Search results for: payday

Brad Clinesmith

House Passes CHOICE Act In Move To Roll Back Consumer Financial Protections

The House of Representatives voted today to pass the Financial CHOICE Act, a piece of legislation that, if enacted, would strip away a number of consumer protections put in place following the devastating collapse of the housing market. [More]

Adam Fagen

AGs Blast Financial CHOICE Act, Urge Congress To Reject Proposed Bill

With legislation to roll back consumer protections and gut the Dodd-Frank Wall Street Reform and Consumer Protection Act expected to be discussed by the House as early as this week, several states are urging lawmakers to reject the legislation. [More]

(Hammerin Man)

Report: Financial CHOICE Act Would Harm Servicemembers

Since its creation, the Consumer Financial Protection Bureau has worked to protect servicemembers from ne’er-do-wells that aim to line their own pockets by taking advantage of those who protect us; from fining auto lenders for failing to issue refunds to servicemebers to ordering banks to pay for their bad debt collection practices. But with a bill to gut the agency’s power making its way through the legislature, these types of protections come to a screeching halt. [More]

Adam Fagen

‘Financial CHOICE Act 2.0’ Rolling Back Consumer Protections Moves Forward

The House Financial Service Committee approved the Financial CHOICE Act 2.0 today, signaling the first concrete move to roll back consumer protections and gut the Dodd-Frank Wall Street Reform and Consumer Protection Act.  [More]

(scurzuzu)

Feds Sue Four Online Payday Lenders For Collecting On Void Debts

Last year, federal regulators released a report that found online payday lenders — despite their clean, professional websites — could be just as bad, if not worse, than their storefront counterparts. Today, the Consumer Financial Protection Bureau provided yet another example of how these companies can wreak havoc on consumers’ finances by skirting the law.  [More]

(Aubrey Arenas)

‘Financial CHOICE Act 2.0’ Blasted By Retailers & Lawmakers

The retail industry has already politely asked Congress to please not roll back financial reforms involving debit card transactions, but as lawmakers on Capitol Hill inch closer to undoing these protections, retailers are once again voicing their concerns that undoing the 2010 law will lead to higher prices and hurt small businesses. [More]

Adam Fagen

‘Financial Choice Act 2.0’ Would Eliminate Government’s Ability To Go After Shady Payday Loan Operations

Even though recent surveys indicate that the overwhelming majority of Americans want more regulation of payday lending, federal lawmakers are attempting to strip the Consumer Financial Protection Bureau of any authority over these short-term, high-cost loans. [More]

eyetwist

Most Americans Favor Payday Loan Reforms

Despite claims from the payday loan industry that Americans don’t want reforms intended to prevent borrowers of these short-term loans from falling into a revolving debt trap, two new reports show that most people do think it’s time to rein in payday lending and provide more affordable loan options for borrowers in need.  [More]

Mike Lizzi

Collectors Say Eli Manning Knew Company Was Selling Phony Memorabilia

Would you rather pay thousands of dollars for a football helmet worn by your favorite athlete in a championship game, or for a piece of equipment that has never seen action in a game? If you’re a collector of sports memorabilia, the difference between the two can be thousands of dollars. Collectors suing a well-known sports memorabilia firm, now claim to have evidence that New York Giants quarterback Eli Manning aided in this deception by providing “game-worn” items that had never seen time in an NFL game. [More]

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]