iOS app Android app

Consumer Financial Protection Bureau

Student Loan Victims Pay the Price of ED Inaction

Eileen Connor | Posted 06.02.2015 | College
Eileen Connor

If legal remedies for borrowers, such as defense to repayment, exist only on paper, they are not worth very much. Meeting with Corinthian borrowers is the first step in the Department's necessary recognition that it needs to be more proactive and protective when it comes to student borrowers.

Ben Walsh

Consumer Financial Protection Bureau Proposes New Payday Lending Rules | Ben Walsh | Posted 03.26.2015 | Business

The Consumer Finance Protection Bureau will consider new rules covering payday loans, agency head Richard Cordray said Thursday in a statement. The pr...

Zach Carter

Senate Republicans Attack Obama's Most Popular Achievement In Their First Budget Session | Zach Carter | Posted 03.20.2015 | Politics

WASHINGTON -- In just their first legislative session since taking control of the Senate, Republicans on the Budget Committee pushed through a Wall St...

CFPB Study Proves Forced Arbitration Harms Consumers; Agency Should Prohibit the Practice Wherever It Can

Nan Aron | Posted 05.20.2015 | Politics
Nan Aron

Our film Lost in the Fine Print shows what happens when consumers and employees are prevented from standing up for their rights in court and instead forced to go before an arbitrator hired by the very company that wronged them. Much of the time, forced arbitration clauses mean those disputes never go anywhere at all. Now there is a new mass of additional evidence.

Paul Blumenthal

Online Payday Lender Pumped Dark Money Into Effort To Beat Back Regulation | Paul Blumenthal | Posted 03.17.2015 | Politics

WASHINGTON -- Facing the prospect of imminent oversight by a newly created government regulator, the much-reviled payday loan industry’s lobbying ma...

Crackdown on Five Private Student Loan Collection Agencies -- But More Needs to Be Done

Equal Justice Works | Posted 05.13.2015 | Politics
Equal Justice Works

On February 27, the Department of Education announced it will end its contracts with five private collection agencies. It's good that the Education Department is cracking down, but much more needs to be done to hold collection agencies accountable for unfair or deceptive practices.

Campus Debit Cards: Good for You or Your University?

Equal Justice Works | Posted 05.03.2015 | College
Equal Justice Works

This is another area where Congress should step up to the plate. Students need to be protected from deceptive marketing. And debit card agreements between companies, colleges and universities should be subject to the same transparency requirements as campus credit cards.

Shahien Nasiripour

House Democrat Demands Details On Secretive For-Profit Student Debt Forgiveness Scheme | Shahien Nasiripour | Posted 02.20.2015 | Politics

The public is financing a mass debt-forgiveness scheme largely in secret for distressed private student loan borrowers who attended schools once owned...

Does the New CFPB Rate Tool Help Consumers Shop for a Mortgage?

Jack M. Guttentag | Posted 04.18.2015 | Business
Jack M. Guttentag

Borrowers who are looking for the kind of mortgage shopping help that CFPB is trying to deliver but doesn't can now go to my home page and click on Find Your Mortgage Shopping Rate.

CFPB Must Rein in Predatory Payday Lenders with Strong Regulations

NCLR Action Fund | Posted 04.13.2015 | Politics
NCLR Action Fund

Low income working families seeking to simply pay the bills confront an array of challenges these days. "Payday lenders" are taking advantage of a borrower's precarious financial state and profit from pushing low-income families deeper into debt and poverty.

Consumer Protection Agency Preps Payday Lender Crackdown

The New York Times | Posted 02.08.2015 | Politics

In the world of consumer finance, they are chameleons: payday lenders that alter their practices and shift their products ever so slightly to work aro...

Why Do Some Borrowers Pay Higher Mortgage Interest Rates Than Others?

Jack M. Guttentag | Posted 04.09.2015 | Business
Jack M. Guttentag

I have been examining the CFPB tool to see how well it meets this challenge, and will report on it next week. This article lays the groundwork by looking at the different sources of rate differences.

