The Hill reports:
The Consumer Financial Protection Bureau (CFPB) has returned more than $10 billion to consumers who were scammed since the watchdog agency opened its doors four years ago.
CFPB Director Richard Cordray revealed the results of the relief the agency has provided to more than 17 million consumers on Wednesday in his semi-annual report to Congress.
“Congress created this agency in response to the financial crisis with the purpose and sole focus of protecting consumers in the financial marketplace,” Cordray told lawmakers.
The full story is here.
It is true that the Consumer Financial Protection Agency has won 4 billions ... but with all that goodness, they have not exposed the fact that the Truth in Lending Act does not use the mathematically-true, COMPOUND, method in calculating a TRUE APR. To change the formula at Appendix J(b)(1) is as easy as replacing the words "multiplied ... by" with "compounded ... for."
Posted by: A F Bob Blair Jr | Friday, July 17, 2015 at 04:35 PM