Daily Digest – March 11. Chases Reaches $34M TCPA Settlement; Cordray To Testify

CHASE REACHES $34M TCPA SETTLEMENT

  • JPMorgan Chase has reached a $34 million settlement in a class-action lawsuit involving claims it violated the Telephone Consumer Protection Act. The bank was accused of making automated phone calls and text messages for Chase credit and debt cards. Each member of the class will receive $52.50; attorney fees totaled $7.25 million.

CORDRAY TO TESTIFY BEFORE HOUSE COMMITTEE

  • Richard Cordray, director of the Consumer Financial Protection Bureau, will testify before the House Financial Services Committee next week. Based on the information included in the committee’s press release announcing the hearing, there are sure to be fireworks when Cordray sits down for his testimony next Wednesday.

LENDERS REACH LIMIT ON LOAN TERMS

  • It appears as though lenders have finally reached the limit of how long they will make auto loans for, according to Experian. Even though the terms on auto loans have gotten significantly longer during the last decade, 84 months appears to be the limit that most lenders will go when making loans on new cars to consumers. Longer-term loans can be problematic for consumers because the amount they owe on their loans exceeds the value of the vehicle for significantly longer, making it difficult to trade vehicles in.

WORTH NOTING: What will the future of money look like? … A clothing company shreds Donald Trump’s opinion on outsourcing jobs … A spelling mistake kept hackers from stealing $1 billion from banks … How to spot a fake review … How company culture can grow profits … Two top executives of the Wounded Warrior Project were fired yesterday over financial irregularities … The IRS is holding on to $1 billion in unclaimed refunds … The White House has vowed to make diapers more affordable, especially to low-income families … Robots are coming for jobs and most people don’t know it … One of the world’s richest men wears hand-me-down clothesRanking every actor who has played Batman … The most attention-grabbing way to talk about your company.

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