U.S. Government News
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• 2008 Direct Loan School Guide
  The Direct Loan School Guide is being reorganized and updated to reflect the regulatory requirements and electronic processes for the 2008-2009 award year.
• Credit Repair: FTC Charges Credit Repair Business with Violations
  A home-buying consulting business that offers credit repair and home-buying consulting services has agreed to settle with the Federal Trade Commission for alleged federal law violations, including illegally charging an advance fee for credit repair and falsely claiming that they can remove negative information from consumers’ credit reports, even if the information is accurate and timely. At the Commission’s request, the U.S. Department of Justice (DOJ) filed the FTC’s complaint and proposed settlement in federal court
• Reducing Credit Card Offers
  Preapproved credit offersare based on information in your credit report that indicates you meet criteria set by the credit offeror.
• Money Smart for Young Adults
  The FDIC’s Money Smart for Young Adults curriculum helps youth ages 12-20 learn the basics of handling their money and finances, including how to create positive relationships with financial institutions. Equipping young people in their formative years with the basics of financial education can give them the knowledge, skills, and confidence they need to manage their finances once they enter the real world.
• Standard & Poor’s Boycott: Chiang Calls for State and Local Governments to Consider Standard & Poor's Boycott
  As an option, we ought to consider boycotting Standard & Poor's until they constructively engage California and national municipal issuers on credit rating reform. The costs passed on from the current rating system to states, local governments and, ultimately, taxpayers across thecountry, are serious enough to consider not paying for the ratings unless municipal bonds are judged on an even playing field
• Federal Government Announces Stimulus Tax Payments for 2008
  The U.S. Federal Government has announced economic stimulus payments for 2008. Even if you are not otherwise required to file a U.S. Income Tax Return, you may still be entitled to an economic stimulus payment from the U.S. Federal Government.
• A To-Do List for Fine-Tuning Your Finances
  Any time is a good time to prioritize your financial goals and begin taking steps to achieve them. Here are suggestions to consider for your financial to-do list.
• Building Your Financial House: The I.I.I.’s Free, Personal Finance Software Makes Keeping Track of Your Finances Easier than Ever
  What would happen if you became ill and couldn’t make financial decisions to safeguard your family? Or if your family were unable to find vital records after your death? Have you done all you can to reduce your debt while saving for the future? The Insurance Information Institute’s (I.I.I.) free, downloadable personal finance software can help you put your financial house in order.
  
• Online Marketers of Prepaid Debit Cards to Subprime Consumers Will Pay More Than $2.2 Million to Settle FTC Charges
  An operation marketing Visa- and MasterCard-branded prepaid debit cards to subprime consumers has agreed to settle Federal Trade Commission charges that it made unauthorized debits from consumers’ bank accounts and engaged in deceptive marketing practices. The settlement requires the defendants to pay $2,258,258 for consumer redress, plus the proceeds from the sale of an automobile. In addition, one of the defendants, Dale Paul Cleveland, must pay taxing authorities an additional $667,288
• California Settles Annuity Sales Scam
  Attorney General Edmund G. Brown Jr. and Insurance Commission Steve Poizner today announced a $7.2 million settlement with American Investors Life Insurance Company, Family First Insurance Services, and Family First Advanced Estate Planning, resolving allegations that the companies sold thousands of annuities with exorbitant fees to vulnerable senior citizens
• Don't Print Full Credit and Debit Card Numbers on Customers' Purchase Receipts: FTC Reminds Businesses
  To reduce the risk of fraud and identity theft, the electronically printed credit and debit card receipts given to consumers must not include more than the last five digits of the card number, and must not show the expiration date.
• Nationwide Debt Collector Will Pay $1.3 Million to Settle FTC Charges
  A Texas-based debt collection company will pay more than $1.3 million to settle Federal Trade Commission charges that it misled, threatened, and harassed consumers in violation of federal law.
• FTC Creates Consumer Hotline for Consumers Who Paid for Debt Reduction Services
  The Federal Trade Commission has created a consumer hotline for consumers who purchased "debt reduction services" from Edge Solutions, Money Cares, the Debt Settlement Company, the Debt Elimination Center, and Pay Help Inc. The hotline is in addition to a letter that was recently sent to the customers of Edge Solutions and the other companies, notifying them that the companies were shutdown.
• 5 Tips for Protecting Your Checking Account
  Make sure all the checks, debits, automatic payments, and other withdrawals are ones you authorized. If you see a transaction you did not authorize, notify your bank immediately. If your bank has online banking, you don’t have to wait until your bank statement comes--you can check your transactions at any time.
• Consumer Credit Limitations for Military Service Members and Dependents - Limits interest to 36 percent MAPR
  The rule applies to all persons engaged in the business of extending consumer credit and their assignees. The final rule applies to consumer credit, which the DoD defines as payday loans, vehicle title loans and tax refund anticipation loans that meet specific parameters. For these defined transactions with covered borrowers (covered transactions), the DoD rule.
• Feds Urges Improved Underwriting Standards on Third Party Loans
  When a bank makes a loan that it plans to hold, the fundamental standard it uses to underwrite the loan is that most basic of credit standards that I’ve already talked about: the underwriting must be strong enough to create a reasonable expectation that the loan will be repaid.