- Rep. Ferri's Bill Would Lower Interest Allowed on Payday Loans in Rhode Island
Providence Journal 17 Apr 2014
Rhode Island lawmakers are considering a bill that would revise existing rules on payday loans. The short-term loans are limited to $500, must be paid back in two weeks, and carry interest rates as ...
- Study Finds S.D. Has Some of Highest Payday Loan Costs
Argus Leader (SD) 16 Apr 2014
Three dozen U.S. states allow payday loans -- the most costly of which are found in Idaho, Texas, Ohio, and South Dakota, according to the Pew Charitable Trusts.
- CFPB Proposes Rule Change So Banks Can Send Your Money Overseas
Consumerist 15 Apr 2014
The Consumer Financial Protection Bureau on April 15 announced a proposed update to its global money transfer rule.
- 5 Ways Banks Hurt the Poor
MarketWatch 15 Apr 2014
JPMorgan Chase Chairman and CEO Jamie Dimon contends that regulation has made it difficult to provide credit to many consumers.
- States Splitting With Feds on 'Operation Choke Point'
American Banker 15 Apr 2014
State regulators are pushing back against the federal crackdown on Web-based payday operations. Banks are worried that pressure from federal banking regulators and the Department of Justice, which ...
- Supporters Seek New Angle to Limit Payday Lending
Daily Comet (La.) 15 Apr 2014
Advocates of payday lending regulation are looking to another strategy now that Louisiana lawmakers have squashed efforts to cap the loans' annual interest rates. A bill by Sen.
- Banks to Payday Lenders: Quit the Business or We'll Close Your Account
Washington Post 11 Apr 2014
More payday lenders say banks being scrutinized by the FDIC and the Office of the Comptroller of the Currency for direct-deposit advances are now telling them to cease and desist making payday loans ...
- American Subprime Lending Is Back on the Road
Financial Times 10 Apr 2014
Although many asset managers said during the financial crisis that they would never touch subprime again, subprime lending has made a return in auto lending.
- State AG Files Five Lawsuits Against Payday Lenders
InsideARM 10 Apr 2014
Illinois Attorney General Lisa Madigan has filed five lawsuits as part of a crackdown on payday lending.
- Delinquencies on Home Equity Loans, Credit Cards Head in Opposite Directions
American Banker 09 Apr 2014
The American Bankers Association (ABA) says delinquencies on home equity loans dropped to 3.48 percent in the fourth quarter 2013, down from a cyclical peak of 4.
- Consumer Debt Delinquencies Expected to Rise
Consumer Affairs 09 Apr 2014
FICO's latest quarterly survey of bank risk managers indicates that 44 percent expect credit-card delinquencies to increase in the next six months.
- U.S. Republican Rubio to Offer Bill on New Education Financing Vehicles
Reuters 09 Apr 2014
U.S. Sen. Marco Rubio (R-Fla.) plans to introduce a bill to expand the use of "income share agreements," an alternative to traditional student loans in which private investors or organizations ...
- Data Compilers' Secret Scores Have Consumers Pegged, Fairly or Not
Los Angeles Times 08 Apr 2014
Although it has been more than a decade since consumers won access to their credit scores in response to advocates' concerns about errors and lending bias, consumers still remain in the dark about ...
- Debt Settlement Firm Pleads Guilty in First CFPB Referral
Reuters 08 Apr 2014
In the first criminal case referred to U.S. prosecutors by the Consumer Financial Protection Bureau, Michael Levitis and his debt settlement firm Mission Settlement Agency pleaded guilty in Manhattan ...
- Bellaire Law's Focus: Payday Lenders
Houston Chronicle 08 Apr 2014
Bellaire has become the most recent Texas city to regulate payday lending in response inaction by state lawmakers on the issue.
- American Consumers' Borrowing Up $16.5B in February
Associated Press 08 Apr 2014
The Federal Reserve reports a $16.5 billion in jump in consumer borrowing in February, following on the heels of a $13.
- Middlemen for Payday Lenders Under Fire
Wall Street Journal 08 Apr 2014
Illinois Attorney General Lisa Madigan has filed a lawsuit against MoneyMutual LLC, which serves as a middleman between consumers and payday lenders.
- CFPB Strikes Partnership With Libraries on Financial Literacy
American Banker 08 Apr 2014
The Consumer Financial Protection Bureau (CFPB) announced on April 7 that as part of the Community Financial Education Project, it will partner with libraries, organizations, and other federal ...
- Feds Lack Options to Help HELOC Borrowers as Resets Loom
American Banker 07 Apr 2014
Homeowners could be looking at more pain in the next few years as their home equity lines of credit (HELOCs) reset.
- Cheat Sheet: What to Expect from CFPB on Payday Lending
American Banker 07 Apr 2014
The Consumer Financial Protection Bureau (CFPB) is on the brink of issuing the first national rules for payday lending.