- B of A and Other Banks Back Credit Union to Solve Payday Problem
American Banker 18 Jul 2014
Regulatory constraints make it difficult for banks to offer short-term consumer loans, but with credit unions entering this line of business, banks are capitalizing on a rare opportunity for ...
- Dems Target Payday Lenders
The Hill 17 Jul 2014
On July 17, Democrats in the U.S. House and U.S. Senate introduced the Protecting Consumers from Unreasonable Credit Rates Act, which targets the fees payday lenders charge low-income borrowers for ...
- Foreclosures Fall in U.S. to Pre-Bust Levels
Bloomberg 17 Jul 2014
The latest RealtyTrac research shows that U.S. foreclosure filings declined last month to levels not seen since before the housing bubble burst eight years ago.
- Report: Nearly 1 Million Community College Students Can't Take Out Federal Loans
Washington Post 16 Jul 2014
Many community colleges chose not to participate in the federal student loan program, leaving nearly 1 million students at those schools to rely on more expensive private loans.
- Regulators Defend Bank Probe
Wall Street Journal 16 Jul 2014
A federal probe into alleged fraud against consumers is not trying to force banks to terminate accounts with short-term lenders and other businesses perceived as risky, officials insisted at a July ...
- State Regulators Probe All American Check Cashing on Suspicion of Violating Loan Rollover Law
Mississippi Business Journal 16 Jul 2014
The Mississippi Department of Banking and Finance has initiated a "cease and desist" order to All American Check Cashing after the payday lender refused to let department examiners review its ...
- Citigroup to Pay $7 Billion to Resolve Mortgage Securities Investigation
Washington Post 15 Jul 2014
Citigroup has agreed to pay $7 billion to the Department of Justice (DOJ) to resolve probes into its sales of troubled mortgage securities -- pools of home loans that the bank issued, structured, and ...
- Companies That Offer Help With Student Loans Are Often Predatory, Officials Say
New York Times 14 Jul 2014
The explosion of student loan debt in the last decade has spawned a new source of customers for the debt settlement industry, which traditionally has targeted credit card and mortgage borrowers.
- HOPE NOW Assisted 37,000 Struggling Borrowers in May
Housing Wire 14 Jul 2014
HOPE NOW reports that about 37,000 homeowners were granted permanent mortgage workouts in May, with roughly 25,000 receiving assistance through proprietary initiatives and just shy of 12,000 ...
- Oklahomans Are Using Fewer Payday Loans
NewsOK 14 Jul 2014
The payday lending business has declined in the state since surging in 2011, the Oklahoma Department of Consumer Credit has found.
- CFPB Clarifies How Same-Sex Ruling Affects Lending Rules
American Banker 14 Jul 2014
The Consumer Financial Protection Bureau has issued new policy in response to the Supreme Court's decision last year to ensure rights for same-sex spouses.
- Mortgage Insurers Warn Financial Requirements Could Boost Costs for Borrowers
Wall Street Journal 14 Jul 2014
The latest financial requirements proposed by Fannie Mae and Freddie Mac for private mortgage insurers could boost costs for low- and middle-income borrowers, insurers warn.
- Dive in Minority Lending Puts Pressure on Fannie-Freddie
Bloomberg 14 Jul 2014
Blacks and Latinos represent a fast-growing segment of the U.S. population; yet, their number among conventional mortgage borrowers is declining.
- CFPB Sues Law Firm Behind Debt Collection Lawsuits
Washington Post 14 Jul 2014
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Georgia-based Frederick J.
- More Homeowners Are Tapping Their Home Equity
Wall Street Journal 13 Jul 2014
Home equity lending has returned to levels not seen since 2008, Equifax reports.
Attracted by the lower interest rates that lenders are dangling in front of them, borrowers are using ...
- Payday Loan Case Showcases Brutal Interest Rates in an Industry Under Fire
Kansas City Star 12 Jul 2014
Online lender Geneva Roth Ventures Inc., based in Mission, Kan., and its CEO have faced legal issues in recent years that illustrate the controversial tactics used by such companies and the increased ...
- CFPB Targets Mini-Correspondent Divisions
Housing Wire 11 Jul 2014
The Consumer Financial Protection Bureau is focusing on a possible loophole that its qualified mortgage rules have possibly created for lenders.
- Missouri Governor Vetoes Payday Loan Legislation
St. Augustine Record 11 Jul 2014
Missouri Gov. Jay Nixon has vetoed a bill that would have re-written the state's payday loan laws. He called the newly proposed limits an industry-backed “sham” that fell short of ...
- Homeowners Get $3.1 Billion in Pact With Mortgage Banks
New York Times 08 Jul 2014
U.S. homeowners have received a collective $3.1 billion to compensate them for improper foreclosures, according to a new Federal Reserve report. Of 4.
- The Big Benefits of Postal Service Banking
U.S. News and World Report 07 Jul 2014
About 68 million Americans depend on nonbank financial services, such as check cashing or payday lending, because they have been shut out of traditional banking, writes Sen. Elizabeth Warren (D-Mass.