Congress Passes Another Anti-Robocall Bill.

“The Telephone Robocall Abuse Criminal Enforcement and Deterrence Act, or the TRACED Act, empowers the federal government with new abilities to go after illegal robocallers. Once TRACED is enacted, the Federal Communications Commission could fine robocallers up to $10,000 per call. It also would require major carriers like AT&T, Verizon, and T-Mobile to deploy a new technology called STIR/SHAKEN into their networks, which will make it easier for consumers to know if they’re receiving a call from a spoofed number.”

— “Robocall fines rise to $10,000 per call under newly passed law,” Makena Kelly, The Verge

More:

“Senate passes anti-robocalls bill; Trump expected to sign,” Tali Arbel, Associated Press

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CFPB Fines Firm $19.3 Million for ‘Bait-and-Switch’ Mortgages

Earlier this month the Consumer Financial Protection Bureau fined Amerisave Mortgage Corporation and an affiliate over $20 million for “bait-and-switch” practices. The firm advertised misleading interest rates, locked consumers in with steep up-front fees, failed to honor the low rates and illegally overcharged customers for third-party services. Amerisave will refund $14.8 million to the “baited” consumers and pay a $4.5 million penalty, and the firm’s CEO Patrick Markert will pay an additional $1.5 million penalty.

More:

“Amerisave to pay $19.3M for bait-and-switch mortgage scheme,” Phil W. Hudson, Atlanta Business Chronicle

“CFPB fines deceptive mortgage company $20M,” Jeff Gelles, Philadelphia Inquirer

“CFPB Orders Amerisave To Pay $19.3 Million For Bait-And-Switch Mortgage Scheme,” CFPB press release

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Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

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