How Not to Borrow Money
According to the Center for Responsible Lending, interest rates on these loans average 24 percent: 3 to 4 times the average rate for used car loans.
Some high DTI loans could be qualified mortgages after patch ends: CRL
After the government-sponsored enterprise patch expires, "near prime" loans over the 43% debt-to-income ratio should be qualified mortgages if they have compensating factors, according to a new Center for Responsible Lending report.
How military members can protect themselves from predatory lenders
After serving overseas, military service members return home to face a new economic reality that often includes, unfortunately, lenders looking to take advantage of their vulnerability. These so-called predatory lenders, which pop up around military bases, try to entice or deceive young soldiers into taking out loans that impose abusive or unfair terms. “Predatory lenders like to prey on young...
Predatory lenders prey on military members. Here’s how to avoid being victimized
After serving overseas, military service members return home to face a new economic reality that often includes, unfortunately, lenders looking to take advantage of their vulnerability. These so-called predatory lenders, which pop up around military bases, try to entice or deceive young soldiers into taking out loans that impose abusive or unfair terms. “Predatory lenders like to prey on young...
High-interest car title loans would be banned in Arizona under ballot proposal
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.
CU Trades Say Overdraft Programs Are Essential; Consumer Advocates Call Them Abusive
Overdraft services are essential for some credit union members, trade groups said, asking the CFPB not to take any additional action to restrict them.
U.S. states urge CFPB not to dilute rule that limits bank overdraft fees
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...
Consumer Groups Press Agency to Support Reform of ‘Abusive Practices’
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,”...
CFPB is taking a fresh look at bank overdraft fee rule
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. Before the Federal Reserve Board set the 2009 overdraft rule, banks could automatically...
City's poor often have few affordable options for banking, other financial services
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.