• mortgage brokers
• investment bankers
• credit bureaus
• debt collectors

Now these entities should be making sure you receive fair, equitable options for your finances and investments, instead they are taking advantage of the elderly and carrying out senior financial scams for their own benefit. Since 2011, the Consumer Financial Protection Bureau (CFPB) has received over 70,000 complaints of or relating to senior financial scams. The complaints outline predatory practices directed at elderly citizens to disenfranchise and or intimidate.

Don’t Fall Victim to Senior Financial Scams

The elderly are targeted because scammers and fraudsters see them as easy targets. Advanced age or the presence of medical disabilities make many seniors susceptible prey. You can prevent senior financial scams. If you are over the age of 60 and you still manage your financial portfolio, take steps to educate yourself against these predatory practices. If you manage the finances for a loved one, who can no longer look after their own, it becomes especially important to protect those assets. As a designated trustee, you are the only one standing between your loved one’s financial security and the threat of fraud.

Investor Resources

To read the full report on senior financial scams, click here. Check out our past blog on tips for preventing elder financial abuse.

Or Litecoin?

Or Dash?

What about platforms like Ripple or Zcash?

A New Frontier

Cryptocurrency investing has risen from an underground, financial trading outpost for techies to a full-blown investing phenomenon. Cryptocurrency has emerged as an innovative and major trading platform. However, the rapid rise and deeply technological nature of this type of investing has left it a largely foreign concept to many traditional investors. In fact, cryptocurrency is very much a new frontier, even for those familiar with it. While cryptocurrency investing can be an exciting new platform, the industry around cryptocurrency is still establishing itself. As a recent Reuters article reports, cryptocurrency investing is still very much a Wild West for investors. Sufficient, standardized regulation really has yet to take hold, and with the diverse array of available cryptocurrencies, it has proven difficult to police. If you’re considering cryptocurrency investing, you should not let potential risks deter you. After all, any investment type comes with risks. What’s important to remember is to practice smart investing. There is a learning curve, but if you practice smart investing and take proper measures to protect your investments, you can safely mitigate those risks.

Tips for Safe Cryptocurrency Investing

• Familiarize yourself with the cryptocurrency marketplace
  • Understand basics of investing and trading
• Research available cryptocurrencies
  • Cryptocurrency varies widely in terms of how it is designed, distributed and exchanged
  • Available offerings differ in terms of traceability, anonymity and security
• Research and verify trading and exchange platforms
  • Don’t lose your investment to fraudulent traders or fake exchange platforms
  • Make sure you’re trading on a secure and verified platform

Investor Resources

You can read the full Reuters special report on cryptocurrency exchange risks here. If you’ve been approached with an investment opportunity for an Initial Coin Offering (ICO), check out our past post on what to know before investing in an ICO.

It never hurts to seek out investing advice. Even the most experienced investors get investment advice, either from a single investment adviser or a trusted group. The key term here is trusted. If you’re considering opening an investment advisory account, it’s important to choose the right one.

Choosing the Right Investment Adviser

An investment adviser should serve as a trusted sounding board providing investment advice that is most in-line with your investment goals and strategy. As such, it’s important to go over these objectives with your potential adviser; don’t be afraid to ask questions. You should never be intimidated or feel pressured by an adviser or advisory firm. When choosing an investment advisor, be up front about your needs. Here are some common things you should address when considering any investment advisory account:

• Communicate your investment goals:
  • Set investment timelines
  • Discuss limits and risk tolerance
• Set service expectations
• Discuss associated costs and fees

These are just some of the fundamental things you should cover with any potential investment adviser. You should always come prepared with questions of your own that are tailored to your specific investment goals. After you have found an adviser you feel you can trust, make sure you understand your advisory contract. Although an adviser or firm may be the right fit for your investment needs, advisory contracts can be complex; outlining costs and fees for service, communication between you and your adviser and other terms and conditions. Before signing an agreement, make sure you go over any questions you have with your investment adviser. Common things to look for and consider are:

• Level of service
• Fee breakdowns and calculations
• Your responsibilities as an investor
• The responsibilities of your adviser
• How to communicate with your adviser
• Contract cancellation procedures

Investor Resources

These are just some easy tips to help you choose the right investment adviser. For even more helpful advice check out this SEC bulletin.

