Fed: Financial Firms Reaped $193 Million From Unemployment Benefits

Personal Finance

Fed: Financial Firms Reaped $193 Million From Unemployment Benefits

Fed: Financial Firms Reaped $193 Million From Unemployment Benefits

It costs money to be poor. Payday loan services, pawn shops, money order providers, and a host of other companies charge low-income people comparatively high rates for basic banking services like paying bills and writing checks. Sometimes, government programs add to the cost. According to a new report by the Federal Reserve, low-income people receiving… Read More

Expert: eBanking Americans Are Low-Hanging Fruit for Breaches

Identity Theft

Expert: eBanking Americans Are Low-Hanging Fruit for Breaches

Expert: eBanking Americans Are Low-Hanging Fruit for Breaches

Every week, it seems, another big company announces that it has lost thousands or millions of sensitive records on American consumers. Morgan Stanley. Sony. Cord Blood Registry. Ever wonder why American consumers keep getting hit by data breaches? It’s because we’re the lowest-hanging fruit for thieves, says Adam Dolby, director of electronic banking at Gemalto,… Read More

Consumers Paid off Credit Cards Big-Time

Credit Cards

Consumers Paid off Credit Cards Big-Time

Consumers Paid off Credit Cards Big-Time

Between the first quarters of 2009 and 2010, Americans paid $72 billion more to reduce their credit card debts than they spent on the cards, according to a study by the credit monitoring bureau TransUnion. As a result, the average credit card borrower saw their total debt obligations slip $601 to $5,165 from the previous… Read More

Poof! Elizabeth Warren to Leave Consumer Protection Agency on Aug. 1

Personal Finance

Poof! Elizabeth Warren to Leave Consumer Protection Agency on Aug. 1

Poof! Elizabeth Warren to Leave Consumer Protection Agency on Aug. 1

And just like that, she’s gone. Elizabeth Warren, the consumer advocate who spent the last year creating the government’s newest consumer protection agency, announced Tuesday that she will leave the bureau on Aug. 1. Warren, a former Harvard law professor, is credited with having created the Consumer Financial Protection Bureau, and led the fight in… Read More

Financial News Roundup: Wealth Disparities Grow, U.S. Credit Downgrade Likely

Personal Finance

Financial News Roundup: Wealth Disparities Grow, U.S. Credit Downgrade Likely

Financial News Roundup: Wealth Disparities Grow, U.S. Credit Downgrade Likely

Today’s top news headlines feature growing income gaps that are affecting Americans disproportionately and reasons most economists predict the U.S. credit rating will be downgraded. Plus, find out why new post-recession jobs may not be paying much. Low-Paying Jobs Experience the Most Post-Recession Recovery The Huffington Post New Census Bureau data reveals low-paying positions are… Read More

Massachusetts to Robo-Signers: Not So Fast

Mortgages

Massachusetts to Robo-Signers: Not So Fast

Massachusetts to Robo-Signers: Not So Fast

The attorney general of Massachusetts announced Monday that she is opening her own investigation into the mortgage industry for allegedly failing to file proper mortgage documents during the housing boom, which may have led companies to foreclose and evict families from their homes illegally. Coakley’s investigation will add another front to the ongoing “robo-signing” scandal…. Read More

Forget Deals, Shoppers Want Privacy

Personal Finance

Forget Deals, Shoppers Want Privacy

Forget Deals, Shoppers Want Privacy

Would you rather buy a pack of batteries for $5 from a website that had clear privacy policies, or the same pack of batteries for $4.41 from a website where the privacy policies are unclear?

Moody’s: Consumer’s Bureau is “Medicine” for Banks’ Ills

Personal Finance

Moody’s: Consumer’s Bureau is “Medicine” for Banks’ Ills

Moody’s: Consumer’s Bureau is “Medicine” for Banks’ Ills

Despite efforts by banks to kill or weaken the government’s newest consumer watchdog, the new agency will actually help banks be more profitable in the long run, according to a new report by Moody’s, a large credit rating company. Banks should “prepare to take their medicine,” Moody’s wrote. New rules regarding mortgages and other types… Read More

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