- Lenders Wary of Feds' Scrutiny
Automotive News 11 Aug 2014
The U.S. Justice Department confirms that it has sent subpoenas to GM Financial and Santander Consumer USA -- the two largest issuers of securities based on subprime auto loans.
- Gallup Finds High Student Loan Debt Leads to 60 Percent Worse Financial Situation
US Finance Post 11 Aug 2014
A new Gallup poll has found that consumers who graduated college between 1990 and 2014 and have at least $50,000 in student loan debt are 60 percent worse off financially than their debt-free ...
- Are Prepaid Debit Cards the Next Big Target of the Consumer Financial Protection Bureau?
Huffington Post 11 Aug 2014
The Consumer Financial Protection Bureau recently said it would begin accepting consumer complaints regarding prepaid debit cards.
- High-Interest Payday loans Called Predatory, But Regulations Die In Iowa Legislature
WCF Courier 10 Aug 2014
Many payday lenders in Iowa issue small-dollar, short-term loans that evade the state's usury laws and charge annualized interest rates as high as 400 percent.
- Daly City Set to Regulate Payday Lending Businesses
San Francisco Examiner 10 Aug 2014
Officials in Daly City, Calif., expect to adopt an ordinance to regulate payday lenders and prevent the businesses from clustering in low-income neighborhoods.
- States Charge Fraud by 'Mortgage-Relief' Operation
CBS Connecticut 08 Aug 2014
The attorneys general of Connecticut and Florida have lobbed federal charges at legal operations that took advantage of financially strapped homeowners.
- Fewer Loans Falling Into Foreclosure, Delinquency
Wall Street Journal 08 Aug 2014
Lenders initiated foreclosure proceedings on just 0.4 percent of home loans in the second quarter, down from 0.45 percent in the previous three months, according to the Mortgage Bankers Association.
- For Some, Recession Isn't Really Over
USA Today 08 Aug 2014
While some Americans are flourishing following the recession of 2007-2009, the Federal Reserve finds that many other households are still trying to get back on their feet.
- Auto Title Loan Ads Gloss Over the Risks
Cleveland Plain Dealer (OH) 08 Aug 2014
Advertisements for auto title loans often conceal the fact that the product may carry annualized interest of 300 percent or more.
- FTC Mails Refund Checks Totaling Approximately $800,000 to Consumers Victimized by Alleged Mortgage Relief Scams
RealEstateRama 08 Aug 2014
The Federal Trade Commission (FTC) is mailing out checks with a total value of about $800,000 to 1,305 consumers who were victimized by two mortgage-relief scams.
- TitleMax to Give Refunds of Owners of Repossessed Cars
WUSA9 (DC) 07 Aug 2014
TitleMax of Virginia is on the hook for more than $117,000, which it will credit or refund to Washington, D.C., customers whose vehicles were towed by the lender.
- Freddie Mac's Loan Sale May Let More People Get Mortgage Relief
Washington Post 07 Aug 2014
An unnamed investor has agreed to purchase a portion of Freddie Mac's most troubled loans, which will no longer be subject to its rules governing mortgage forgiveness.
- CFPB Criticizes 10 Institutions for Lack of Transparency
American Banker 07 Aug 2014
The Consumer Financial Protection Bureau (CFPB) has called out 10 banks and credit unions for a lack of transparency in their agreements with large universities to market financial products to ...
- Debt Collectors Settle With FTC Concerning Multiple Federal Law Violations
Imperial Valley News 07 Aug 2014
Memphis-based debt collector Regional Adjustment Bureau has reached a settlement with the Federal Trade Commission (FTC), under which it will pay a $1.5 million civil penalty.
- Alabama Judge Throws Out Payday Lenders' Lawsuit
WSFA-12 (AL) 07 Aug 2014
A judge has derailed an industry effort to stop the development of a central database to track payday loans in Alabama.
- Half a Million More Americans Are in Default on Their Student Loans Than a Year Ago
Think Progress 06 Aug 2014
New statistics from the Department of Education show that 500,000 more student loan borrowers entered into default in the past year.
- Justice Department Subpoenas GM Over Subprime Auto Loans
Washington Post 05 Aug 2014
The Justice Department has served General Motors Financial with a subpoena demanding documents related to underwriting criteria for subprime auto loans it made and securitized since 2007.
- How Student Loans Are Shaping Mortgage Approvals
Wall Street Journal 05 Aug 2014
Real-estate interests fret that today's astronomical amount of student debt will keep Millennials from buying homes, but data show that mortgage applicants with student loans are not being rejected ...
- Branch Employees Often Give False Info About Overdraft Fees: Consumer Groups
American Banker 05 Aug 2014
The Consumer Financial Protection Bureau (CFPB) says 14.3 percent of big bank customers had overdraft coverage in 2011 and 2012, and 8 percent of these consumers paid overdraft fees at least 10 times ...
- OCC Formalizes Rules for Selling Consumer Debt
American Banker 05 Aug 2014
The U.S. Office of the Comptroller of the Currency (OCC) has issued new guidelines governing the sale of consumer debt, which could help improve a practice that consumer advocates say is rife with ...