On Thursday, it was announced that the Securities and Exchange Commission (SEC), the nation’s top finance and securities regulator, had experienced a critical cyber security breach. The breach, which occurred in 2016, allowed hackers access to the SEC’s EDGAR system, a database which houses corporate filings and announcements for a multitude of Wall Street firms. The SEC hack has shaken investors and lawmakers as it poses serious questions regarding the SEC’s security measures and protocol. It is also possible that hackers may have profited on the insider info by trading on it. According to a Reuters report, the database contained sensitive, “market-moving information”. The announcement came as a shock to everyone and with concerns arising over the SEC’s ability to maintain and protect its security systems, you may be wondering what this means for your investments. For it’s part the SEC has taken steps to assure that the security breach has been addressed, however the SEC hack comes at a period of heightened concern over cyber security. This breach follows close on the heels of the massive Equifax scandal, in which hackers gained access to millions of customer records.

Security Protocol in Question

The SEC hack has raised questions in Washington among policymakers concerning what steps are being taken by regulators to prevent critical breaches like this one from occurring. SEC Chairman Jay Clayton will be on Capitol Hill on Tuesday, appearing before the Senate Banking Committee. The chairman is expected to come under fire from policymakers, who will demand a clear account of the exact nature and extent of the SEC hack. Ahead of this hearing, other financial and securities regulators have come forward with their cyber security measures.

Investor Resources

If you’d like to find out more about the SEC hack, read the full Reuters article here. For more regulatory news and investing tips, check out our blog.

Wells Fargo Fake Accounts Scandal: By the Numbers

$185 million in fines and penalties to regulators $6.1 million in credits and refunds $910,000 in refunds for unauthorized online bill pay fees

Investor Resources

You can find out more info about the Wells Fargo fake accounts scandal here. If you believe you have been negatively affected by fake or unauthorized accounts, contact our team. You may have loss-recovery options. Check out our blog for even more investment tips and business news!

Watch Out for Insider Trading Schemes

If you’re just getting into investing, you’re going to get a lot of offers for instant returns or low to zero risk investment opportunities. You will need to learn early on that there is no such thing as a “zero risk, get rich quick” investment. If you’re approached with insider trading information, it is important that you not act on it and report it. Despite the temptation, it will only spell trouble. Chances are, any information you receive is already being tracked by regulators.

Investor Resources

If you receive an insider trading tips, you can report them to the SEC. Click here to file a report or complaint. For more financial news and tips for smart investing, check out our blog page!

Is 2008 far enough in our rear-view that we’ve already forgotten the same mistakes that brought the financial industry-and U.S. economy-to the brink of collapse? Evidently, it is for banks and policymakers. You have probably been hearing a lot of talk about impending “reviews” of current financial regulation measures; the very regulations put in place immediately following the aftermath of the 2008 collapse; the very measures that are meant to ensure that kind of thing doesn’t happen anymore. However, these calls for review signal a clear intention for some of a desire for wide-scale financial deregulation.

The Push for Financial Deregulation

Financial institutions have claimed that regulation measures have been retaliatory and have largely resulted in stifling growth and ability to offer competitive services and prices. With the introduction of the Trump Administration, financial stocks soared on optimism of a businessman in the White House. The president and other policymakers have repeatedly voice dissatisfaction with current regulatory measures. Notably, the Dodd-Frank law, which provides much of the overarching regulation for banking and finance, has been seen as headed for the chopping block. Reuters reports that in June, House Republicans voted to replace Dodd-Frank.

In a World Without Financial Regulation

The risks of widespread financial deregulation are great. The fallout of 2007-2009 were universal, and effectively ended the popular “too big to fail” concept. Entire companies were brought down, not to mention the homes and savings of thousands of people and families. You probably know someone who experienced financial devastation. Dodd-Frank and other regulatory measures were put in place to ensure that devastation of the magnitude never occur again. While a review of some measures may be warranted, massive financial deregulation is not. In fact, banking experts are warning that a move like that could have dire consequences. Vice Federal Reserve Chair, Stanley Fischer, recently stated that the decision to roll back key elements of Dodd-Frank were extremely short-sighted. He warned that a reversal could be taking us in a very dangerous direction. Regardless of political preference, nobody wants a return to the dark days of 2008. Any “reviews” of existing regulations should be met with apprehension and should be given full deliberation.

Resources

You can read more about the Fed’s concern over deregulation here. Curious about what potential rollbacks could mean for your retirement savings or investments? Give us a call.

