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Finance

Probe By CFPB Of Capital One Results In $200M Fine

The Consumer Financial Protection Bureau has finally finished its first regulatory investigation. The investigation was conducted into credit card-related goods sold by distributors employed by Capital One, in an unlawful manner. The Consumer Financial Protection Bureau Capital One case has led to the bank spending more than $200 million in fines and restitution.

CFPB, Capital One resolve first enforcement by agency

The Consumer Financial Protection Bureau, despite its controversial beginnings and controversial appointment of a director, hasn’t really done much in the way of enforcement, besides proposing some rules and so forth, at least until now.

When the Consumer Financial Protection Bureau found that Capital One, a credit card issuer, was not very clear about who was selling what with its third-party distributors who were selling financial products to go with the cards. That was why the CFPB started the investigation and then the suit. The Wall Street Journal publicized that the bureau has finished enforcing its first motion against the business.

Poor target group

The bank also offers some additional services to go with having a Capital One charge card, according to ABC, which is sold through third-party distributors. Those services contain credit monitoring and payment protection, used if a person is injured or sick and cannot make a payment due to missing work. In that case a minimum payment is made on their behalf, a sort of insurance against missing a credit card payment.

If a customer called the call center to activate a card and had poor credit, it took at least 8 minutes to get through the call while listening to a lot of sales pitches from operators who would over exaggerate the service a ton. There was a ton of pressure in those phone calls to get the extra things. The typical consumer would only be on the phone for 2 minutes and did not have to listen to any sales pitches.

There were false promises from the operators, such as telling those without jobs that they could get a few payments from payment protection even though the customer would not really qualify. They would also promise that a credit rating would improve with the product.

Huge fines assessed

The probe concluded that Capital One, now part of ING, lost the ability to regulate what these distributors were selling and the way they were selling it to customers. As a result, Capital One has agreed to pay $210 million in fines. Of that, $25 million will go to the CFPB, a further $35 million will go the Office of the Comptroller of the Currency and $150 million will be paid in restitution to Capital One clients that had been deceived. The bank will even stop selling ancillary charge card products until it can ensure proper conduct.

Capital One dealt with a comparable case in England in 1997, according to ABC, which also require consumers to get paid out money. There will be 2.5 million corporations in the United States who will receive their money soon, according to USA Today. A Consumer Financial Protection Bureau investigation like this is being done with Discover Financial as well.

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Finance

Another Option For Students Is Community Based Student Loans

School loans have been an item of worry lately, not only because of the extraordinary pace of growth in debt amounts but also in interest rates assessed to them. There are several options beyond private loans or subsidized loans, such as community-based school loans, which are getting traction.

Getting loans from the public

A recent Daily Finance article discussed a growing number of community associations springing up around the country, offering community-based student loans that are being made to students heading off to college, albeit without a lot of specifics. However, the MarketWatch article Daily Finance quoted did have a few more specifics.

The donors get solicited for funds with “crowd sourcing,” and the program is very similar to that. Loans are given with the cash people put to the communal pot.

According to MarketWatch, it’s not even new; one such organization, the Canton Student Loan Organization of Canton, Ohio, has existed since 1922 and has lent $27 million to more than 5,000 students.

The loans are paid back with interest just like other crowd funded personal loans sites such as Prosper.

Not quite private or public

Daily Finance, Bankrate and MarketWatch all made it clear that community-based student loans, with regards to cost, are someplace between federal school loans and private student loans.

The cost of going to a community bank or credit union for a private loan is higher than going to Sallie Mae normally. Sallie Mae accounted for 46 percent of all Consumer Financial Protection Bureau complaints made about school loans.

Private loans can be as high as 16 percent interest, and federal Stafford loans almost always have the best rates. Community-based loans typically are much harsher and require massive forms of collateral, according to MarketWatch, but interest can range from no interest at all to around 8 percent.

Might not cover college

According to Bankrate, community-based school loans might not be enough to cover the total cost of college, but just enough to cover tuition and books. Many of these organizations just don’t have the cash to lend the federal government or big banks do.

