Search results for: payday

Patrick Fagen

18 States Urge Congress Not To Stop Prepaid Card Reforms

Earlier this year, lawmakers on Capitol Hill began the process of dismantling the Consumer Financial Protection Bureau’s long-awaited prepaid card rules — meant to improve transparency and curb runaway fees — that are set to to go into effect. As Congress prepares to consider three bills that would erase these rules, attorneys general from 18 states have called on legislators to put consumers’ needs over those of the prepaid card industry. [More]

KogeLiz

Civil Rights Groups That Received Donations From ISPs Spoke Out Against Internet Privacy

The Federal Communication Commission’s internet privacy regulations would have prevented your internet provider from using and selling some potentially sensitive information about you, but the Senate and the House of Representatives voted to roll back the regulations. As the bill awaits the President’s signature, we’ve learned that some of the community groups that contacted the FCC to oppose privacy regulations are recipients of donations from Comcast. [More]

frankieleon

4 Scams You Should Always Be Aware Of

In honor of National Consumer Protection Week — don’t worry; we forgot to get you a gift too — we wanted to take a few moments to remind everyone of some of the most common scams so that they can do their best to avoid them. [More]

Xbox Launching $10 Monthly Subscription To Library Of 100+ Downloadable Games

Xbox Launching $10 Monthly Subscription To Library Of 100+ Downloadable Games

Times used to be, a video game player’s library might have been limited to as many piles of cartridges or discs as they could fit at home. But as consumers turn to digital libraries for everything from movies and TV to music, it only makes sense that the gaming industry would follow a similar path. That’s why Microsoft is launching a new monthly subscription service that gives users access to more than 100 downloadable games from its legacy catalog. [More]

Adam Fagen

Consumer Advocates, 17 States Willing To Defend CFPB In Court If Trump Administration Won’t

The Consumer Financial Protection Bureau is barely five years old and its future is already in doubt after a divided federal appeals court ruled that the CFPB’s leadership structure is unconstitutional. The Bureau’s legal battle is far from over, but the new Trump administration would likely not fight a court ruling the White House seems to agree with. That’s why a number of consumer advocates and more than a dozen state attorneys general have stepped up, seeking to defend the CFPB if the new executive branch won’t. [More]

Brad.K

Our Picks From 2016: Editors’ Favorite Stories Of The Year

We write thousands of posts every year at Consumerist, and before we hit “publish,” we tell each of them that they’re our favorite. That’s a lie, though: when we look back, there are always posts that stand out. Whether it’s because of their real-world impact, important insights, important topics, or use of the phrase “Underwear Time,” we each have our favorites out of our work for the year. Each of our writers chose theirs along with some honorable mentions, and explained what made them love that post just a little more than the others. [More]

C x 2

Payday Lenders Go To Court In Attempt To Keep Working With Banks

The payday lending industry claims that recent regulatory efforts to rein in short-term, high-interest loans have severely restricted their access to traditional banks. Now a trade organization representing the controversial lenders has asked for a federal court to intervene. [More]

Adam Fagen

Future Looks Dim For Consumer Financial Protection Bureau Under Trump Presidency

On the campaign trail, President-elect Donald Trump made his disdain for the 2010 Dodd-Frank financial reforms clear, leaving many to wonder what a Trump White House would mean for the Consumer Financial Protection Bureau — the financial services regulator created by the 2010 legislation. Now that pieces are beginning to fall into place for the Trump transition plan, the outlook for the CFPB does not appear very bright. [More]

eyetwist

South Dakotans Vote To Cap Payday, Auto-Title Loan Interest Rates At 36%

More than a dozen states and the District of Columbia currently prohibit payday lenders and other short-term loan companies from charging exorbitant interest rates on their financial products. Last night, the residents of South Dakota added their state to that list, voting to cap interest rates on short-term loans at 36%.  [More]

frankieleon

Feds Go After “Massive, Illegal” Debt-Collection Operation

A large, nationwide debt-collection operation that allegedly brought in tens of millions of dollars through illegal means — like impersonating law-enforcement officers, or threatening arrest for non-payment — is the target of a joint legal action by the Consumer Financial Protection Bureau and the New York state attorney general. [More]