403(b)

This investment plan option is typically available to employees of public education institutions, non-profits and religious organizations. It is what’s known as a tax-sheltered annuity (TSA) plan. Think of it as the non-profit version of a 401(k). With a 403(b), you can defer parts of your earnings to the designated annuity plan. Your employer may also offer options in which they contribute to it as well.

457(b)

This option is typically available to employees of state and local government agencies and non-profits. This type of plan is known as a deferred compensation plan. It allows you to put-off paying taxes on contributions to retirement savings until later years. Earnings made on retirement savings are also deferred.

Rules and Limits

With both retirement investing plans, there are rules and limits as to who is eligible, what plans are available to you, and how much can be contributed.

• Currently, both plans have contribution limits set at $18,000. However, this is subject to change year-to-year.
• Typically, employers select which plans you can choose from. They are usually a limited offering.

What You Need to Know about Retirement Investing

You need to choose a vendor and plan that suits your retirement investing goals. It’s also important to note that just because a plan is offered through your employer, it does not mean that the vendor has been vetted or endorsed by your employer. Before selecting any plan, make sure you research the vendors’ background and experience.

Resources

If you want to learn more about these retirement investing alternatives, read the SEC bulletin. If you want to learn more about protecting your investments, check out our blog for even more investing tips.

Common Buy-and-Sell Order Types

Market Order

Market orders are orders to buy or sell a stock at the best available price, i.e. market price. While market orders are typically executed immediately, it’s important to know that the price something last traded at is not necessarily the price you will get.

Limit Order

A limit order requires that a stock be bought or sold at a specific price or better.

• Buy limit orders can only be executed if the order is at limit price or lower
• Sell limit orders can only be executed if the order is at limit price or higher

It’s important to note that limit order may not always be executed. They depend on the market price reaching the set limit price.

Stop Order

Stop orders, also called stop-loss orders are orders to buy or sell when a stock reaches a specified value. When that value is reached, the order then acts as a regular market order.

• Buy stop orders are entered at prices above current market prices
• Sell stop orders are entered at prices below current market prices

Investor Resources

These represent only the three most common order types available. You can also combine order types to further suit your investing needs. To learn more about different order types and more on these common order types, read the full SEC bulletin. Check out our archives for even more news and tips!

Diversified portfolio or salad bar portfolio?

While novice investors are typically more prone to this mistake, even long-term investors can have this problem. Typically, this comes about due to lack of planning. You can’t just start building a diversified portfolio by grabbing anything that comes along. If you just start picking from all over the place, just piling on investments, that is the quickest route to making your portfolio a mess. In a recent article, Forbes refers to this as a “salad bar” portfolio.

What’s a salad bar portfolio?

You’ve probably seen (or maybe you’ve been) one of those the people going down the line at a salad bar, just piling on anything that looks good at the moment. By the time you leave the bar, your plate is loaded down with all sorts of bits and pieces. When its finally all heaped on the plate, then you realize you have way to much of everything and not enough of the stuff that matters. This is where the salad bar portfolio gets its name.

How to build a true diversified portfolio

In the article, Forbes offers up three tips for those seeking to build a true diversified portfolio:

• Make value-oriented, efficient investments
• Don’t invest based on short term gains
• Look at the big picture of a company before investing in it

We offer up an additional bit of advice if you’re investing with the help of a financial advisor. While a financial advisor can provide key insight and guidance in your investing, it’s important to remember that your are in charge of your investments. Some financial advisors or even broker-dealers are incentivized to encourage investments that will get them greater returns, not you. We encourage investors wanting to build a strong, diversified portfolio to set a a practical investment strategy and follow it.

Investor Resources

Read the full Forbes article to learn more about the risks of your diversified portfolio becoming a salad bar portfolio. If you believe you were misled in an investment by a financial advisor or broker-dealer, you may be entitled to investment-loss recovery.

One down, one to go

This settles at least one of the the two mortgage-baked securities lawsuits against RBS in U.S. courts. Another lawsuit remains pending with the U.S. Department of Justice (DOJ). According to the Reuters article, experts are estimating at least $10 billion will go towards the settlement. It is slated to be the largest fine ever paid by the bank in U.S. courts.

Other mortgage-backed securities lawsuits?

