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    2017, March

    iLearn - 5 Facts in 1 Minute: The Military Lending Act Edition

    By: Carly Souther

    1. The Military Lending Act (MLA) applies to active-duty servicemembers

    2. Servicemember Right: 36% Interest Cap

    3. Servicemembers Civil Relief Act

    4. No Mandatory Military Allotments

    5. No Prepayment Penalty

    Your Weekend Recap: Experian Lied About Credit Scores it Sold
    Your Weekend Recap: Experian Lied About Credit Scores it Sold

    News related to fraud and the Fair Credit Reporting Act that broke last weekend.

    The top story? Experian lied to consumers about credit scores it sold, must pay $3 million

    Counterfeit Currency: Feds Say "Fake Money" Trafficking is Worth More Than Cocaine Trade!

    By: Carly Souther

    Downloadable ProductU.S. Secret Service "Know Your Money" PDF

    During the 2015 fiscal year, the U.S. Secret Service seized about $146 million in fake banknotes.

    Most recently, in November 2016, the Secret Service announced its largest ever seizure of fake U.S. bills. $30 million and €50K were recovered from buildings in Lima, Peru. Some counterfeit notes, such as the Peruvian note and North Korea's "supernotes," are difficult-to-create: They are made from the same three-quarters cotton, one-quarter linen fiber paper composition used in real U.S. dollars. Others, such as a Virginia hairstylist's "washed" notes, are easier to create (but nonetheless difficult to detect).

    Perhaps you think that your employees have examined so many authentic bank notes that they can quickly spot a fake. Yet, this may not be the case. Although the money becomes the customer's property when s/he leaves your institution, strict policies on refunding bills do not instill customer trust nor are the good for your corporate image

    If you'd like to learn more about the financial impacts of counterfeit currency and the protective measures your institution can take to prevent the receipt of fake money, register for our upcoming "Fraud Fighter" program on Thursday, 18 of May at 11AM ET. 

    CFPB: How Much Do Your Accountholders Really Know About the Bureau?

    By: Kit Souther 

    The future of the Consumer Financial Protection Bureau (CFPB) is uncertain under the Trump Administration. Regardless of how tumultuous the relationship is between the Bureau and the banking industry, the CFPB has collected $12 billion in refunds for 27 million U.S. adults since it opened in 2011. Based on this fact alone, one could reasonably assume that a vast majority of your clients or members have a favourable opinion of the agency.

    Yet, one would be wrong. According to an article published on the 1st of March, an astonishing 81% of American adults do not know enough about the CFPB to have a formed an opinion about the Bureau and its practices. So, how much do your accountholders really know about the CFPB? Read the full post to find out more!

    March Newsletter Editorial: National Consumer Protection Week


    Gearing up for the Federal Trade Commission's 19th Annual National Consumer Protection Week (NCPW) next week (5-11 March 2017), Maureen K. Olhausen, acting FTC Chair, said the campaign's website is an important tool to inform Americans of their consumer rights and help them make informed buying decisions.

    The FTC has recognized the power of the Internet. According to the Pew Research Center, the share of all U.S. adults who use the internet increased from 52% in 2000 to 84% in 2015.