(David Goehring)

“Bad Check” Debt Collector Deceptively Used Prosecutors’ Letterhead To Intimidate Consumers Into Paying High Fees

Late last year, Consumerist reported on a string of debt collectors paying to use prosecutors’ letterheads as a way to intimidate consumers into paying their debts. While the company facing the wrath of the Consumer Financial Protection Bureau today didn’t exactly pay to use the letterhead, they allegedly used the documents in a deceptive manner to get consumers to enroll in costly financial education programs. [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]

(Chris Goldberg)

Can’t Pay Your Student Loans? In Some States It Might Cost You Your License To Drive Or Work

In addition to causing irreparable damage to their credit scores, student loan borrowers who default on their debts face a much more devastating and counter-intuitive danger: the lost of their driver’s or occupation licenses, including those used by nurses, doctors, teachers and emergency personnel [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]

(frankieleon)

Are Pension Advance Companies The New Payday Loan Lender?

While many consumers who are short on cash between paychecks might seek help from the often predatory payday lending industry, more and more retirees are turning to their equivalent – pension advance lenders – when struggling to make ends meet, sometime with devastating results. [More]

Will Congress Try To Kill The Consumer Financial Protection Bureau?

Will Congress Try To Kill The Consumer Financial Protection Bureau?

Since its creation as part of the 2010 Dodd-Frank financial reforms, the Consumer Financial Protection Bureau has been a target of pro-bank, anti-regulation lawmakers who contend that the agency lacks legislative oversight and puts too much authority in the hands of a single director. With the recent political power shift in the Senate and another presidential election on the horizon, some advocates are concerned that the anti-CFPB movement may take hold on Capitol Hill. [More]

(Adam Fagen)

CFPB Returned $19.4M To 92,000 Consumers In The Last Half Of 2014

Each year the Consumer Financial Protection Bureau supervisory examiners hold hundreds of companies accountable for violations of fair lending and debt collection rules. During the last half of 2014, those actions resulted in the return of $19.4 million to more than 92,000 consumers, according to a new report from the agency. [More]

(Chris Blakeley)

Credit Bureaus Agree To Revamp Practices For Handling Errors, Unpaid Medical Bills

Experian, Equifax and TransUnion – the three largest companies to collect and disseminate credit information for millions of Americans – must undergo an overhaul of credit reporting practices as part of an agreement with the New York Attorney General’s Office. [More]

(Philip Taylor)

CFPB Wants Better, Faster Database Of Credit Card Agreements

Much like a restaurant that has to shutter for a short time while installing new kitchen equipment, federal regulators occasionally have to press pause on an important process to fix things for the long haul. So in order to improve the Consumer Financial Protection Bureau’s public database of credit card agreements, the agency is planning to give banks a brief break from having to file those documents with the system. [More]

More Than 50M Consumers Have Free Access to Credit Scores, But Some Don’t Know What To Do With Them

More Than 50M Consumers Have Free Access to Credit Scores, But Some Don’t Know What To Do With Them

Last year the Consumer Financial Protection Bureau began an initiative urging credit card issues to provide consumers with free credit scores on their monthly bills. Since then, a number of financial institutions have begun providing the information, leading more than 50 million consumers to have free and regular access to their scores. [More]

(Wilfredo Cebrian)

Colleges May Be Violating CARD Act By Not Providing Copies Of Credit Card Agreements

Although the number of agreements between credit card issuers and higher education institutions are on the decline, many of the schools that do have such agreements may be in violation of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act by not making those contracts publicly and readily available to consumers, according to a new investigation by a consumer group finds. [More]

(C x 2)

CFPB Orders Mortgage Company To Pay $2M Penalty For Deceptive Advertising & Kickbacks

The Consumer Financial Protection Bureau continued its ongoing crackdown of companies deceptively marketing products to U.S. veterans by ordering NewDay Financial, LLC to pay $2 million and revamp its business practices. [More]

(Adam Fagen)

Reverse Mortgage Complaints Show Consumers Confused By Loan Terms

While reverse mortgages are only available to a select group of consumers – those 62 years and older – the alternative loan product still makes up a large portion of complaints received by the Consumer Financial Protection Bureau. Today, the Bureau released a report highlighting the most common consumer complaints about reverse mortgages, along with advice for borrowers [More]

(Bryan Brenneman)

CFPB Orders Subprime Credit Card Company To Repay Consumers $2.7 Million After Charging Illegal Fees

In the Consumer Financial Protection Bureau’s second action against unscrupulous credit card companies this week, it has ordered a subprime credit card issuer to refund $2.7 million to customers for illegally charging costly fees. [More]

(Louis Abate)

CFPB Asks Court To Shut Down Texas Company’s Deceptive, Illegal Credit Card Offer

Back in December, the Consumer Financial Protection Bureau filed a lawsuit against a Texas-based company that allegedly deceived consumers into paying fees to sign up for a sham credit card. The Bureau’s mission to shut down the company continued today when it asked a federal district court to make the company pay a $70,000 fine and permanently ban Union Workers Credit Services from offering any consumer credit products in the future. [More]