This settlement is also the last of the largest of the 17 mortgage-backed securities lawsuits the FHFA has brought against various banks since 2011, when it was named as conservator of mortgage lending giants, Fannie Mae and Freddie Mac. Since then, the FHFA has managed to recover nearly $18 billion in settlements from various big banks, according to a Reuters report. You probably recognize most of the 17 names on the FHFA’s list. They represent some of the U.S.’ largest investment banks. Here’s a quick recap of which banks the FHFA brought mortgage-backed securities lawsuits. The figures represent the settlements reached so far:

• Ally Financial
• Bank of America Corp. – $9.3 billion
• Barclays Bank – $280 million
• Citigroup, Inc.
• Suisse Holdings (USA)
• Credit Suisse Holdings (USA) – $885 million
• Deutsche Bank AG – $1.9 billion
• First Horizon National Corporation – $110 million
• General Electric Company
• Goldman Sachs & Co.
• HSBC North America Holdings, Inc.
• JPMorgan Chase & Co.
• Merril Lynch & Co./First Franklin Financial
• Morgan Stanley – $1.25 billion
• Nomura Holding America, Inc.
• Royal Bank of Scotland – $5.5 billion
• Société Générale – $122 million

Resources

You can learn more about the FHFA’s ongoing mortgage-backed securities lawsuits on their website. To learn more about how to protect your investments against securities fraud or to recover investment losses, contact our team of investment-loss recovery attorneys. Check out our blog to stay up-to-date on business and investment news along with legislative updates.

However, did you know that part of Dodd-Frank requires banks to submit a financial doomsday plan outlining how they will dissolve in the event of a catastrophic collapse?

Essentially, they are “living wills” that show what and how assets would be liquidated in a bankruptcy. The big catch is, these plans cannot rely on taxpayer bailouts. Banks must submit practical, realistic plans that leave no room for optimism.

So who’s checking this financial doomsday plan?

Banks must submit their “wills” to The Federal Reserve and the Federal Deposit Insurance Corporation for their review and approval. These are rigid reviews that show no leniency towards a bank. And its not just a an informal thing that banks submit as a symbolic gesture. These plans play a significant role in a bank’s continued operational existence. Dodd-Frank allows regulators to take extensive measures to make sure that a bank’s dissolution plan is credible.

Which banks were required to submit a financial doomsday plan this year?

Most of the nations top big banks were required to submit plans, including:

• Bank of America
• Bank of New York Mellon
• Citigroup
• Goldman Sachs
• JP Morgan
• Morgan Stanley
• State Street Corp
• Wells Fargo

American Insurance Group and Prudential Financial were given one-year extensions to submit a workable plan.

Investor Resources

You can read each bank’s financial doomsday plan on the Fed’s website. For more legal and financial news, check out our blog. Contact our investment-loss recovery attorneys if you believe you have been the victim of stock fraud or broker misconduct.

Corporate tax cuts still on the way?

Optimism has since waned. As Congress has struggled to keep pace with a constantly in-flux administration with an ever-shifting stance, it has proved difficult for legislators to nail down details. Neither Congress nor the White House has yet announced any definitive plans for deregulation or tax cuts. In fact, it seems there won’t be any definitive plans for some time. According to a Reuters report, the White House says a detailed tax plan shouldn’t be expected until September. This leaves little time for Congress to pass a tax reform bill for 2017. Meanwhile, there seems to be some debate has to the scope of the intended tax cuts. The Trump Administration is calling for extreme cuts – 15 percent from the current 35 percent – whereas most Republicans have a more moderate 20 percent in mind. Even still, there’s further debate among Republicans has to how tax cuts will affect the U.S. deficit.

Blessing in disguise?

Maybe it’s a good thing there are no definitive tax cut plans. The White House and Capitol Hill should work closely together on an appropriate tax reform. Massive corporate tax cuts would take a drastic toll on the budget deficit. Depending on the scope of businesses and industries that a 15 percent tax rate would cover, it could increase the deficit $2.4-$4 trillion over the course of a decade.

Puerto Rico’s Bankruptcy Overview

For those of you who aren’t aware, Puerto Rico’s bankruptcy is the largest municipal bankruptcy filing in U.S. history. The island territory is suffering high poverty rates, massive unemployment and a breakdown of public health systems. Puerto Rico’s pension fund is currently nearly 100 percent under-funded, with $50 billion in pension debt. Additionally, it has $70 billion in bond debt.

Puerto Rico’s Retiree Committee

The Trustee’s appointment of a committee without formal court approval reflects a critical situation. Puerto Rico is almost completely unable to pay out benefits on its largest public pensions. This represents the largest pension hole for any U.S. state or territory in history.

