A lawsuit, seeking class action status, is accusing Marriott Employees Federal Credit Union (Bethesda, MD) of violating the Truth in Lending Act (TILA).
The lawsuit was filed in United States District Court for the Eastern District of Pennsylvania.
This lawsuit comes several weeks after an article in the New York Times scrutinized Marriott Employees FCU's fee practices.
At issue in the lawsuit is the credit union's pattern and practice associated with mini-loans made to its members. These mini-loans are not Payday Alternative Loans authorized by the National Credit Union Administration.
The class members allege that loan charges were not fully disclosed.
By not providing a full picture of the costs associated with taking out the loan, the workers claim in the lawsuit that the credit union is violating the Truth in Lending Act.
Read the complaint.
If you're looking for any additional stories to publish, here's a recommendation:
ReplyDeletehttps://gonzobanker.com/2018/10/why-do-fellow-bankers-give-wells-fargo-a-free-pass/
I'd be curious to hear your take on Cornerstone's piece.
Grandmaster B -- I'd be interested on your take of the (literally) hundreds of articles written here:
Deletehttps://www.cutimes.com/fraud-enforcement/
Employ fraud is a problem. That is why financial institutions need strong internal controls.
DeleteWith regard to the gonzobanker piece, trade associations are unlikely to comment on the behavior of their members. This is true for both bank and credit union trade associations.
DeleteWow, quite an impressive haul for these “former” bank employees!
ReplyDeletehttps://www.reuters.com/article/us-goldman-sachs-charges-1mdb/u-s-charges-financier-former-goldman-bankers-for-1mdb-idUSKCN1N6537
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