You may want to go to a credit union for their loan consolidation programs, and there are also programs similar to these ones that offer college financing, according to CBS. The terms are usually pretty good. Make sure parents and students are both doing the research to determine what is best.

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Finance

Iphone App For Cupidtino Dating Site Cost How Much?

Plenty of dating sites are organized along the lines of pairing people depending on comparable interests. Cupidtino, an Apple fanatic dating site, has just launched an application, naturally, for the iPh-one.

Perfect app for locating a part-ner

It does not matter if a customer is a specific religion, race or ethnicity. No matter what, the customer can find a dating site that works for them. There is even one called Atlas-phere which is for Rand supporters. Every person can find a dating website to meet their needs.

TechCrunch explains that one site, called Cupidtino, is there solely for Apple product fans. Right before Valentine’s Day hits, the company released an application for the site. If you would like the premium version, it costs $4.99 and has unlimited messages and other functions. You can get it for free to, but the number of messages you can send is limited.

Custom apps avail-able with others

Smartphones are an integral part of the singles’ scene these days. According to the New York Times, established dating sites such as Match and eHarmony have been get-ting into the custom mobile application game. Match and eHarmony both have mobile da-ting apps, and both have acquired other dating websites with separate dating apps.

All of these applications that you can get are free. This consists of the Match, eHarmony, Zoosk and PlentyofFish apps. There are also two local dating applications availa-ble from OkCupid, owned my Match, and Jazzed, owned by eHarmony.

And the list goes on

Another dating app option for the iPhone is SmartDating, which is free and connects personal ads with other services like FourSquare and Facebook, just as the main-stream online dating services do.Of course, not all dating applications are aimed at singles. AshleyMadison, the website that brings infidelity to the masses has had an app, according to Time magazine, since 2009.

In the event you are in a bad date and need to get away, you can use DateEscape, according to Fox. It will send a fake text to the user’s phone saying that it needs the person for an emergency and will claim to be from a friend or a boss.

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Finance

Income Gap Widens As Top 400 Get Richer

According to Forbes latest list of the 400 wealthiest Americans, the wealth of the super-rich has grown in the last year. Meanwhile, as the wealthy get wealthier, the middle class continues to reduce in size, widening yet more the gap between the wealthy and the poor.

Rich get wealthier, claims Forbes

About 12.5 percent of the economy is made up by the 400 wealthiest citizens in our country, according to NBC News. These 400 individuals, according to Forbes, saw a $1.7 trillion increase in total net worth, or a 13 percent increase, in the last year.

The average net worth per person in the 400 is higher than it has ever been at $4.2 billion.

There was a rise in income for 261 of the 400, mostly due to the rebounding real estate industry and stock growth.

Rich not anything brand new

The list contained familiar and expected names. The rankings of the top five remained the same from 2011, although their net worth had risen: Bill Gates, Buffett, Larry Ellison, Charles and David Koch (tied for fourth) and Christie Walton.

The worth of Bill Gates increased $7 billion to $66 billion. The chairman of Microsoft has been at the top of the list for the last 19 years. There was an $8 billion boost seen by Larry Ellison of Oracle Group regardless of the belief that Warren Buffett only saw his worth rise by $7 billion.

Minority report

A notable exception to the trend of increasing net worth was social network mogul Mark Zuckerberg, who lost almost half of his net worth after his cash cow Facebook went public. This year, he is scraping by on $9.4 billion.

Much bigger gap

In a separate study last week, the Economic Policy Institute found that the gap between the wealthiest Americans and the typical family has more than doubled during the last half-century. According to the report, the country’s top one percent of earners made about 125 times that of a middle-income household in 1961. In 2010, it had escalated to a ratio of 288 to one.

The income of most Americans has dropped in recent decades, according to the study. However, as we have seen, the worth of the rich elite continues to climb.

The Economic Policy Institute report learned that the gap was increased a ton since the Good Recession started, in spite of the fact that it has been taking place for a long time.

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Finance

Be Unproductive, Find Bliss, Save Dough

Don’t feel bad about being useful. It’s all part of the work-life balance, with an emphasis on balance. These techniques for finding your bliss can be affordable, or even free.