What’s more, the federal board overseeing debt-restructuring has called for major cuts to pension funds to cure insolvency. In response, more than 90,000 retirees and pensioners have come together requesting representation during negotiations. While it seems that the Trustee concurs, it has reaffirmed that the Trustee reserves the Authority to select the members of the retiree committee. According to the Reuters report, the Trustee hopes to have a committee selected by June 16th.

Want to Know More?

If you’d like to know more about Puerto Rico’s bankruptcy and retiree committee-appointment, read the full Reuters article here. For more bankruptcy news and updates, visit our blog. If you have questions about filing for bankruptcy or bankruptcy procedures, contact us today.

More Than Previously Expected

Now it looks like it’s going to take a lot more than they thought. According to a recent Reuters report, the number of individuals affected by the accounts fraud scandal is far more than previously expected. In fact, it’s nearly double the initial figure. What was once nearly 2 million unauthorized account creations has now ballooned into 3.5 million. While the recent estimate is based on new case discoveries and hearings, Wells Fargo attorneys claim that it is largely “hypothetical” and “unverified”. Attorneys representing plaintiffs concur that it may be “over-inclusive”, but that the estimation provides a reasonable base for total compensation to plaintiffs.

Can a Settlement Be Reached?

Understandably, Wells Fargo has been keen to settle the matter. The big bank’s attorneys have already increased its initial settlement figures from $110 million to $142 million to account for more-than-expected numbers of affected accounts.

Preventing Future Accounts Fraud

The best method of preventing becoming a victim to accounts fraud is through awareness and education. Don’t be intimidated by big banks. You have the right to financial security. Make sure you regularly review all current accounts and monthly statements with any financial institution. You can follow our blog to stay up to date on legal tips, news and insights. Contact us with any legal questions or concerns regarding you financial security.

When Britain announced its decision to formally leave the European Union (EU), it raised a lot of uncertainty. While the decision caused global unsettling, probably the most anxious was the international investment banking community. Until now, Britain, specifically London, has been the undisputed epicenter of investment banking, next to Wall Street. In fact most top-tier U.S. investment banks housed their international headquarters in London. Now, as Britain enters into formal exit discussions, these banks are beginning to look elsewhere. Earlier this week, Bloomberg reported that JP Morgan Chase & Co. plans to move hundreds of London-based bankers to Dublin, Frankfurt and Belgium. Then, Reuters recently reported that five top U.S. investment banks had indicated a huge employee shift to Frankfurt. According to the report, JP Morgan, Morgan Stanley, Goldman Sachs, Citigroup, and Bank of America plan to move over 1000 employees to Frankfurt.

Why Investment Banks are Leaving London

While no one has made any sudden movements or signs of jumping ship, the decision to start moving small numbers of employees to outlying EU headquarters is troubling sign for London. Of course, any major decisions depend on the outcome of negotiations between Britain and the EU. However, Britain’s decision to leave the EU greatly hampered its future as a central hub for international investment banking. Investment banks need to be firmly connected to the EU’s central currency system and relaxed trade regulations for countries of the 28-member bloc. Britain has been a logical international headquarter for U.S. investment banks due it’s close ties to both the U.S. and Europe. However, it no longer seems like a feasible option.

London’s Future as a Financial Capital?

While a major shift by investment banks elsewhere is unsettling to the U.K. government it shouldn’t be seen as apocalyptic. Geographically, London remains globally-central and is still a major hub for trade and commerce. It may lose its position as the world’s financial capital, but international banking operations are not expected to cease completely.

Preventing Elder Financial Abuse

• Be in the Know
  • Whether or not you are named as a trustee or account manager, it is important to talk to your senior relatives about their finances. Even casual discussion about investment plans or opportunities can go along way in informing your loved one about potential risks.
• Understand Contracts and Statements
  • If your are managing your own financial records or you are a loved one managing for an elderly relative, make sure you completely read and understand all contract terms before signing any agreements.
• Check Broker/Advisor Backgrounds
  • Know your or your loved one’s financial advisor or stock broker. Make sure they are trustworthy. You can check broker backgrounds on Investor.gov
• Be Wary of Sweepstakes/No-Risk Scams
  • Offers through mail, email or over the phone promising over-the-top rewards or returns on investment with little to no risk should be avoided. If you are a trustee or account manager, make sure you speak with your loved one about these scams.
• Review Financial Statements
  • Make sure you are not letting your financial statements go by without taking time to carefully review them. Look for any inconsistencies, erroneous charges or fees that can’t be accounted for.

