The CFPB and the South Carolina Department of Consumer Affairs have filed a lawsuit in federal district court in South Carolina against two companies and their individual owner that alleges the defendants violated the Consumer Financial Protection Act and the South Carolina Consumer Protection Code (SCCPC) by brokering high-interest loans to consumers that were marketed as purchases of the consumers’ future pension or disability payments. … Continue Reading
pension
CFPB issues guide on pension payouts
By Barbara S. Mishkin on
Posted in Financial Literacy, Regulatory and Enforcement
The CFPB has issued a guide that is intended to assist near-retirees with private sector payment plans in deciding whether to choose monthly payments or a lump-sum payout. The guide includes a series of questions for consumers to consider before accepting a lump sum. For consumers who plan to take a lump-sum payout, the guide also provides advice on detecting errors in the payment calculation, consideration of future needs, planning for tax consequences, and avoiding frauds and scams.… Continue Reading