Being lazy tip No. 1: Make ’em laugh

It is really essential to laugh, and it will not cost you a thing. Make sure you are laughing and the people around you are enjoying themselves as well. It can come from anything, but the most essential thing is to stop taking the world around you so seriously. Just a little laughter can go a long way.

There are new things all around you.

Even if you watch simply for personal enjoyment, pay attention to the activities of others, activities with which you are not familiar. Rock climbing, Euclidean geometry or playing the piano is all activities that can be fun to watch, depending upon your personal proclivities. You do not have to run off and take costly lessons. Be content with observing the pursuits, soaking it in. Pursuing them yourself is for another day and another time.

Next to view the wild

Particularly in the early morning and evening, listen to the sound and rhythm of creatures in the wild. The sounds of birds, insects, frogs and more can create a naturally blissful audio landscape that you can enjoy for free by actually going to the forest, or the swamp. A noise machine is no replacement.

Free parks in summer

Think Chicago was not telling the truth when it sang about all the good things to do on a Saturday in the park? Think again. A free public park is a fantastic summertime destination for sitting back and catching some rays. Bring a chair, or a towel. If you’re going to be there at lunchtime, bring lunch with you and enjoy it there.

A neighborhood flower garden

You can find a neighborhood flower garden or greenhouse to walk around in. It is generally free and is a perfect way to enjoy your afternoon. Your town may have a community flower garden you can through.

Look at clouds

You can look at the clouds and identify them with friends and family, or you can do it on your own if you would like. You can just look at what the clouds look like or you can classify them. It is a simple thing to mix with your trip to the park.

Do some reading

Instead of always reading to get info, you can read for pleasure. This is great for your mind because it is interactive and is not quite as hard on your brain as watching television. You will really enjoy the time spent reading.

Photographs around you

Every photo you have around you tells some kind of story. You will have good memories by looking through the books. Make sure you look at old photographs and reconnect through them.

Watch a sport

Balance your life out rather than always trying to work. You do not have to go as far as benign useful by playing some kind of sport. Instead, you need to just watch the sport for a little while. Watching the game can help you relax and enjoy yourself some more.

Go on a walk

You can hold off on all your work by going on just a little walk in the evening or by taking off your shoes and feeling the sand between your toes. There are rivers and oceans around or even walking trails you can go on.

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Finance

Avoid The MBA Budget Blues By Not Getting One

Go to a top-tier business college, and that MBA degree may be worthwhile. For the most part, however, getting an MBA makes little financial sense anymore.

What is taking place to MBAs?

There has been an enormous increase in the number of people with MBAs despite the truth that there has not been a rise in jobs. The Wall Street Journal reports that this increase started in the early 1990s when many part-time and executive MBA programs began to be offered online and at lower-ranked schools.

According to professor Dr. Brooks Holtom at Georgetown University McDonough School of Business, “An M.B.A. is a club that is now not exceptional. You should not assume that this less exclusive club is going to confer the same benefits.”

People with MBAs make less money

At PayScale.com, it found a 4.6 percent decrease between 2008 and 2012 in median pay for graduates with three or less years of experience. The average pay was $53,900 in 2010 for graduates. MBA students are losing money instead of gaining it by getting MBAs. There was a 62 percent drop in pay at 186 schools on PayScale during that time.

Why the tremendous drop? It’s not simply because of the weak, recessionary economy. It’s because business schools are dangling false hopes before students. Those with experience don’t need diplomas as much, and top-tier companies tend to recruit from only the most distinctive schools. The glut of MBAs in the U.S. doesn’t help matters, regardless of a company’s exclusivity, and neither does the sluggish economy that retards the amount of opportunities available.

Good news for universities

Business and law are cash cows for universities, but not necessarily for graduates. The prevailing advice that MBA students should heed is that unless they can gain admission to a top-10 business school, they should enter a different field. The amount of debt relative to the median salary is debatably not worth the trouble, otherwise. Learn to assess the career industry before you commit to bone-crushing debt.

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Finance

Credit Cards Factor The Most Into Credit Scores

The CFPB has launched a brand new study on credit reports that figure out a consumers’ capability to get credit. According to the report, how a consumer uses his or her credit card is the most telling factor in getting a score.

