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.
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