Financial Literacy

This chapter in the State of Lending report series presents a picture of the overall financial status of U.S. consumers today. It is based on data from the Consumer Expenditure survey, the Survey of Consumer Finances, and other national data sources. These sources reveal that, since 2000, American families have faced declining real incomes,a higher cost of living, greater debt...

North Carolina allows wage garnishment for certain judgments, such as child support and taxes. House Bill 30 as originally drafted, Allow Wage Garnishment to Satisfy Judgments, would have expanded wage garnishment to other judgments, putting struggling families at severe financial risk. Once concerns were raised with the bill sponsor, the bill was amended significantly to deal with issues raised by...

Why Did We Oppose HB 810? Read entire bill >> Read our summary of the bill >> What's happened with HB 810? >> Rates on small loans in NC are already too high. With families struggling, making these loans more expensive will be a disaster for NC consumers. 25 to 54% interest is enough. Consumer finance companies can already charge...

Read entire bill >> See our talking points >> What's happened with HB 810? >> The Consumer Finance Act lets non-bank lenders make small loans of $10,000 or less. The current law creates two tiers of lenders: "53-173" lenders who can make loans up to $3000 and "53-176" lenders who can make loans up to $10,000. If HB 810 had...

More Information: Summary of HB 810 Text of HB 810 Why Oppose HB 810? Background on Consumer Finance Loans in NC Who Opposes HB 810 ? How Did Your Representative Vote on HB 810 in 2011? House Bill 810, after barely passing the House in 2011, died in the Senate Rules Committee in 2012. And, for the first time in...

Download Full Report (PDF) NCCOB REPORT SHOWS THAT CHANGES TO THE CONSUMER FINANCE ACT ARE UNNECESSARY AND UNWARRANTED "In light of the foregoing findings and after careful consideration of the following report and submissions from meeting participants, the Commissioner does not recommend any changes in the CFA [Consumer Finance Act], either to enhance industry revenue or increase consumer protections." The...

Too often in the recent past, discussions over consumer protection regulation have been portrayed as a zero-sum game, where consumer protections are assumed to be a drag on the market, and must come at the expense of business. But that is a false dichotomy. Businesses have a symbiotic relationship with their customers. In the end, the health of the business...