- Hopes Fade for Bill to End Fannie, Freddie
Washington Post 16 May 2014
The Senate Banking Committee on May 15 passed a bill that would dissolve Fannie Mae and Freddie Mac.
However, the measure did not attract a large enough majority and is unlikely to reach ...
- NC Attorney General Sues Debt-Settlement Firm That Collected More Than $1.1 Million
Raleigh News & Observer (North Carolina) 16 May 2014
North Carolina Attorney General Roy Cooper has sued Chicago-based Legal Helpers Debt Resolution (LHDR), alleging that it ran an illegal scheme that swindled 412 state residents out of more than $1.
- Car Buyers Upside Down on Auto Loans
Chicago Tribune 15 May 2014
In the first quarter of 2014, 27 percent of new-vehicle buyers who traded in an old model owed more on the trade-in than it was worth, according to the Power Information Network (PIN), a unit of J.D.
- Banks Say Deals With Colleges Could End If U.S. Rule Adopted
Bloomberg 14 May 2014
If the U.S. Department of Education imposes a rule to ban most account fees, banks say their marketing deals with universities would no longer be feasible.
- CFPB Warns U.S. Banks: Expand 'Fair Lending' or Else
Investor's Business Daily 12 May 2014
In its new "Fair Lending Report," the Consumer Financial Protection Bureau reminds U.S. banks that they could face discrimination charges if they fail to write enough prime loans to low-income ...
- Lenders' Credit Score Requirements May Be Stricter Than Needed
Los Angeles Times 11 May 2014
Some experts argue that today's credit score criteria for potential homeowners are too high and do not match their actual risk of default.
- SunTrust Referred to CFPB Over Online Ad Practices
American Banker 09 May 2014
The Consumer Financial Protection Bureau has been alerted to potential misbehavior at SunTrust Banks.
The Online Interest-Based Advertising Accountability Program referred SunTrust to ...
- State Courts Join Widening Debt-Collection Crackdown
American Banker 09 May 2014
Courts -- one resource that companies use to try to recover debt -- increasingly are joining regulators, legislators, and attorneys general in the crackdown on the collection industry.
- Fifth Third Bancorp Faces Probe Over Auto-Lending Practices
Dow Jones Newswires 08 May 2014
Fifth Third Bancorp reports it is facing a Justice Department investigation over whether it engaged in discriminatory auto lending practices.
- New Report Shows Hardest Hit Communities Still Reeling From Housing Crisis
RISMedia 08 May 2014
Despite a recent trend toward home price appreciation, a new report reveals that nearly 10 million U.S. families are still "underwater" on their mortgages.
- New Report Highlights Void in Financial Services Available to Military Families
Yahoo! Finance 08 May 2014
Many military households are challenged by their lack of financial education and limited awareness of the services available to them, according to the nonprofit Blue Star Families.
- New York Fines Two Firms Over Debt Collections
Wall Street Journal 08 May 2014
Debt-buying firms Portfolio Recovery Associates Inc. and Sherman Financial Group LLC have agreed to end litigation against borrowers and pay fines under separate settlements with New York Attorney ...
- More Seniors Going Into Retirement Shouldering Mortgages, Feds Say
Dallas Morning News 07 May 2014
The percentage of homeowners aged 65 or older who are carrying mortgage debt spiked from 22 percent in 2001 to 30 percent in 2011, according to a new report from the U.S.
- House Committee Approves Mortgage Choice Act
Housing Wire 07 May 2014
The House Financial Services Committee has given the nod to the proposed Mortgage Choice Act, which can now move to the floor of the U.S. House of Representatives for consideration.
- Advocates: Bill Requiring IRS to Use Private Debt Collectors Would Harm Consumers
Consumerist 07 May 2014
Language in the proposed Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act of 2014 requires the Secretary of Treasury to contract private debt collection agencies to pursue ...
- Can Banks Provide an Alternative to Payday Loans? Local Lenders Aim to Attract 'Underbanked'
Times-Picayune (New Orleans) 07 May 2014
Efforts by payday lenders in Louisiana to dodge a crackdown on short-term loans have rekindled the debate about traditional lenders offering small loans and other products tailored for low-income ...
- Ohio Supreme Court Fines Beachwood Debt Collection Firm $282,500 for Unauthorized Practice of Law
Cleveland.com 07 May 2014
Ohio's high court has sanctioned a Beachwood-based debt collection firm and its co-owner for practicing law without a license.
- Should Active Duty Troops Be Able to Defer Student Loans?
Politix 06 May 2014
Rep. Carol Shea-Porter (D-N.H.) has proposed legislation that would extend a grace period to enlisted persons with student loans.
- Payday Lender AMG Services Subpoenaed in Criminal Probe
Columbus Dispatch 05 May 2014
A U.S. grand jury has subpoenaed AMG Services Inc. as part of a criminal probe by the office of Manhattan U.S. Attorney Preet Bharara.
- Critics Say Payday Lenders Are Out of Control
KFOXTV.com 05 May 2014
Retired New Mexico senator Steve Fischmann is tackling payday lending in Las Cruces, where borrowers can choose from more than 40 different payday or auto title loan locations.