Educational Resources

• If you or a loved one believe you have been made victim to elder financial abuse, contact Savage Villoch Law to find out your recovery options.
• Check out this recent article on the top 10 senior scams to avoid

What Does a Shortened Securities Transaction Settlement Cycle Mean?

The most obvious impact is that securities transactions will now be processed quicker. Investors need to be aware of this change, as it affects the amount of time they have to prepare for a transaction. Investors need to:

• Prepare and deliver securities certificates to broker-dealers one day earlier
• Be ready to pay for a transaction one day earlier

You will need to discuss with your broker-dealer exactly how your transaction will be affected, going forward.

What Transaction Settlement Cycles Are Affected?

This change applies to many common forms of securities investments, including:

• Stocks
• Bonds
• Municipal Securities
• Exchange-Traded Funds
• Some Mutual Funds

Investor Resources

For more details on how the shortened settlement transaction cycles will affect securities investing, check out the SEC’s order approving the new settlement cycle. If you have questions about how you can keep your investments protected, contact us today. Check out our full blog for even more up-to-date legal news and info!

Although they sound similar, customer advisory centers differ from call centers in several important ways. Securities firms and investment broker-dealers typically rely on call centers to handle basic customer service issues and administrative functions. They do not provide investment or trading advice, nor do they earn commissions on trades and deals. Customer advisory centers, meanwhile, are call centers staffed by securities professionals. They are able to provide trade and investment advice as well as sell securities services. A customer advisory center is typically designated to clients with:

• Portfolios under $100-250,000
• No current assigned broker-dealer

What Investors Need to Know

Customer advisory centers can be a useful resource for securities firms and investors alike. Securities firms can refer casual investors to a center that can handle general investment questions and services while focusing dedicated broker-dealers and advisors on more diversified or high-level investors. Alternatively, they can help investors facilitate transactions and order services without meeting with advisors. Despite the benefits, customer advisory centers do pose certain risks that investor should know about. Customer advisory centers are generally set-up to offer center brokers incentives for selling certain securities and brokerage services. This may give way to practices that may not be within investors’ best interest. Investors should be wary of:

• Aggressive sales tactics promoting certain products and services
• Attempts to gather irrelevant customer information
• The promotion of “no fee” or “no cost” goods and services
• Information that is misrepresented or omitted in advice or contracts
• Failure to disclose complete cost brackets for goods and services

Investor Resources

For more information on customer advisory centers, check out this FINRA advisory bulletin. If you believe you have received misrepresented information or inaccurate investment advice from a customer advisory center that has resulted in improper fees or investment loss, contact Savage Villoch Law, PLLC to find out potential recovery options.

The CFPB is an agency tasked with providing consumers with financial protection and empowerment by improving existing consumer protection rules, enforcing rules and providing tools and resources for consumers.

Analyzing Financial Complaints

CFPB’s monthly report analyzes financial complaints reported by consumers over a three-month rolling average, from Aug.-Oct. 2016. It compares this three-month report with last year’s report in addition to breaking down complaints by product or service, state and financial company.

November’s Snapshot

November’s report spotlights complaints related to the category of “Other Financial Services”. This spotlight indicates that the majority of these types of complaints arose from fraud and scams related to debt settlement services. Here is a short breakdown of some of the top reported financial complaints for November 2017:

Other Financial Services

• Of 4,500 reported complaints, over 50% arose from fraud or scams
• Debt-settlement comprised about 50% of the financial complaints

Financial Complaints Nationwide

• Debt-collection is reported as the #1 complaint, nationwide
• Credit reporting ranks 2nd for most-complained about service
• Student-loan complaints see a 108% increase from 2015

Financial Complaints by State

• Alaska, New Mexico and Missouri saw the highest rise in consumer complaints reported between this year and last

Financial Complaints by Company

• Credit reporting companies were the focus of most consumer complaints this year
• Equifax, Experian and TransUnion were the top 3 companies receiving most consumer complaints

Consumers continue to be plagued by risk of financial fraud. Fraud and scams remain the biggest problem for the CFPB and other financial watchdog groups working to protect consumers and ensure transparency between financial companies and their customers. While it may seem difficult to fight for your financial security, Savage Villoch Law is here to help. Contact us if you feel you have been victimized by investment fraud or other type of financial scam. Click here to view the CFPB’s full report for November. To find out more about the tools and resources available to consumers, visit the CFPB’s website.