Links in “Banks”

A Virginia bank is trying to induce low-income people to put money into an account at the bank rather than buying lottery tickets by offering them a shot at winning $200 in a monthly jackpot or $5,000 at the end of the year. Customers get one drawing entry for every $25 increase in their account balance. But is this form of gambling legal? (Hint: Due to a new law, yes.) [9/25/15]

The CFPB released its final rule under Reg. Z that redefines "small creditors" and "rural areas." The rule goes into effect 1/1/16. Here's what you need to know about it. [9/25/15]

While there are many aspects of purchasing a car, such as price or trade-in value, where consumers could be discriminated against, the CFPB has set its sights on dealer markup, the difference between the rate set by the lender and the one agreed to by the borrower. Here's why. [9/25/15]

Best Inc., a credit repair company, was allegedly used as a front to defraud individuals and businesses, stealing 300 identities and more than $5 million. Two individuals are looking at up to 75 years in prison if convicted. [9/25/15]

Tuition has gone up 1,120% since 1978. That's the root of the problem that Congress should address first, instead of focusing first on student loans. [9/24/15]

You hear about these huge settlements when federal agencies close cases, but in many cases the amount is misleading. The Senate has passed the Truth in Settlements Act to require more detailed disclosures to "allow the public to hold regulators accountable for the true value of these deals." [9/24/15]

Further testing its hypothesis that peeling an adhesive bandage off slowly is better than ripping it off quick, the Office of Personnel Management has just disclosed that 5.6 million fingerprints were stolen, not the 1.1 million it initially estimated. Unlike passwords, fingerprints can't be changed. [9/24/15]

Steering stage coaches is one thing. But steering minority borrowers into higher-cost loans? That's what the city of Oakland is alleging that Wells Fargo is doing, and it has filed suit against the bank for violating the Fair Housing Act. [9/23/15]

A review of 10 years of data breaches finds healthcare, not banks, to be the biggest offender. Banks weren't even in the top four, which also included education, government and retail. However, because data breach laws do not apply to many industries, these industries' claim to this dubious top four distinction comes with the caveat that it only takes into account the breaches we know about. [9/23/15]

The CFPB's consumer complaint database crossed the 700,000 complaint line in August. Consumer loan complaints showed the greatest percentage increase. Nebraska and Nevada had the greatest complaint volume increases. The complaint snapshot also focused its geographic spotlight this month on Denver. [9/23/15]