One of the biggest challenges facing the new legal marijuana industry comes down to money: now that businesses in certain states have gotten the go ahead to sell weed, many of them are stuck in a tough spot when it comes to actually dealing payments for their products, since the drug is still illegal under federal law. A group of senators is seeking to change that, introducing a bill that would take the heat off legal marijuana operations and give them access to banking services. [More]
financial services
Discover Financial Ditching Home-Lending Business
By 6.17.15
Just three years after getting into the mortgage origination business, Discover Financial Services plans to shutter its home lending operations. [More]
CFPB Launches Financial Coaching Program For Transitioning Servicemembers, Financially Underserved
By 5.20.15
The first step in living a fiscally responsible life is to understand what financial products are available and how they fit into your goals. Or at least that’s the idea behind the Consumer Financial Protection Bureau’s recently launched Financial Coaching Initiative that aims to assist certain groups of consumers become financially independent and knowledgeable. [More]
Transferring Funds To Prisoners Is Big Business For Some Financial Companies
By 9.30.14
Life isn’t supposed to be easy for prisoners, but should the punishment extend to their families? A new report highlights the ways in which some financial institutions appear to be benefiting from the bad fortunes of others while prisoners’ families fall into debt trying to provide necessities like underwear and toothpaste to their loved ones behind bars. [More]
The CFPB Has Only Just Begun Tackling Financial Services In Its First Four Years
By 7.21.14
Four years ago, the Consumer Financial Protection Bureau was created – and three years ago it opened its doors – as a safeguard to ensure the financial industry followed the rules when selling products and services to consumers – and a lot has happened since that time. [More]
The Consumer Financial Protection Agency And You
By 10.9.09
Legislation to create a Consumer Financial Protection Agency (CFPA) is making its way through Congress. Interested parties have spoken out (“It sucks!” “It’s awesome!“). Now the White House wants to know what you think.
New Jersey Dealership Goes Under, Leaves Customers Without Titles To Their Cars
By 9.21.09
When Patrick Dunn’s auto dealership in New Jersey went out of business a few months ago, something weird happened to “40 or 50” customers who had bought cars from him, writes Bob Braun at NJ.com. The company Dunn had taken out business loans with, Automotive Finance Corporation (AFC), went to Arkansas and asked for reposession of the cars in New Jersey. The Arkansas department of motor vehicles assumed AFC meant for unsold cars on the lot, so they granted the request—and now AFC says it owns titles to cars that people are already driving and paying for.
