- Banks Loosening Credit Standards: OCC Report
American Banker 31 Jan 2014
Banks are relaxing their underwriting criteria for most types of loans, with the exception of home equity lines, the Office of the Comptroller of the Currency reports.
- DOJ Defends Payday Lender Probe
Wall Street Journal Online 30 Jan 2014
In recent correspondence to trade groups and legislators, the Department of Justice (DOJ) stressed that its ongoing probe into banks and other providers that facilitate payment-processing services to ...
- Banks Ditched Payday Lending-Like Programs, But What's Next?
Consumerist 30 Jan 2014
Half a dozen banks this month have bowed to regulatory pressure and scrapped their deposit-advance programs, which mimicked payday loans and their high interest rates.
- Nearly Half of America Lives Paycheck-to-Paycheck
Time 30 Jan 2014
A report released Jan. 30 by the Corporation for Enterprise Development (CFED) has found that 44 percent of the nation's residents are scraping by from one paycheck to the next.
- CFPB: Servicers Still Engaged in Unfair or Deceptive Practices
Housing Wire 30 Jan 2014
Servicing issues with loan modifications, foreclosures, and payment processing have persisted even after new standards were put in place last year, says the Consumer Financial Protection Bureau.
- Online Complaints System Will Police Colleges Over GI Bill Benefits
Stars and Stripes 30 Jan 2014
Federal officials this week rolled out a Web-based complaints system targeting colleges that take advantage of student veterans and their military education benefits.
- 5 Years of Mortgage Help Drying Up for Many
USA Today 29 Jan 2014
Interest rates on home loans that were modified under the government's Home Affordable Modification Program (HAMP) are starting to reset higher, with more than 30,000 homeowners likely to be impacted ...
- Cordray Loses Cool After House GOP Attacks
American Banker 29 Jan 2014
As expected, a Jan. 28 House Financial Services Committee hearing starring Consumer Financial Protection Bureau director Richard Cordray covered a lot of ground, including the impact of the agency's ...
- Subprime Called Safer, Makes Comeback as "Nonprime"
Bloomberg 29 Jan 2014
More executives are working to revive the subprime lending market, though the loans now are called "nonprime" and require as much as 30 percent down.
- Credit Card Penalty Fees Fell 48 Percent in Four Years: Study
American Banker 28 Jan 2014
U.S. credit card users paid $12 billion in penalty fees in 2013 -- roughly half of the $22.9 billion they forked out in 2009 -- according to industry consultant R.K. Hammer.
- Obama Speech Calls for U.S. Housing System Overhaul
Reuters 28 Jan 2014
Under a theme of economic growth that defined Tuesday night's State of the Union address, President Obama reiterated his commitment to re-inventing the nation's housing-finance system.
- Fannie Creates Appraiser Blacklist in Effort to Flag Problem Loans
American Banker 28 Jan 2014
As it continues to seek ways to identify bad loans before they default, Fannie Mae is essentially "blacklisting" appraisers with poor performance records.
- CFPB Offers Guidance to Consumers on Debit, Credit Card Data Theft
Mortgage News Daily 27 Jan 2014
Several retail chains have reported data-security breaches since the holiday season, with Michaels now adding its name to the list of stores.
- Minorities Slapped with Higher Auto Rates: Report
Credit Union Times 27 Jan 2014
Latino and African-American car buyers still receive higher interest rates on loans financed through dealers, according to a new report, "Non-Negotiable: Negotiation Doesn’t Help African ...
- Lawmakers Urge FHFA to Revive Affordable Housing Funds
American Banker 27 Jan 2014
The Federal Housing Finance Agency should provide needed funding for affordable rental housing ahead of broader legislative efforts to reform the housing finance system, according to a group of 33 ...
- Bryan Council Considering Regulating Payday Lenders
WTAW (College Station, TX) 27 Jan 2014
City councilors in Bryan, Texas, on Jan. 28 will take a first look at proposed controls targeting businesses that offer expensive, short-term loans.
- Turbo Taxing Student Loans
MainStreet 27 Jan 2014
The Department of Education (ED), the Treasury Department, and Intuit Inc. are collaborating to improve consumer knowledge about income-driven repayment plans for student loans.
- Utahns Want Tighter Rules on Payday Loans
Salt Lake Tribune (UT) 26 Jan 2014
A SurveyUSA poll commissioned by the Salt Lake Tribune has found that Utah residents overwhelming prefer tougher oversight of payday lenders.
- Loophole in Credit Law Opens Door to 360 Percent Interest Rate
Daily Press (Virginia) 25 Jan 2014
Many consumers have become trapped by what is called an open-end credit plan, often marketed as payday loans, car title loans, or cash advances but referred to in the paperwork as a line of credit.
- Payday Lender Agrees to Fine, Refunds
Wall Street Journal 24 Jan 2014
In an agreement with New York Attorney General Eric Schneiderman, online payday lender Western Sky Financial LLC agreed to a $1.5 million fine.