Slashdot Mirror

"The promotion has ended," a bank spokesperson said. After more than a year of preparation, Amazon's partnership with Wells Fargo to sell student loans barely lasted six weeks. An anonymous reader quotes Bloomberg: It's another black eye for Wells Fargo's student loan business, which just last week agreed to pay $3.6 million to the federal Consumer Financial Protection Bureau to settle claims that it misled borrowers, illegally charged certain fees, and processed payments in a way designed to maximize late fees. Wells Fargo neither admitted nor denied wrongdoing.
The article cites a consumer advocate who says both Amazon and Wells Fargo were hiding the high costs of the loans, as well as their inflexible terms for repayment, in a "cynical attempt to dupe current students." The Washington Post noted that interest rates for community colleges and for-profit institutions "can climb to nearly 14%."

chiguy writes "The Consumer Financial Protection Bureau begins releasing detailed information on Americans' complaints about their credit cards online. From The Washington Post: 'The CFPB said it will only publish complaints after it has verified the consumer's relationship with the company. The new database will include not only the name of the company involved, but also the nature of the complaint and the consumer's Zip code. It will also report whether the firm responded in a timely manner, how the matter was resolved and any disputes. The CFPB said it has received more than 45,000 in the year since the bureau was launched.' Complaints about mortgages, student loans, and checking accounts will be added later. Financial institutions are complaining loudly, decrying the enforcement of one of the main tenets of the free market: transparency."

New submitter gchaix writes "The U.S. Federal Consumer Financial Protection Bureau has publicly embraced open source software and has begun posting its code to GitHub. From the article: 'Until recently, the federal government was hesitant to adopt open-source software due to a perceived ambiguity around its legal status as a commercial good. In 2009, however, the Department of Defense made it clear that open-source software products are on equal footing with their proprietary counterparts. We agree, and the first section of our source code policy is unequivocal: We use open-source software, and we do so because it helps us fulfill our mission. Open-source software works because it enables people from around the world to share their contributions with each other. The CFPB has benefited tremendously from other people's efforts, so it's only right that we give back to the community by sharing our work with others.'"