C x 2

The Consumerist Guide To Your 2016 Ballot Initiatives

We’re almost there: at long last, after one of the frankly just-plain weirdest years of news most of us can remember, Election Day is finally drawing nigh nationwide. And while the candidates at the top of the ticket have definitely captured most of the metaphorical air in the national room, there’s far more than just that at stake this year for most voters.

In addition to selecting candidates for dozens of federal, state, and local offices, voters have a wide array of state and local ballot initiatives to choose from this year. Many of those directly address major consumer issues of many kinds. So we’re helping you break those down, with a state-by-state guide. [More]

Adam Fagen

Appeals Court Calls CFPB Structure Unconstitutional; Throws Out $109M Penalty Over Alleged Mortgage Kickbacks

Since its creation as part of the sweeping financial reforms of 2010, the Consumer Financial Protection Bureau has, through settlements and enforcement actions, returned billions of dollars to Americans who were wronged by financial institutions. But consumer advocates say a new ruling from a federal appeals court threatens to undercut the Bureau’s independence and its ability to hold banks, credit card companies, mortgage lenders, and others accountable. [More]

Patrick Fagan

New Prepaid Debit Card Rules Add Protections, Improve Transparency; Take Effect Oct. 2017

Two years after the Consumer Financial Protection Bureau first proposed rules aimed at making prepaid cards safer and less costly for the 24 million unbanked consumers who make use of these sometimes costly and fee-laden financial products, the agency is releasing the final version of the rules that will kick in a year from now.  [More]

eyetwist

Operators Of Scammy Payday Lender Ordered To Pay $1.26 Billion

Four years after federal regulators sued the operators behind what might have been the scammiest payday loan Consumerist had ever seen, a federal judge has ordered Scott Tucker and his businesses to pay $1.26 billion to the Federal Trade Commission to resolve allegations of running online payday lending operations that exploited more than 5 million consumers.  [More]

Short-Term Loan Startup LendUp Ordered To Pay $3.6M Over Alleged Lending Violations

Short-Term Loan Startup LendUp Ordered To Pay $3.6M Over Alleged Lending Violations

When a company promises to lend you money and rebuild your credit — all through your phone — it can be hard to pass up the offer, especially when you’re in a pinch. But what happens when that lender doesn’t deliver? It gets fined millions of dollars by the federal government, or at least that’s the case for online lender LendUp. [More]

Former ITT Tech Students Talk About School’s High-Pressure Sales Tactics, Underwhelming Classes

Former ITT Tech Students Talk About School’s High-Pressure Sales Tactics, Underwhelming Classes

The recent collapse of ITT Technical Institute has left thousands of students stranded, unsure if they’ll be able to finish their educations, repay their loans, or even transfer their credits to other schools. Now, some of these ITT students are talking to Consumerist about the school’s high-pressure marketing, underwhelming courses, poor job-placement, and other shady practices. [More]

Online Payday Lender Can’t Hide Behind Western Sky’s Tribal Affiliation

Online Payday Lender Can’t Hide Behind Western Sky’s Tribal Affiliation

While operating a business on tribal lands may protect you from certain federal laws, an online payday lender can’t just prop up a storefront on tribal lands in order to offer high-interest loans that are illegal in many states. [More]

eyetwist

Online Lender Claiming Tribal Affiliation Must Refund, Cancel $11.6M In Payday Loans

For years, online lenders have claimed affiliations with tribal groups in order to skirt state laws related to short-term, high-interest loans. Today, the state of Minnesota came to a settlement over a years-long, so-called “rent-a-tribe” loan scheme with CashCall, ordering the lender to pay $11.6 million in relief to borrowers.  [More]