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- TransUnion: Late-Payment Rate on U.S. Credit Cards Fell in 1Q as Borrowers Tackled Holiday Debt
Associated Press 21 May 2013
Americans repaid on their credit card bills more quickly in the first quarter of the year, according to TransUnion, which reports that the rate of payments overdue by 90 days or more dropped to 0.69 percent from 0.85 in the same three months of 2012. Although lower, the late-payment rate is still above historically low levels, the company said... - Payday Loans by Credit Unions Come Under Fire
American Banker 20 May 2013
Nine federal credit unions are making loans bearing what amounts to triple-digit annual percentage rates, similar to payday loans attacked by regulators. Of the nine, three are directly offering the loans -- Kinecta Federal Credit Union in California, Tri-Rivers Federal Credit Union in Alabama, and Louisiana Federal Credit Union -- while six others use third-party service providers not subject to National Credit Union Administration supervision... - Beware of Deceptive Mortgage Deals
KVUE.com 20 May 2013
Consumer Reports warns the public to be on the alert for fraudulent home refinance offers promising rock-bottom interest rates and easy approval. Signs that an ad may be too good to be true include phrases such as "guaranteed approval" or "low fixed rates."... - Prepaid Cards Lose Fees, Gain Users
The Street 20 May 2013
Prepaid cards have moved beyond the subprime population to become a solution for consumers of all walks who want an alternative to the fee-crazy traditional bank account. While the cards previously imposed hefty fees and other unpopular terms to account for the risk associated with their primary users -- consumers with poor credit -- many of those fees have been terminated in order to make the product more appealing to other kinds of customers... - Wells, Citi Halt Most Foreclosure Sales as OCC Ratchets Up Scrutiny
American Banker 20 May 2013
Wells Fargo and Citigroup have ceased the bulk of their foreclosure sales in multiple states in the wake of new guidance by the U.S. Office of the Comptroller of the Currency (OCC). The slowdown is a response to OCC's April issuance of minimum foreclosure sales standards, while the Federal Reserve released identical guidance to the banks it oversees... - CFPB Cracks Down on Real Estate Kickbacks
Reverse Mortgage Daily 19 May 2013
The Consumer Financial Protection Bureau (CFPB) is cracking down on real estate kickbacks, ordering Texas home builder Paul Taylor to surrender $118,194.20 in funds earned through unlawful referral fees... - U.S. Senator Proposes Student Loan Refinance Plan
Associated Press 19 May 2013
U.S. Sen. Kirsten Gillibrand (D-N.Y.) announced Sunday the Federal Student Loan Refinancing Act, legislation that would lower interest rates for many student loan borrowers currently repaying their federal student loans... - Senate Barrels Toward Showdown Over Consumer Bureau Nominee
The Hill 19 May 2013
U.S. Senate Republicans and Democrats are headed for a showdown over Richard Cordray, recess-appointed director of the Consumer Financial Protection Bureau (CFPB), with Democrats seeking to formally confirm him as director on May 23... - Another Payday Loan Debate on the Horizon
Allentown Morning Call (PA) 18 May 2013
Pennsylvania state Sen. Pat Browne (R-Allentown) is preparing to introduce new legislation that he claims will stamp out payday lending by gradually transitioning consumers into mainstream credit. Consumer advocacy organizations, however, are gearing up to fight a plan that they say will continue to sanction high-cost loans and extended periods of debt... - These Illegal Debit Card Fees Just Won't Die
MSN Money 17 May 2013
A new report from GoBankingRates.com reveals that some gas stations and convenience stores, among other merchants, are illegally imposing fees on customers who pay with a debit card. "Checkout fees" for buyers who use credit cards were sanctioned as part of January's settlement of a class-action lawsuit, but the agreement did not cover debit cards... - CFPB Targets Discrimination in Auto Loan Battle
American Banker 16 May 2013
The Consumer Financial Protection Bureau is laying the groundwork to bring enforcement actions against auto lenders that pay bounties to brokers to steer borrowers toward high-cost loans, on the grounds that the markups are discriminatory because they are steeper for minorities than for whites... - Fifth Third Gets Sued Again for Payday Loans
Cincinnati Business Courier 16 May 2013
Fifth Third Bancorp's payday lending product, Early Access, has drawn at least three lawsuits in the past nine months -- the latest from a Nashville, Tenn., man who says the bank overcharged him interest on the short-term advance.... - The End of Arbitration Agreements in Lending Docs Is Nigh
Housing Wire 16 May 2013
Starting on June 1, mandatory arbitration agreements no longer will be allowed within certain mortgage documents. The Truth in Lending Act change "bans terms that require arbitration or any other non-judicial procedure to resolve any controversy or settle any claims arising out of the [lending] transaction,"... - The CFPB Goes Mobile to Collect Customer Complaints
Bank Systems & Technology 16 May 2013
The Consumer Financial Protection Bureau on May 15 announced that it is launching a Spanish-language Web site that lets users access information and submit complaints from their mobile phones... - Report: Some Credit Unions Are Still Involved in Payday Lending
Consumerist 16 May 2013
Federal credit unions are subject to interest rate limits that make their products much more affordable than payday loans; however, a few have found underhanded ways to continue offering the high-cost products. In the past, some would skirt the usury cap by including additional fees not technically part of the annual percentage rate or by referring customers to payday lenders that use the credit union's name and brand to originate loans outside of the oversight of the National Credit Union Administration (NCUA)... - Wells Fargo Ordered to Pay $203 Million in Overdraft Case
Reuters 15 May 2013
A federal judge once again has ordered Wells Fargo to pay $203 million to settle charges that it levied excessive overdraft fees, maximizing the penalties by purposefully processing transactions from the largest dollar amount to the smallest. The ruling brings back a penalty that U.S. District Judge William Alsup handed down in August 2012... - Wells Fargo, QBE to Pay $19 Million to Settle Force-Placed Lawsuit
American Banker 15 May 2013
Wells Fargo and insurer QBE have agreed to a $19.3 million settlement over claims that they overcharged nearly 25,000 homeowners in Florida on lender-placed insurance policies... - The Battle Against High-Cost Lending to Military Families
Marketplace 15 May 2013
The 2006 Military Lending Act (MLA) -- which capped interest rates on payday loans, auto title loans, and refund anticipation loans at 36 percent for members of the armed forces and their families -- has greatly limited access to these products. However, a joint investigation by ProPublica and Marketplace has found that other types of alternative financial products are still widely available to enlisted persons, at a steep cost... - On Victory Drive, Soldiers Defeated by Debt
ProPublica 15 May 2013
The U.S. Defense Department has launched a review of the Military Lending Act, a law that has largely failed in its mission to protect enlisted borrowers from predatory interest rates. According to a 2012 report from the Consumer Federation of America, the number of payday lenders in and around Fort Hood, Texas, has not declined since the 2006 law took effect... - State Cracks Down on Falmouth-Based Mortgage Lender
Boston Herald 15 May 2013
Massachusetts regulators confirmed that they have directed Falmouth-based Mortgage Security Inc. to immediately halt lending and servicing to customers in the state. The action comes after consumers complained that the firm did not properly remit escrow money and that homeowners subsequently incurred late fees and penalties for the unpaid property tax and insurance payments...