3 Banking Regulations We Can't Let Republicans Take Away

Keith Mestrich | Posted 02.08.2015 | Politics
Keith Mestrich

Republicans have already signaled that one of their first priorities will be to repeal or cripple regulations that are supposed to keep our economy stable, protect Americans' money and jobs, and prevent Wall Street consumer fraud and abuse.

Faith Leaders Join The Fight For Lower Payday Loan Rates

Religion News Service | Adelle M. Banks | Posted 11.30.2014 | Religion

WASHINGTON (RNS) Dozens of faith leaders and consumer advocates are pressing Congress to create a national interest rate cap for payday lenders instea...

Hunter Stuart

Used Car Dealership Hit With $8 Million Fine For Allegedly Harassing Customers | Hunter Stuart | Posted 11.21.2014 | Business

Elizabeth Warren's brainchild watchdog agency is cracking down for the first time on a used car dealer that also acted as an auto lender for allegedly...

Slackers at the Chalkboard

Richard J. Rosendall | Posted 01.20.2015 | Politics
Richard J. Rosendall

If you abuse someone no matter what he does, he might as well stand his ground. That is what our 44th president, at long last, appears to be doing.

Friday Talking Points -- McConnell For Sale!

Chris Weigant | Posted 12.24.2014 | Politics
Chris Weigant

Pennsylvania's pornography scandal just keeps getting worse. So far, four people employed by prosecutors' offices have been forced out. Next in line is a member of the Pennsylvania Supreme Court, Justice Seamus McCaffery.

Shahien Nasiripour

Consumer Regulator Vows Action As Student Loan Borrowers Suffer | Shahien Nasiripour | Posted 10.16.2014 | Politics

In October 2012, the federal agency charged with protecting households from predatory financial companies issued a report lamenting the lack of opport...

Ben Hallman

Big Banks Don't Want You To Find Out What People Really Think Of Them | Ben Hallman | Posted 09.29.2014 | Business

The nation's largest banks and debt collectors are worried that if you learn what people are saying about them, you might like them less. And that wou...

Politics and Real Estate in the U.S.

Daniel Wagner | Posted 11.26.2014 | Business
Daniel Wagner

Regardless of who becomes President in 2016, or what the composition of Congress may be, hard choices will continue to need to be made about a whole range of issues, such as how much funding should be allocated to subsidize mortgages or support affordable housing

Shahien Nasiripour

Occupy Wall Street Buys, Then Cancels, Student Debt | Shahien Nasiripour | Posted 09.18.2014 | Politics

Some 40 million Americans collectively owe nearly $1.3 trillion on their student loans. On Wednesday, a small group of volunteers announced they helpe...

Shahien Nasiripour

For-Profit College Chain Cheated Students, U.S. Alleges | Shahien Nasiripour | Posted 09.17.2014 | Politics

For-profit education company Corinthian Colleges Inc. misled students into taking out unaffordable loans by falsely advertising job prospects, then us...

The CFPB Is Now a Consumer Complaint Clearinghouse: Will That Help Consumers?

Jack M. Guttentag | Posted 11.11.2014 | Business
Jack M. Guttentag

Markets for financial services often don't work well for consumers. The trial and error technique that consumers rely on in navigating many markets does not work well when transactions are large and infrequent. Financial firms that expect to see a customer only once may have little incentive to provide good service.

What Do Banks Have to Hide From CFPB's Efforts to 'Make the Market for Credit Work Better'?

Ed Mierzwinski | Posted 10.22.2014 | Business
Ed Mierzwinski

This month, two different but powerful Wall Street bank lobbies launched self-serving attacks on the Consumer Financial Protections Bureau's most recent efforts to make banking markets more transparent. What do the banks have to hide?

Consumer Reporting Agencies Follow Your Moves

Jason Alderman | Posted 10.13.2014 | Business
Jason Alderman

Did you know that there are dozens of specialty consumer reporting agencies that track your history for activities that may not appear on your regular credit reports -- things like bounced checks, late utility payments, insurance claims and prescription orders?