Prove credit worthiness

Most people are not surprised by the fact that credit scores are impacted by charge cards. There are ways to use your card to be able to make it easier next time you need a loan for your car or your mortgage.

Richard Cordray is the Consumer Financial Protection Bureau director. He explained: “Credit cards are given great weight in credit profiles — a lesson that consumers could end up learning the hard way.”

Credit card companies provide more than half of the data that helps support a credit score.

Cordray said that during the holiday season some customers may be tempted to fill out a new retailer charge card application in order to obtain a discount on gift purchases. However, if they do not use that card in a responsible way, such as paying down all charges each month, they could find themselves easily falling into a debt spiral. He said, “it could end up costing a lot more down the line when they go take out a mortgage and that credit card is a black mark on their credit report.”

Hard on consumers

With the economy still not up to speed, there are a ton of troubles with money. There is high unemployment, stagnant wages, increased costs and more. That means many consumers are using charge cards for daily expenses instead of just for emergencies. American customers have not been able to stop during the economic downturn.

The CFPB teaching could be needed after all. About 40 percent of all low- to middle-income families use charge cards to pay daily expenditures such as food, rent and clothing, according to the CRL.

Help from government

One the other hand, many Americans have managed to lower high credit card balances in the recession’s aftermath. Much of that, however, can be attributed to credit card reforms, say some analysts. The Credit card Accountability Responsibility and Disclosure Act of 2009 eliminated or restricted many predatory lending practices, such as high penalties and fuzzy fee structures.

Make sure you Stay informed

Americans also fall down with regards to staying informed of their credit standing. According to the Consumer Financial Protection Bureau, less than 20 percent of consumers bother to get copies of their credit rating. Frequent monitoring of credit reports allows consumers to identify any reporting errors or incidents of fraud before being blindsided with the news when they go to take out a sizable loan.

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Finance

Precious Metals Businesses Facing CFTC Inquiry

For the 3rd time in the last few weeks, the Commodity Futures Trading Commission has taken action against precious metal investors. American Precious Metals LLC has been closed down, pending further inquiry. These corporations have been extending Ponzi scheme style investments in precious metals. Gold, silver, palladium, and other precious metals were sold, fraudulently, as investments by these companies. People have invested personal loans just to lose money.

What the suit against American Precious Metals LLC is about

The American Precious Metals LLC business is located in Florida. It is in Lake Worth, Fla., to be exact. The business used telemarketers to call and pressure consumers into purchasing gold, silver, platinum and palladium investments. The salespeople claimed the company would store the physical metals for the customer and even finance part of the purchase after a significant down payment was made. In exchange, the company promised several hundred percent returns on the customer’s investment. In essence, the company was offering short-term loans for investments in precious metals — but the company never really had the precious metals. Investment companies have to register with the Federal Trade Commission or CFTC. The business did not do so. The charges against the company consist of violations of the Telemarketing and Consumer Fraud and Abuse Prevention Act, as well as regulations controlling precious metals. Now the company doesn’t have access to its assets. They were all frozen.

The cost of precious metals

Precious metal investment scams have become more prevalent recently. This is because there has been a rise in the precious metals price tags. There has been a huge increase in gold prices in the last year. They have gone to over $1,500 from being at $1,200. Silver and other precious metals have experienced a similar price jump. Most precious metals are considered a “safe haven” for investments, which could trigger some of this. Some industry watchers have warned that gold and precious metals are getting close to bubble status, with costs that have expanded beyond their “real” value.

Protecting yourself when investing

Investing can be an activity fraught with dangers. Investing tools simply don’t exist. If you would like to invest in precious metal, purchase it and store it without help from anybody. Make sure whoever you invest with is at the Better Business Bureau. Always check there for information. Any business that cannot be verified with the FTC or Commodity Futures Trading Commission should not be invested in.

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Finance

Audit The Federal Reserve Bill Passes House

Some people are not enamored of the Fed, the separate government bureau that determines the country’s financial policy and sets interest rates. The House of Representatives has just passed a strict bill to audit the Federal reserve, though it isn’t likely to go anywhere.

