Feds Order Discover to Refund $200M to Cardholders
WASHINGTON — Discover Bank is paying $214 million to settle charges that it pressured credit card customers to buy costly add-on services like payment protection and credit monitoring. Federal regulators said Monday that Discover call-center workers enrolled customers in the programs without their consent, misled them about the benefits and left customers thinking the products [...]
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Feds order Discover to refund $200M to cardholders
WASHINGTON -- Discover Bank will pay millions in fees to settle accusations by regulators that it pressured credit card customers to buy costly add-on services like payment protection and credit monitoring....
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10 Banks Agree to Pay $8.5B for Foreclosure Abuse
(WASHINGTON) — Ten major banks and mortgage companies agreed Monday to pay $8.5 billion to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes. The banks, which include JPMorgan Chase, Bank of America and Wells Fargo, will pay billions to homeowners to end a review process of foreclosure files that was required under a 2011 enforcement action. The review was ordered because banks mishandled people’s paperwork and skipped required steps in the foreclosure process. Under the new settlement, people who were wrongfully foreclosed on could receive from $1,000 up to $125,000. Failing to offer someone a loan modification would be considered a lighter offense; unfairly seizing and selling a person’s home would entitle that person to the biggest payment, according to guidelines released last summer by the Office of the Comptroller of the Currency. Monday’s settlement was announced jointly by the OCC and the Federal reserve. ...
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Google CEO Meets with Feds as U.S. Senator Blasts FTC Over Antitrust Probe
With the clock ticking down until a crucial Federal Trade Commission vote over whether to sue Google for antitrust violations, the search giant’s CEO Larry Page met with federal officials in Washington, D.C., on Tuesday. The meeting, which was first reported by Bloomberg, came one day after a powerful U.S. Senator sent a letter to the FTC expressing concern about the way the agency has been conducting its investigation. The FTC is wrapping up a nearly two-year investigation into whether Google has used its search market power to unfairly harm rival companies. Google and the FTC have been conducting negotiations for several weeks to see if a settlement is possible. If no deal is reached, the FTC will proceed in the coming days with a vote that will determine whether the commission files a lawsuit. If the FTC votes to sue Google, it would be the most dramatic antitrust action taken by the U.S. government against a major technology company since the Department of Justice sued Microsoft in ...
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Capital One repays consumers to end card probe
WASHINGTON -- Capital One Bank is paying $165 million to settle charges that it pressured credit card customers to buy costly add-on services like payment protection and credit monitoring....
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