- Why Offering 3 Percent Downpayment Mortgages Is Not a Return to Lax Lending
Washington Post 07 Nov 2014
Under the federal government's latest campaign to stimulate the residential real estate market, Fannie Mae and Freddie Mac could accept mortgages with down payments as low as 3 percent.
- Student-Loan Servicers Urged to Offer More Flexibility
Wall Street Journal 06 Nov 2014
Student loan servicers continue to draw scrutiny from the regulatory community, with a high-ranking Treasury official becoming the latest critic to push for change.
- Seniors Struggling With Debt, Debt Collectors
Consumer Affairs 06 Nov 2014
Debt levels are rising for older Americans, making them an easy target for unscrupulous debt collectors, the Consumer Financial Protection Bureau (CFPB) reports.
- More Expensive Cars Are Leading to Longer-Term Loans
New York Times 06 Nov 2014
Experian Automotive reports that the average length of a new-car loan was a record 66 months, or 5.5 years, in the second quarter, the most recent period for which data is available.
- Credit Cards for College Students Can Carry Costly Fees
WRAL.com 06 Nov 2014
Consumers Union examined university-endorsed cards offered by Higher One and eight other companies, finding them rife with fees and penalties.
- Fifth Third Extends Controversial Lending Program
Cincinnati Enquirer 03 Nov 2014
Fifth Third Bank is altering the terms of its early-access lending product as regulators drag their feet on new rules for short-term loans.
- Metro Eyes Limits on Where Payday Businesses Can Locate
Tennessean 03 Nov 2014
Payday lenders, check cashers, title loan stores, and pawn shops have enjoyed unrestricted growth in the Nashville area for years and are now heavily concentrated in low-income and working-class ...
- Green Tree Servicing Settles Claims With Vermont AG
Legal Newsline 03 Nov 2014
Green Tree Servicing has come to settlement terms with the state of Vermont over allegations of illegal debt collection practices and other violations.
- Lenders Face Stiffer Penalties With New Mortgage Disclosures
American Banker 03 Nov 2014
New mortgage disclosure forms will take effect next August, and lenders that make errors or do not comply could see stricter enforcement and steeper fines.
- All Local Payday Loan Businesses Register With City
Midland Reporter-Telegram (TX) 03 Nov 2014
All payday lenders in Midland, Texas, have complied with a recent ordinance that requires them to register their business. There are 18 payday outlets locally that take in a total of $6.
- Tribes Drop Suit Over NY?s Regulation of Internet Loans
Bloomberg 01 Nov 2014
American Indian tribes have dropped their lawsuit against New York’s regulation of online lenders, saying that legal setbacks are using up "considerable resources.
- Endless Debt: Native Americans Plagued by High-Interest Loans
NBC News 31 Oct 2014
Several advocacy groups, including Human Rights Watch, suggest that Native American communities are burdened with predatory loans more than other U.S. communities.
- 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.
- 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 ...
- 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.
- 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.
- 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.