Slashdot Mirror
Amazon Suddenly Stops Selling Student Loans (bloomberg.com)
"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%."
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%."
Not only do they engage in fraud, but also money laundering. To this day, they and HSBC and BoA, etc. etc. etc. remain immune and untouchable. And we continue to stand by and reelect the politicians that also benefit, totally distracted by *he who shall not be named*, not that anybody cared beforehand.
It is probably a wise move for Amazon to keep its distance, lest they get caught up in this tornado and lose everything.
“He’s not deformed, he’s just drunk!”