- State?s Robocalls Over Debts Widely Denounced
Boston Business Journal 20 Aug 2014
Consumer advocates, lawyers, and a candidate for attorney general are all demanding that Massachusetts stop its use of robocalls to collect overpayments of unemployment benefits.
- California Law Paves Way for More Credit-Building 0 Percent Loans
NerdWallet 20 Aug 2014
California has enacted a new law that allows nonprofits to lend as much as $2,500 interest-free to low-income borrowers who lack the credit to obtain a conventional credit.
- Late-Payment Rate on U.S. Mortgages Declines in 2Q
Associated Press 20 Aug 2014
TransUnion says Americans have become more diligent about paying home loans on time, with the mortgage delinquency rate dropping in the second quarter to the lowest level in six years.
- NJ Judge: Freedom Mortgage Deal Amounts to Fraud
Asbury Park Press (New Jersey) 20 Aug 2014
A New Jersey Superior Court judge has ruled that Freedom Mortgage Corp. violated the state's Consumer Fraud Act in the handling of a refinance for an Englewood homeowner in 2009.
- Borrowers Could Suffer in Servicing Transfers, CFPB Warns
American Banker 20 Aug 2014
A bulletin from the Consumer Financial Protection Bureau (CFPB) is warning mortgage servicers that they could face repercussions if consumers are harmed when servicing rights change hands.
- More Car Buyers Are Struggling to Make Payments
NBC News 20 Aug 2014
A growing number of car and truck owners are have trouble making their monthly vehicle loan payments.
Experian reports that the share of auto loans that were delinquent or ended up in ...
- Payday Lenders Banned From Menlo Park
San Jose Mercury News 20 Aug 2014
A temporary moratorium on payday and auto title lenders in Menlo Park, Calif., was slated to expire next month but instead will be made permanent.
- Moody?s Says Lenders Are Backing off Subprime Auto Loans
Washington Post 20 Aug 2014
Fewer lenders are extending car loans to consumers with poor credit histories, reversing a trend that had triggered alarm of a new financial bubble, Moody’s Investors Service reports.
- Proposed State Act Would Boost Consumer Protections for Military Members
Indianapolis Star 19 Aug 2014
GOP legislators have proposed the Indiana Service Member's Civil Relief Act, which aims to boost consumer protections for active-duty military personnel.
- Until Banks Settle on Single Way to Disclose Fees, It's Hard to Compare Checking Accounts
Consumerist 19 Aug 2014
A new WalletHub study concludes that banks have improved their online disclosure of checking account fees but still have a long way to go in terms of transparency.
- Helping Prevent Foreclosures
New York Times 17 Aug 2014
Emergency extension of unemployment benefits during the recession helped prevent mortgage defaults even more so than government programs that focused only on reducing monthly payments, according to ...
- Americans Borrow for Cars, Less So for Homes
Wall Street Journal 15 Aug 2014
Borrowing by Americans fell for the first time in three quarters. Total outstanding debt -- including mortgages, credit cards, auto loans, student loans, and home equity lines of credit -- declined ...
- Can Reengineering the Pay Cycle Disrupt Payday Lending?
American Banker 14 Aug 2014
Attempts by upstarts to provide more affordable alternatives to payday loans are tweaking the traditional pay cycle.
- Bigger Down Payments Add to U.S. First-Time Homebuyer Blues
Bloomberg BusinessWeek 14 Aug 2014
Prospective buyers of entry-level homes face the challenge of coming up with bigger down payments, according to data on the 25 largest metro areas compiled by Redfin.
- Payday Lending Is Big Business: What You Should Know
USA Today 14 Aug 2014
Payday lending businesses are issuing more money than ever before -- about $27 billion a year, the Center for Responsible Lending (CRL) estimates.
- Fee Scam Targeting the Military Shut Down
Palm Beach Post 14 Aug 2014
The Consumer Financial Protection Bureau has reached an agreement with USA Discounters Ltd. worth $400,000: $350,000 in refunds to military borrowers who were deceived by the company and a $50,000 ...
- Menendez Demands Student Protections From Financial Traps
The Hill 13 Aug 2014
Sen. Bob Menendez (D-N.J.) is calling on the Department of Education to make sure that colleges are not using financial products to prey on students.
- A Tax-Debt Scheme Shut Down
Washington Post 13 Aug 2014
The latest action by the Federal Trade Commission (FTC) will allow it to return $16 million in refunds to more than 18,000 customers of American Tax Relief, after the company was found to be taking ...
- Online Mortgage Firm Operating in Florida Used Bait-and-Switch to Deceive Borrowers
Palm Beach Post 13 Aug 2014
The Consumer Financial Protection Bureau (CFPB) has penalized online lender Amerisave Mortgage Corp. for promoting inaccurate interest rates and loan terms between mid-2011 and 2014.
- Student Debt Threatens the Safety Net for Elderly Americans
Bloomberg Businessweek 12 Aug 2014
A growing number of Americans aged 50 and older are carrying a burden of student loan debt -- which is growing faster for seniors than for any other age group, according to data gathered by the ...