Legal & Regulatory
Citibank Under Investigation: CFPB Probes Student Loan Services
Citibank admitted on Monday that it is under investigation by the Consumer Financial Protection Bureau (CFPB) over its student loan services.
University of Phoenix under FTC scrutiny for possible unfair business practices
Since 2009, the University of Phoenix has received $488 million from its online programs that are popular to military veterans with GI Bill benefits. The Federal Trade Commission is investigating the University for unfair and deceptive practices involving veteran students.
Not a quick fix: A raise in fast-food hourly wages to $15 leads to 4% increase of product prices- study
Minimum wage increase has been a lingering issue in most economies. Part of the battle is determining its effects; however, shortly after Seattle began implementing $15 per hour minimum wage, a new study emerged focusing on increased product prices.
CFPB fines Citibank for illegal credit card practices
Citigroup's consumer bank has been fined to pay $700milion for its illegal credit card practices. The US Consumer Financial Protection Bureau (CFPB) has observed that Citibank's seven million customer accounts have been charged with misrepresenting costs fees. The consumer finance watchdog has also said that customers were charged for services not rendered to them. CFPB further notes that customers were affected by Citibank's deceptive marketing practices.