- Chase Becomes First Bank to Implement New, Simpler Disclosure Box for Prepaid Cards
Consumerist 26 Feb 2014
The growing popularity of prepaid debit cards has encouraged more companies to enter the industry. In response, Pew Charitable Trusts has worked out a new model disclosure box to help consumers more ...
- The Homebuyer's Champion: A Nonprofit Lender Revives the Hopes of Subprime Borrowers
New York Times 26 Feb 2014
The Neighborhood Assistance Corporation of America (NACA) has $10 billion in funding from Bank of America to make loans on its own terms over the next decade.
- Beware of Unscrupulous Preparers Who Target Taxpayers Eager to Get a Large Refund
Washington Post 26 Feb 2014
Tax season is one of the most common times for financial fraud. Filers' eagerness to get a refund and the complexity of the tax code together provide ample opportunity for scammers.
- Orr Payday Lender Bill Gives Borrowers More Time
Decatur Daily News (AL) 26 Feb 2014
New legislation has been proposed to tighten control of Alabama's payday lending industry.
- Discover Financial Services Faces Student-Loan Probe
Wall Street Journal 26 Feb 2014
The Consumer Financial Protection Bureau (CFPB) has launched an investigation of Discover Financial Services' student-loan business and is seeking documents and other information about the servicing ...
- Complaint Alleges Deutsche Bank Discrimination
Memphis Daily News 25 Feb 2014
According to a complaint filed on Feb. 25 with the federal government, Deutsche Bank allegedly discriminated against minority neighborhoods in the Memphis area in the way that it treated bank-owned ...
- 5 Steps to Take If Bill Collectors Keep Contacting You
U.S. News & World Report 25 Feb 2014
When consumers find themselves being contacted by debt collectors, the most important thing they can do is be aware of their rights.
- Student-Loan Refinancing Makes Reappearance
Wall Street Journal 25 Feb 2014
A growing number of lenders are giving borrowers of student loans the chance to lower their interest payments through refinancing.
- Late-Payment Rate on U.S. Auto Loans Rose in Fourth Quarter
Associated Press 25 Feb 2014
Auto loan debt per borrower increased 4.4 percent to $16,769 in the final quarter of 2013 from a year earlier — the 11th consecutive quarter to post annual growth, according to the credit ...
- Elizabeth Warren: Sallie Mae May Be Hurting Borrowers, Taxpayers
Huffington Post 25 Feb 2014
Sen. Elizabeth Warren (D-Mass.) has become the latest player in Washington to scrutinize student loan giant Sallie Mae.
- Mortgage-Assistance Scam Lands Florida Men Seven Years in Prison
American Banker 24 Feb 2014
Christopher Godfrey and Dennis Fischer, both of Florida, have been sentenced to seven years in federal prison for cheating troubled borrowers out of more than $4 million.
- Nebraska Bill Targets 'Hold' Charges on Debit Cards
Associated Press 24 Feb 2014
The Nebraska Legislature is considering legislation that would force hotels, gas stations, and restaurants to notify customers if they place temporary hold charges on their debit cards.
- Payday Loan Reform Bill Flies Through House
Salt Lake Tribune (Utah) 24 Feb 2014
Payday lending reform bill HB127 passed the Utah House Monday on a 69-4 vote and has moved to the Senate. The measure is sponsored by Rep. Jim Dunnigan (R-Taylorsville).
- Bank Fees Continue to Climb, MoneyRates.com Reports
Columbus Dispatch 24 Feb 2014
MoneyRates.com reports that account maintenance, overdraft, and ATM fees increased during the second half of 2013; and the share of checking accounts surveyed that charge no monthly maintenance fees ...
- U.S. House Reschedules Vote on CFPB Legislation for Feb. 27
ACA International 24 Feb 2014
The U.S. House of Representatives is scheduled to vote this week on a package of bills to increase oversight and accountability of the Consumer Financial Protection Bureau (CFPB).
- 1st Alliance Lending Turns Itself In to CFPB
Housing Wire 24 Feb 2014
The Consumer Financial Protection Bureau (CFPB) has ordered 1st Alliance Lending to pay a civil penalty of $83,000 for illegally splitting real estate settlement fees.
- Bill Would Legalize Payday Lending in Pa., Labeled Predatory by Critics
Pittsburgh Tribune-Review 22 Feb 2014
A bill in the Pennsylvania Senate, similar to one that passed the state House in 2012, aims to legalize payday loans there.
- U.S. Studies College Card Regulations
Wall Street Journal 21 Feb 2014
The U.S. Department of Education in coming months will propose new consumer protections for college students who receive financial aid through school-branded debit and prepaid cards, if consensus is ...
- The Hefty Yoke of Student Loan Debt
New York Times 21 Feb 2014
Delinquency in consumer debt has reached its lowest point in five years, with the exception of student loans, the Federal Reserve Bank of New York reports.
- Mortgage Woes Approach Prerecession Levels
Wall Street Journal 21 Feb 2014
The number of troubled mortgages has declined to a level last seen since the early months of the recession. The delinquency rate fell to 6.