- State Lawmakers Work on Legislation to Limit Payday Lenders
WAAYTV (Huntsville, Ala.) 17 Jun 2014
Alabama lawmakers are working on legislation to curb the payday lending industry. There currently are more than 1,200 payday lenders operating statewide.
- Bank Account Screening Tool Is Scrutinized as Excessive
New York Times 16 Jun 2014
Many banks use private databases to review customers' account histories and past financial activity in hopes of weeding out serial fraudsters.
- Whitehouse, Warren Introduce Measure to Help Families Struggling With Medical Debt
Insurance News Net 16 Jun 2014
Sens. Sheldon Whitehouse (D-R.I.) and Elizabeth Warren (D-Mass.) have introduced the Medical Bankruptcy Fairness Act of 2014 (S.
- Capital One to Stop Using Program to Weed Out Customers With History of Account Overdrafts
Washington Post 16 Jun 2014
Capital One Financial will no longer use the popular screening program ChexSystems as a filter for potential customers with a history of overdrawing their accounts, the bank has announced.
- Bank of America Will Use Database to Screen for Payday Lenders
Wall Street Journal 16 Jun 2014
Bank of America is the first financial institution to agree to use a software database developed by regulators in New York to flag payday lenders that may be violating state laws.
- Mass. Homeowners to Get $3 Million in Settlement
Boston Globe 16 Jun 2014
Atlanta-based Ocwen, the country's No. 4 mortgage servicer in terms of size, has reached a new settlement with Massachusetts.
- City of Miami Sues JPMorgan, Claims Mortgage Discrimination
Reuters 16 Jun 2014
JPMorgan Chase, the nation's biggest bank, is being sued by the city of Miami for engaging in mortgage discrimination for at least the past 10 years.
- Student Debt Takes a Bite Out of More Paychecks
Wall Street Journal 15 Jun 2014
Among consumers who defaulted on federal student loans, about 174,800 had the Education Department take some money out of at least one paycheck in the fiscal year ended Sept. 30, 2013.
- Limits on Foreclosure Sales Stir a Debate
Wall Street Journal 14 Jun 2014
Nonprofit groups and mortgage industry interests are butting heads over policies that restrict who can participate in short sales and foreclosure sales, and under what circumstances.
- New York Attorney General Supports a Bill Regulating Payroll Cards
New York Times 13 Jun 2014
New York Attorney General Eric Schneiderman is supporting a new bill in the state legislature that would regulate the use of payroll cards.
- Debt Settlement Bill Leaves PA Consumers Vulnerable
Delaware County News Network (PA) 13 Jun 2014
Indebted consumers often look to debt settlement firms to help them lower the amount they owe to creditors; but many end up in even worse financial condition, writes Markita Morris-Louis, general ...
- Payday Lending Dominates CFPB Hearing on Mobile Payments
American Banker 13 Jun 2014
The Consumer Financial Protection Bureau (CFPB) hosted a June 12 field hearing in New Orleans to seek input on mobile banking technology, but it was the topic of payday lending that dominated the ...
- Ohio Senator Proposes Crackdown on Payday Lenders Following Supreme Court Ruling
Plain Dealer (Cleveland) 13 Jun 2014
Following the Ohio Supreme Court's recent decision allowing payday lenders to continue dodging controls on the industry, state Sen.
- Republicans Reject Warren Bill That Would Have Eased Student Loans
Associated Press 12 Jun 2014
A bill that would have allowed borrowers to refinance their student loans at lower rates received only 56 votes in the Senate, short of the 60 needed to advance.
- Remember the Problems With Mortgage Defaults? They're Coming Back With Student Loans
New York Times 12 Jun 2014
Some of the problems with student loans mimic those seen during the mortgage crisis. In both cases, University of Michigan professor Susan M.
- Student Borrowers and the Economy
New York Times 11 Jun 2014
This week, President Barack Obama signed an executive order intended to help millions of borrowers struggling with student loans.
- Cordray Defends Rulemaking Delays to Senate Panel
American Banker 11 Jun 2014
The Consumer Financial Protection Bureau (CFPB) has taken longer than expected to issue a final report on arbitration clauses and to develop rules for prepaid cards, payday loans, and student loans.
- House Passes Tweak to Loosen QM Rule
American Banker 11 Jun 2014
The Mortgage Choice Act won House approval by way of a late June 9 voice vote.
The measure would count neither insurance and taxes held in escrow nor fees paid to affiliated companies as ...
- Softened Mortgage Rule Advances
Wall Street Journal 11 Jun 2014
The Securities and Exchange Commission has relaxed its position on a Dodd-Frank mortgage rule, paving the way for the standard to win approval and be finalized in coming months.
- Ohio Court Lets Payday Loans Stand
Cincinnati Enquirer 11 Jun 2014
A unanimous June 11 ruling by the Ohio Supreme Court allows payday lenders to operate under the state's Mortgage Loan Act instead of under the 2008 Short-Term Lender Act.