CRL in the News
The Consumer Financial Protection Bureau just wrapped up a public comment period on a rule that extends some protections to consumers who overdraw their checking accounts. The CFPB must examine the rule under a federal law that requires agencies to review rules that might affect small businesses.
WASHINGTON– A coalition of consumer groups has sent a letter to the CFPB urging it not to weaken the Federal Reserve’s 2009 overdraft “opt-in” rule.
“More broadly, comprehensive reform of unfair and abusive overdraft practices is badly needed. … Financial institutions combine a number of unfair and abusive practices in order to impose high, repeat overdraft fees on their customers,” the letter reads.
Overdraft services are essential for some credit union members, trade groups said, asking the CFPB not to take any additional action to restrict them.
Signature gatherers are starting to fan out across Arizona in an effort to curb a type of high-interest lending in the state.
Roughly 20 community groups on Tuesday kicked off a drive to qualify a measure that would curtail auto-title loans that feature high interest rates and, critics say, trap borrowers in a debt cycle.
NEW YORK, July 2 (Reuters) - The attorneys general of New York and 23 other states plus Washington, D.C. have urged the Trump administration not to roll back a decade-old federal rule that limits the ability of banks to charge overdraft fees when customers spend more than they have in their accounts.
In a letter to Kathy Kraninger, director of the Consumer Financial Protection Bureau (CFPB), that was made public on Tuesday, the attorneys general, all Democrats, called the rule an “overwhelming success” that should not be watered down or scrapped.
Kyra Bowerman was trapped in a vicious banking cycle.
The Indianapolis teacher and single mom of two would open a bank account. An expensive day care bill would come due at the same time she needed to pay for rent, utilities and food. The bank would charge an overdraft fee. The account would close.
Yesterday, a unanimous panel of the U.S. Court of Appeals for the Seventh Circuit issued an opinion in which it concluded that the federal Higher Education Act (HEA) does not preempt state law claims against student loan servicers.
The student debt crisis is reaching a breaking point — and many grads are regretting their pricey degrees.
Often it’s the smallest charge that triggers the biggest fee.
Overdraft fees, which is what banks charge when transactions including debit card purchases cause your account to drop below zero, average $35 — nearly twice the size of the average $20 debit card transaction, according to the Center for Responsible Lending.
LUDINGTON—Four years ago, Merenda Vincent was desperate for cash.
She had an overdue car payment, along with a medical bill she couldn’t pay. Living on a monthly Social Security check of less than $1,000, she had no money in the bank.