Fed to face massive audit

The Federal reserve controls how much a dollar is worth and the cash it takes for a bank it lend mortgages, installment loans and more. It was created in 1913 and affects daily life regularly with its control of lending and inflation. Many people do not realize how much it impacts their life each day.

The Fed is also one of the many “independent government agencies.” In other words, it’s a private business that is part of the government. Some think not enough data is made publicly accessible by the Federal reserve about its dealings, which has led to many legislators and citizens calling for a bill that would audit the Fed, or rather force the bureau to open its books completely to scrutiny.

Approved in House

A bill has just passed the House of Representatives, according to ABC, that would “open the books” of the Federal reserve, possibly to the GAO or some other agency. The bill was, naturally, authored and sponsored by Representative Ron Paul of Texas, a constant critic of “the Federal reserve.” The bill passed 327 for to 98.

The bureau already has an internal audit performed yearly, according to CNN. One of the most recent was by Deloitte and Touche, one of the “Big Four” auditing firms. The agency also publishes its balance sheet online every week. However, the point is more to get urgent access to Fed policy decisions, specifically monetary policy decisions. Records of those meetings, where the agency decides the inflation rate for American currency, take a bit longer to come out. It takes three weeks for meeting minutes to be released. The transcripts take five years.

Fed chairman Ben Bernanke not okay with it

Federal reserve Chairman Ben Bernanke has often warned, according to Bloomberg, that an “audit the Fed” law that goes too far will place the agency under direct Congressional control, which could possibly put the agency at risk of manipulation for political purposes. Part and parcel to the agency’s creation was that it remains independent of Congress, which is often as fickle as public opinion. He does, however, advocate for greater transparency.

The bill is unlikely to pass in the Senate. Bloomberg quoted Representative Barney Frank as saying “no one here expects it to become law.”

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Finance

Checking Fees, Unsurprisingly, Are Going Up

The country’s banking institutions are doing something unbelievable, in that they are really going to reduce bank charges. Just joking; they aren’t going to do that, as the recent bi-annual survey by MoneyRate found checking fees and other bank fees are increasing.

Checking charges and other bank charges increasing a fact of life

Banking institutions have been adding more and more charges to try and see what they can get away with without losing customers. Apparently they hit their threshold last year with the $5 debit card fees mistake Bank of American made last year. Banks will always try to add extra fees.

Bank fees are always increasing, so at least they are steady. Forbes explained that there was a MoneyRate survey just released that showed huge increases in checking fees and other bank fees this year. There have already been several rounds of increases for the year, and apparently they will continue.

Fees increased everywhere

MoneyRate releases the survey every six months, using data from more than 100 banks, according to CNN, including the 50 largest banking institutions. This edition of the survey found that, among other charges that were elevated, the minimum opening balance reached an average of $408.76, according to Forbes, up from $391.41 in the previous survey.

Overdraft charges, which some people avoid by getting payday loans and are often a matter of frequent criticism of banking institutions, increased slightly from $29.23 to $29.83.

There was a 24 percent increase in the minimum balance required to keep away from account charges. It increased from $3,590.83 to $4,446.57.

Considering monthly service fees increased from $11.28 to $12.08, the average amount paid for an account per year was $145, CNN pointed out. Medium banking institutions averaged $11.87 service charges while small banks had $9.88 service fees. Average large banking institutions charged $13.88 in account fees. It is obvious that larger banks charge much more than smaller banks do.

The cost of using an ATM hardly changed unless it is for out-of-network ATMs, in which case it increased to $1.29, an 18 cent increase. There was also a rise to $2.40 for the average non-customer ATM fee. That is a three percent increase.

Get free checking

Only 21 percent of big banks offer free checking right now, and 46 percent of small banking institutions offer it too. Only 35 percent of banks total offer free checking, which is a decrease from 39 percent last year.

There are 72 percent of the largest credit unions in the nation that offer free checking accounts, a recent Bankrate survey showed, according to the Chicago Tribune. That is a slight drop from last year’s 76 percent, but it is still the very best option in case you are trying to find free checking.

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