to sell your home to satisfy the debt. Click here for more.
For the Lawyers
Unpaid tolls are not a debt under FDCPA. The Third Circuit ruled that a lower court was right to conclude that unpaid highway tolls are not a type of debt that can support a claim under the Fair Debt Collection Practices Act. The court affirmed the dismissal of a lawsuit against an E-ZPass toll debt collector whose recovery letters allegedly violated a driver's privacy. Thomas E. St. Pierre v. Retrieval-Masters Creditors Bureau Inc., case numbers 17-1731 and 17-1941, in the U.S. Court of Appeals for the Third Circuit. Click here for more.