- Unbanked Turning More to Prepaid Cards, FDIC Report Says
American Banker 30 Oct 2014
In its third biennial survey of unbanked and underbanked households, the Federal Deposit Insurance Corp. reported a drop in U.S. households without an account at an FDIC-insured institution to 7.
- Banks, Taking Hint From Regulators, Overhaul Overdrafts
American Banker 29 Oct 2014
The Consumer Financial Protection Bureau (CFPB) has been hinting that it will begin to view overdraft as a form of short-term credit and may crack down on unfair fees.
- Wells Fargo Loses Appeal of $203 Million Court Award
Bloomberg 29 Oct 2014
A federal appeals court in San Francisco has upheld a lower-court ruling ordering Wells Fargo & Co. to repay $203 million to customers for increasing overdraft fees by manipulating debit-card ...
- 1-In-4 Americans Turn to Payday Loans & Other High-Cost Financial Products
Consumerist 29 Oct 2014
About a quarter of American consumers last year turned to nontraditional financial service products like payday loans, pawn shops, car title loans, and refund anticipation loans, the FDIC has ...
- Bank Regulator Warns of Lax Standards on Auto Loans
Wall Street Journal 28 Oct 2014
The increasing size of vehicle loans is causing borrowers to struggle with the debt and auto lenders to assume bigger losses when they cannot pay, an official with the Office of the Comptroller of ...
- CFPB Is Taking Far-Reaching Look at Checking Account Access
American Banker 28 Oct 2014
The banking industry is concerned that the Consumer Financial Protection Bureau (CFPB) may seek to expand its authority regarding consumer checking accounts.
- CFPB Flexes Its Regulatory Muscles
Mortgage Orb 28 Oct 2014
The Consumer Financial Protection Bureau (CFPB) has provided a review of enforcement actions taken this fall against mortgage servicers.
- Service Members Deserve More Transparency From On-Base Banks, Credit Unions
Consumerist 28 Oct 2014
Research by the Pew Charitable Trusts suggests that some banks on military bases lack transparency and charge high overdraft fees.
- Student-Loan Servicers Are Often ?Unfair? to Borrowers, U.S. Finds
Chronicle of Higher Education 28 Oct 2014
The third annual report of the Consumer Financial Protection Bureau's student loan ombudsman shows that servicers are doing little to help private borrowers understand their repayment options.
- U.S. Income Inequality Is Bad, But Wealth Inequality Is a Bigger Problem
Los Angeles Times 24 Oct 2014
U.S. wealth inequality is growing, according to Emmanuel Saez, an economics professor at UC Berkeley. Writing in the blog of the Washington Center for Equitable Growth, he suggests that this ...
- Education Department to Expand Access to Student Loans
Wall Street Journal 22 Oct 2014
The Obama administration on Oct. 22 announced that it has finalized a plan giving parents with damaged credit histories expanded access to federal student loans.
- Student Debt and Buyer's Remorse: How Grads Feel
Boston.com 22 Oct 2014
Student borrowers may not fully understand the debt they are taking on until after graduation.
A recent survey by American Consumer Credit Counseling found that 57 percent of respondents ...
- Why a Third of Americans Treat Checking Accounts Like Payday Loans
Huffington Post 22 Oct 2014
A recent study by the Consumer Financial Protection Bureau (CFPB) reported that the average debit amount that triggers an overdraft fee is $24, and most of these overdrafts are repaid in about three ...
- Complaints on Private Student Loans Increase 38 Percent
Arizona Republic 20 Oct 2014
Complaints over private student loans increased more than 38 percent over the past year, with most focused around a lack of repayment options and inflexibility by lenders.
- CFPB Finalizes Rule to Promote More Effective Privacy Disclosures
National Mortgage Professional Magazine 20 Oct 2014
The Consumer Financial Protection Bureau (CFPB) has finalized a rule that encourages financial institutions to provide more effective privacy disclosures to customers.
- A Rate Cap for All Consumer Loans
New York Times 19 Oct 2014
An editorial in the New York Times calls for a 36 percent interest-rate limit to become standard for all consumer transactions -- including auto financing, payday loans, mortgages, credit cards, and ...
- Navigating the Wide World of Mortgage Overlays
Washington Post 18 Oct 2014
Borrowers are finding it much tougher to qualify for a mortgage because of overlays -- approval standards imposed by lenders and their investors that go beyond guidelines set by Fannie Mae, Freddie ...
- Fannie Mae, Freddie Mac Reach Deal to Ease Mortgage Lending
Los Angeles Times 18 Oct 2014
The Federal Housing Finance Agency (FHFA) has crafted new rules in an effort to relax tight mortgage standards that have made it challenging for borrowers with imperfect credit to obtain affordable ...
- Rental America: Why the Poor Pay $4,150 for a $1,500 Sofa
Washington Post 17 Oct 2014
Following recession, rent-to-own stores have become increasingly popular among low-income consumers. Rental centers may charge effective annual interest rates of more than 100 percent, but ...
- US Foreclosure Filings Down in 9 Percent in September, RealtyTrac
Realty Today 16 Oct 2014
U.S. foreclosure filings have declined for the 48th month in a row, RealtyTrac reports, sliding 9 percent in September from August and returning volume to pre-bubble levels.