The Newhandshake: Online Dispute Resolution and the Future of Consumer Protection

We used to buy goods and services in person.  We’d introduce ourselves, look each other in the eye, and negotiate the terms of the transaction.  If we thought it was a good deal, we’d seal it with a handshake.  That handshake was more than a kind gesture – it signaled that if any problem arose,…

Pay to Play in Consumer Arbitration

The AAA Consumer Arbitration Rules provide that after the consumer pays a $200 filing fee, the defendant must pay a $1500 filing fee, a $500 hearing fee, and $1500 arbitrator compensation per hearing day. The defendant may also have to pay the consumer’s $200 fee if the arbitration agreement provides the company will pay all costs. Some…

CFPB warnings regarding college-sponsored accounts

Today, the Consumer Financial Protection Bureau (CFPB) released a report raising new concerns about costly fees and risky features often related to certain college-sponsored accounts. The Bureau’s analysis of roughly 500 marketing deals between these schools and large banks found that many deals allow for risky features that can lead students to rack up hundreds…

Credit Repair Series (3 of 3): Credit Repair Agencies.

In Part 2 of our series, we covered how to identify and correct inaccurate information on credit reports. In Part 3, we will discuss the businesses that offer these services professionally: credit repair agencies. Overview and Concerns A “credit services organization” (or agency) is defined under Colorado law as, “any person, including a nonprofit organization…