Here's snippet of the consumer narrative database.

CFPB Publishes More Than 7,700 Detailed Financial Grievances To Public-Facing Database

Sharing your nightmare experience with a financial institution, product or service could help another consumer avoid such dastardly situations. And from the looks of the Consumer Financial Protection Bureau’s new public-facing Consumer Complaint Database, people have a lot to share. [More]

Pennsylvania Man Charged With Racketeering Related To Massive Payday Loan Scheme

Pennsylvania Man Charged With Racketeering Related To Massive Payday Loan Scheme

A life of stealing started with the snatching of a candy bar and transformed into an illegal multi-million dollar online payday lending scheme that allegedly defrauded thousands of people. At least that’s what federal prosecutors say led to charges against a Pennsylvania man recently. [More]

Fifth Third To Close 100 Branches To Focus On Mobile Banking

Fifth Third To Close 100 Branches To Focus On Mobile Banking

Customers of Fifth Third Bank will have fewer options when it comes to doing business at a physical location as the company plans to close or consolidate 100 branches and scrap plans to open 30 new locations. [More]

(Scott Cimakosky)

Abusive Lending Practices Can Lead To Negative Long-Term Consequences For Borrowers, Communities

Every year, more than 12 million Americans spend $17 billion on payday loans, despite the fact research has shown these costly lines of credit often leave borrowers worse off. Yet abusive lending practices are not relegated to borrowers in need of a couple hundred dollars to stay afloat until their next paycheck; there are mortgages, car loans, and other traditional lines of credit that can leave the borrower in a bind. Even if you never find yourself on the wrong end of a predatory loan, these products can still be a drain on your entire community. [More]

Pew Charitable Trusts Illustrates The Devastating Effects Of Payday Lending, How It Can Be Fixed

Pew Charitable Trusts Illustrates The Devastating Effects Of Payday Lending, How It Can Be Fixed

Back in March, the Consumer Financial Protection Bureau took its first long-awaited step in reining in the payday loan industry by releasing an outline for potential regulations over the small-dollar lines of credit known to thrust consumers into a devastating cycle of debt. While consumer groups were quick to applaud the steps, they also expressed concern that more could be done to protect people from the devastating consequences of such loans. This week, Pew Charitable Trusts released a video detailing the predicament nearly 12 million Americans face every year when taking out payday loans and how regulators might be able to find an answer. [More]

(Hammerin Man)

Legislators Once Again Trying To Delay New Lending Protections For Military Personnel

The Department of Defense is trying to do something good for servicemembers by closing loopholes in the Military Lending Act that can leave military personnel vulnerable to predatory lenders. But these safeguards are now the target of a Congressman who has received substantial campaign contributions from payday lenders. [More]

(Hammerin Man)

House Panel Strikes Provision That Would Delay Added Military Lending Act Protections

Yesterday we reported that Congress would make a decision whether or not it would intervene to slow the Department of Defense’s work to create new rules aimed at closing loopholes in the Military Lending Act that often leave military personnel vulnerable to predatory financial operations. Thankfully, legislators saw the need for more protections regarding military lending and determined the rules could go into effect as planned. [More]

Congress May Delay Predatory Lending Protection For Military Personnel

Congress May Delay Predatory Lending Protection For Military Personnel

The Military Lending Act prevents military personnel from being caught in revolving debt traps of triple-digit interest loans from predatory financing operations like payday and auto-title lenders, but there are loopholes that allow some lenders to get around the MLA’s 36% APR interest rate cap, resulting in the loss of millions of dollars to servicemembers each year and raising issues of national security. The Dept. of Defense is currently working toward new rules that would add protections for military personnel, but Congress may intervene to slow the DoD from making progress. [More]

(C x 2)

The Other Danger Of Online Payday Loans: Identity Theft

Many people who seek online payday loans are already in a very vulnerable position when they take on the added risk of the excessive interest rates and often exorbitant fees associated with these short-term loans. But there’s another danger possibly lurking in the payday shadows: Having all their personal and financial data end up in the hands of cyber criminals. [More]

(C x 2)

Connecticut Tribes Join State Leaders In Fighting Unlicensed Payday Lending By Oklahoma Tribe

The fight against payday lenders operating through affiliation with Native American tribes to skirt Connecticut law escalated this week as leaders of the state’s federally recognized Indian tribes joined forces with state officials to denounce the often financially devastating credit practice. [More]

(Frankieleon)

Undercover Investigation Finds Serious Problems With Paid Tax Preparers

With the deadline for filing your annual tax return coming quickly, millions of Americans are putting their 1040s and other forms in the hands of largely unregulated paid tax preparers. But a new undercover report from the National Consumer Law Center finds that many of these preparers either don’t know what they’re doing or are allowing taxpayers to file false information. [More]

(Taber Andrew Bain)

Google, Bing To Block Search Result Ads For Unlicensed Payday Lenders In California

Government officials in California found a few unlikely allies when it comes to ensuring online payday lenders aren’t illegally advertising their services to residents online: The nation’s top search engine providers. [More]

(eyetwist)

Outline For Payday Lending Rules A Good Start, But Not Enough To Fully Protect Consumers

Today, the Consumer Financial Protection Bureau released the first details of long-awaited regulations governing payday loans and other small-dollar lines of credit known to thrust consumers into a devastating cycle of debt. While consumer advocates were quick to applaud the Bureau’s work, and those in the financial industry to voice displeasure with aspects of the potential rules, both groups agreed that the coming months will involve more time and effort to craft meaningful protections for both sides of the issue.  [More]

Can New Payday Loan Rules Keep Borrowers From Falling Into Debt Traps?

(Adam Fagen)

Nearly one in four consumers continue to turn to high-cost, short-term financial products like payday loans, auto-title loans and other pricey alternatives when struggling to make ends meet, even though research shows these expensive lines of credit often leave consumers worse off than when they began. After nearly three years studying the issue, the Consumer Financial Protection Bureau is now announcing its first attempt to protect consumers from predatory lenders. [More]

Auto title loans are currently available in 8,000 stores across 25 states.

Report: Auto Title Loans Just As Bad, If Not Worse Than Payday Loans; Should Face Same Rules

Each year millions of consumers turn to high-interest, short-term loans to make ends meet. While you may be more familiar with payday lenders who charge triple-digit interest rates with the goal of trapping borrowers into taking out new loans to pay off the old ones, a new report finds that payday’s lesser-known relative, auto title loans, have equally destructive repercussions. [More]

( SarahMcGowen)

More Than 100 National Consumer Groups Urge The CFPB To Issue Rules Over Forced Arbitration Clauses

Just weeks after the Consumer Financial Protection Bureau released a report showing that tens of millions of Americans have clauses in their credit card, checking account, student loan and wireless phone contracts that take away their rights to sue those companies in a court of law, more than 100 consumer groups have signed a letter urging the Bureau to address the use of forced arbitration clauses by issuing rules forbidding the clauses. [More]

When consumers view the current CFPB complaint database they see very little information concerning the grievance.

Revamped CFPB Complaint Database Allows Consumers To Publicly Air Financial Grievances

The Consumer Financial Protection Bureau’s quest to allow consumers the option to publicly air their grievances about consumer financial products and service became a reality today. [More]