- U.S. Consumer Credit Posts Smallest Gain Since November
Reuters 07 Oct 2014
The Federal Reserve reported on Oct. 7 that U.S. consumer credit climbed to $3.25 trillion in August, and the increase of $13.5 billion for the month was the smallest since November.
- Feds Crack Down on Elderly Financial Abuse in Spanish-Speaking Communities
The Hill 07 Oct 2014
The Federal Deposit Insurance Corp. (FDIC) and the Consumer Financial Protection Bureau (CFPB) have joined forces to protect Spanish-speaking senior citizens from financial fraud.
- New Mortgage Lender Demands Less Documentation
Wall Street Journal 07 Oct 2014
Social Finance, or SoFi, has offered mortgages in California since August and expanded its business to New Jersey, North Carolina, Pennsylvania, Texas, Washington, and the District of Columbia on Oct.
- Car Dealers Resisting Regulations on Fees
Detroit Free Press 07 Oct 2014
The National Automobile Dealers Association (NADA) is fighting efforts by the Consumer Financial Protection Bureau (CFPB) to eliminate dealers' ability to charge varying rates for higher-risk loans.
- Consumer Delinquencies Continue Falling to Record Low
Washington Business Journal 07 Oct 2014
The American Bankers Association (ABA) reports that overall consumer debt delinquencies hit a record low of 1.57 percent in the second quarter, down from 1.
- Payday Lender All American Doing Business Under Temporary License
Mississippi Business Journal 06 Oct 2014
Madison-based payday lender All American Check Cashing, unable to renew its annual license because of regulatory troubles, instead is operating in Mississippi under a temporary license granted by the ...
- Online Lender CashCall Must Pay $1.5 Million to Iowans
Des Moines Register 06 Oct 2014
Iowa officials have brokered a settlement with online lender CashCall, which agreed to surrender its license and fork over $1.
- GAO Calls on Treasury to Better Track Homeowner Relief Data
The Hill 06 Oct 2014
In a new report, the Government Accountability Office concludes that Treasury officials could do more to assess why some distressed homeowners are redefaulting after receiving federal mortgage relief.
- Racial Disparity in Mortgage Refinancing Data
New York Times 05 Oct 2014
Last year saw a 25 percent slump in mortgage refinancing from 2012, due almost entirely to less participation among white and Asian borrowers, according to a data analysis by the Urban ...
- Socorro Works on Payday Ordinance
El Paso Times (TX) 04 Oct 2014
Socorro has become the latest Texas jurisdiction to attempt to restrict payday lenders, which have recently opened branches locally.
- New York AG Sues Law Firms for Mortgage Loan Relief Scam
DSNews 03 Oct 2014
New York Attorney General Eric Schneiderman has sued two law firms and their principal attorney, Gennady Litvin, for allegedly participating in a fraudulent mortgage rescue scam.
- High Court to Take Housing Bias Case
Associated Press 02 Oct 2014
The nation's highest court is again preparing to take on the controversial principle of "disparate impact" as it applies to housing bias.
- The High-Tech Ways Debt Collectors Get You to Pay Up
Credit.com 02 Oct 2014
Debt collectors are using the latest technology, including social media and "ignition interrupt devices," to track down debtors, prompting the Consumer Financial Protection Bureau (CFPB) to launch ...
- Online Lending Sites Offer Alternative to Traditional Borrowing
New York Times 02 Oct 2014
Consumers wanting to consolidate loans or credit card debt or borrow for a vacation or a wedding once had few options other than obtaining a personal loan from a local bank or using another credit ...
- CoreLogic: U.S. Foreclosure Rate Crept Up in August
MortgageOrb.com 02 Oct 2014
CoreLogic estimates that 45,000 foreclosures were processed in August, about 1.1 percent more than in July.
The tally is down 22.
- HUD Watchdog Accuses EverBank of Violating FHA Short Sale Policies
Housing Wire 01 Oct 2014
A HUD watchdog investigating short sales by EverBank has concluded that the bank violated FHA policies.
- Subprime Credit Cards Are Making a Comeback: ABA
American Banker 01 Oct 2014
The American Bankers Association says that after a six-year slump, the subprime credit card market has posted a 62 percent gain, with new subprime accounts rising from 1.
- Checking the Check Cashers
Bohemian.com 01 Oct 2014
California is one of 32 states that has seen growth in payday lending over the last two decades. It has had trouble enacting any limits on payday lenders beyond the existing laws since the practice ...
- Hispanic Borrowers Diminishing in California Housing
Bloomberg BusinessWeek 30 Sep 2014
In California, Hispanics -- more than any other group -- have been unable to tap into the housing recovery and rebuild wealth through homeownership, mainly due to tighter mortgage underwriting and ...
- U.S. to Shield Military From High-Interest Debt
Wall Street Journal 26 Sep 2014
The Obama administration will propose more stringent financial protections for personal loans made to military borrowers, due to concern that lenders are avoiding existing rules meant to keep ...