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Consumer Law News
Federal Reserve Alerted The Public To Instances Of Questionable Solicitations Directed At Homeowners
The Federal Reserve has received inquiries and complaints from recipients of direct mail solicitations that suggest there is a "Community Reinvestment Act (CRA) program" that entitles certain homeowners to cash grants or equity disbursements. Some of these solicitations may be read to indicate that the Federal Reserve endorses or supports the offers they contain. These solicitations appear to be a deceptive effort to encourage consumers to apply for a mortgage loan secured by the consumer's home. The Federal Reserve cautions the public about loan solicitations or other offers from lenders or mortgage brokers that offer consumers cash grants or equity disbursements as part of a "CRA Program." No such federal programs exist and these programs are not required by the CRA.
The Community Reinvestment Act is a federal law that was enacted in 1977. It encourages depository institutions to help meet the credit needs of their communities, including low- and moderate-income neighborhoods, in ways that are consistent with safe and sound banking operations. The CRA does not entitle individuals to any grants or loans. Read more at federalreserve.gov
Definition:
It’s important to know who you’re dealing with. If a company or charity is unfamiliar, check it out with your state or local consumer agency and the Better Business Bureau.
Bogus Invoices
Definition:
Con artists send bogus invoices for what appear to be phone directory listings or for office supplies that were never ordered or delivered, hoping that no one will check before paying them.
Travel Fraud
Definition:
Pay with a credit card. Fraudulent travel operators take the money and run, and even legitimate companies can suddenly go out of business. Protect yourself by paying with a credit card so you can dispute the charges if the promises aren’t kept.
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