- Soldiers Get $92 Million in Debt Relief Under Settlement
Associated Press 29 Jul 2014
Thirteen states have settled an investigation into deceptive lending, and the court agreement is expected to provide $92 million in debt relief for 17,800 members of the U.S. military.
- A Third of U.S. Facing Debt Collection
USA Today 29 Jul 2014
A new Urban Institute study has determined that, led by residents of the South, 35 percent of all Americans have some kind of debt in collections.
- Payments Puzzle Persists at Banks
Wall Street Journal 29 Jul 2014
Hundreds of small and regional banks continue to process checking-account transactions in order from the highest amount to the lowest, a policy that can trigger multiple overdraft fees in the same ...
- A Boston Program Aiding Foreclosed Homeowners Could Be a National Model for Fighting Blight
Washington Post 28 Jul 2014
Housing experts are taking interest in a foreclosure-prevention initiative in Boston that they believe could serve as a national model for curtailing neighborhood blight.
- Thank You for Your Service: How One Company Sues Soldiers Worldwide
ProPublica 25 Jul 2014
USA Discounters has locations near military bases nationwide, where it offers guaranteed credit to enlisted persons who may not qualify for conventional financing.
- Insta-Loophole: In Florida, High-Cost Lender Skirts the Law
ProPublica 25 Jul 2014
Florida abolished high-cost auto title loans in 2000, but that has not prevented TMX Finance from finding a way around the regulations.
- Rep. Richmond Proposes Bill to Allow Post Offices to Offer Banking Services
Times-Picayune (New Orleans) 24 Jul 2014
Rep. Cedric Richmond (D-New Orleans) has introduced the Providing Opportunities for Savings, Transactions and Lending (POSTAL) Act, which would empower post offices to provide banking services.
- Pa. Snares Online Lenders Charging Interest Rates as High as 169 Percent
Newsworks.org 24 Jul 2014
Two California-based lending companies, WS Funding and Cash Call, have reached an agreement with the Pennsylvania Department of Banking and Securities after the firms were discovered making loans at ...
- CFPB Proposes Changes to HMDA
Reverse Mortgage Daily 24 Jul 2014
Federal regulators want to tweak the Home Mortgage Disclosure Act (HMDA), confirmed Richard Cordray, who runs the Consumer Financial Protection Bureau.
- Have Republicans Thrown in the Towel on Their Opposition to CFPB?
USA Today 23 Jul 2014
After fighting tooth and nail to block creation of the Consumer Financial Protection Bureau, Republican congressmen virtually failed to mention the CFPB in a new report on the shortcomings of ...
- Housing Groups Criticize Single-Family Rental Investment Firms
American Banker 22 Jul 2014
Single-family rental investment firms need government oversight, finds a report by a national housing group called Right to the City Alliance.
- B of A and Other Banks Back Credit Union to Solve Payday Problem
American Banker 18 Jul 2014
Regulatory constraints make it difficult for banks to offer short-term consumer loans, but with credit unions entering this line of business, banks are capitalizing on a rare opportunity for ...
- Foreclosures Fall in U.S. to Pre-Bust Levels
Bloomberg 17 Jul 2014
The latest RealtyTrac research shows that U.S. foreclosure filings declined last month to levels not seen since before the housing bubble burst eight years ago.
- Dems Target Payday Lenders
The Hill 17 Jul 2014
On July 17, Democrats in the U.S. House and U.S. Senate introduced the Protecting Consumers from Unreasonable Credit Rates Act, which targets the fees payday lenders charge low-income borrowers for ...
- Regulators Defend Bank Probe
Wall Street Journal 16 Jul 2014
A federal probe into alleged fraud against consumers is not trying to force banks to terminate accounts with short-term lenders and other businesses perceived as risky, officials insisted at a July ...
- Report: Nearly 1 Million Community College Students Can't Take Out Federal Loans
Washington Post 16 Jul 2014
Many community colleges chose not to participate in the federal student loan program, leaving nearly 1 million students at those schools to rely on more expensive private loans.
- State Regulators Probe All American Check Cashing on Suspicion of Violating Loan Rollover Law
Mississippi Business Journal 16 Jul 2014
The Mississippi Department of Banking and Finance has initiated a "cease and desist" order to All American Check Cashing after the payday lender refused to let department examiners review its ...
- Citigroup to Pay $7 Billion to Resolve Mortgage Securities Investigation
Washington Post 15 Jul 2014
Citigroup has agreed to pay $7 billion to the Department of Justice (DOJ) to resolve probes into its sales of troubled mortgage securities -- pools of home loans that the bank issued, structured, and ...
- Companies That Offer Help With Student Loans Are Often Predatory, Officials Say
New York Times 14 Jul 2014
The explosion of student loan debt in the last decade has spawned a new source of customers for the debt settlement industry, which traditionally has targeted credit card and mortgage borrowers.
- Dive in Minority Lending Puts Pressure on Fannie-Freddie
Bloomberg 14 Jul 2014
Blacks and Latinos represent a fast-growing segment of the U.S. population; yet, their number among conventional mortgage borrowers is declining.