(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]

Former AIG Folk Threaten Lawsuit Over Delayed
Bonuses

Former AIG Folk Threaten Lawsuit Over Delayed Bonuses

In a move designed to make sure their neighbors throw extra eggs at their houses, a handful of former AIG employees are threatening to sue because they haven’t received bonuses as quickly as they had expected. [More]

Here Comes The Consumer Financial Protection Agency!

Here Comes The Consumer Financial Protection Agency!

Shhh, everyone, gather near and listen to Treasury Secretary Timothy Geithner deliver the most beautiful, wonderful mandate we could give to a new federal agency: “The agency will have only one mission—to protect consumers.” And with that, the Treasury Department sent to Congress legislation that will create the brand new Consumer Financial Protection Agency.

NY Attorney General To AIG: You Have Until 4:00 PM To Give Us The Names

NY Attorney General To AIG: You Have Until 4:00 PM To Give Us The Names

Andrew Cuomo has written a letter to AIG in which he explains that they will turn over the names of those employees from the Financial Products subsidiary (that’s the division that brought down the company) who are receiving bonuses by 4:00 pm today or they are coming at them with subpoenas. Yes, ladies and gentlemen, it’s another awesome Andrew Cuomo letter after the jump.