A New York Times article on pension factoring from a few weeks ago advised about “Reading the Fine Print on Pension Advance Agreements.”
The article describes legislation and other legal restrictions concerning pension factoring, but also that there appears to be gray areas that can result in potential pitfalls for consumers.
“Agencies like the Consumer Financial Protection Bureau, Federal Trade Commission and Government Accountability Office have issued warnings about the services,” wrote the article’s author, John F. Wasik. He also advises to be aware of the “legal traps” that may be buried in pension factoring agreements.
The full article is available here.