The big consumer news last Friday was that the University of Michigan’s June Consumer Sentiment Index hit a seven-month low. Many scratched their heads, particularly since the CPI print earlier in the week came in flat and the economy appears to be firing on all cylinders.
Federal Trade Commission law enforcement actions resulted in more than $324 million in refunds to consumers in 2023, the agency said in its annual report on refunds. The FTC Annual Report on Refunds to Consumers provides a breakdown of the total amount refunded by the FTC nationally, as well as the amount mailed to each state.
If you have listened to collectors working on auto deficiency accounts, you will see that it is very challenging to encourage customers to pay. Part of the problem is that collectors often struggle to understand the loan process for charged-off or repossessed auto loans. The typical response is that it’s not about the vehicle; it’s about the loan taken from the finance company. This often ends the discussion about why the loan needs to be paid. Now, we have more proof that auto deficiency balances often start as potentially higher-risk loans. The CFPB has shared information highlighting that many auto loans include elements that create difficult situations for both the customer and the collector.
The Federal Trade Commission (FTC) is intensifying its scrutiny of companies’ claims about artificial intelligence (AI), with a stern warning that it will hold firms accountable for unsubstantiated promises, per Axios. Samuel Levine, the director of the FTC’s Bureau of Consumer Protection, emphasized the agency’s commitment to enforcing truthful and substantiated AI claims in a recent interview with Axios.
The Consumer Financial Protection Bureau (CFPB) today ordered a reverse mortgage servicing operation to stop illegal activities that harmed older homeowners and caused them to fear losing their homes. The CFPB found that the customer service operation of Sutherland Global, its subsidiaries Sutherland Government Solutions and Sutherland Mortgage Services, and NOVAD Management Consulting had inadequate resources and staffing to handle as many as 150,000 borrowers.
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