Banks and payday lenders have had a good deal going for a while: They could break the law, trick their customers in illegal ways, and not have to face any consumer lawsuits.
The federal Consumer Financial Protection Bureau has sued Global Financial Support Inc., alleging that it deceptively markets and charges for financial aid services that students and families could otherwise get for free.
We commend the CFPB for moving to prohibit class-action bans. But the agency should go further and ban forced arbitration entirely wherever it has the power to do so.
Votes over the CFPB present the same choice today that they always have -- a choice between big banks and predatory lenders on one side and families on the other. It's time to say no to the big banks and no to their lobbyists, their lawyers and their Republican friends in Congress.
Fighting predatory lenders can feel a little like taking on the 2015 Kentucky basketball team, but last week the odds for millions of underdogs across America got a lot better.
Reining in the payday loan industry has been in the works over at the CFPB for a while now, and it's not a moment too soon. Why isn't there national regulation? Although some people are willing to do so, liberals believe that our country cannot permit such behavior.
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?
The sharks we have in mind, meaning no disrespect to the cartaliginous fish of the same name, are people like W. Allen Jones, CEO of Check Into Cash, a Tennessee-based company that operates an estimated 1,100 payday loan and check cashing shops in 29 states.
First, let's start with the good (if you can really call it that) news: A trail of money that began with triple-digit loans to troubled New Yo...
Although the market for prepaid debit cards has been steadily expanding and attracting big name financial players like American Express, consumer advocates have expressed concern about a lack of regulatory oversight.
Elizabeth Warren's brainchild has become people-powered, just like the campaign that propelled her into the U.S. Senate. It is a fitting milestone for an organization that has accomplished a great deal over the past three years, but whose biggest achievements are yet to come.
Millions of Americans may soon become part of an expanded government database that would give two federal regulatory agencies an up-close and personal view of their private financial lives that, if breached, could make for a really bad day for a whole lot of people.
Having spent a lot of time thinking about this problem, I want to offer to you five simple ideas that will suppress the "criminal enterprise", uplift families, protect the safety and soundness of the banking system and ensure a functional credit and debt collection process.
The federal watchdog agency protects consumers by enforcing fairness and transparency around financial products and services, providing information around numerous topics such as financial scams, predatory lending, mortgages and college loans.
If Senate Republicans follow through on threats to prevent confirmation of any of Obama's nominees to the U.S. Court of Appeals for the D.C. Circuit under the fig leaf of an argument about whether this court needs more judges, we could quickly be back to the nuclear brink.
We should applaud the new resolve of the CFPB, other federal agencies and state legislatures to thwart these abusive practices. But we cannot become complacent.