CFPB Sues Texas Company for Issuing ‘Sham’ Credit Card

Credit Cards

CFPB Sues Texas Company for Issuing ‘Sham’ Credit Card

CFPB Sues Texas Company for Issuing ‘Sham’ Credit Card

A Texas firm accused of selling consumers a buying club card disguised as a general-purpose credit card was sued Wednesday by the Consumer Financial Protection Bureau. The card, offered by Union Workers Credit Services cost $37 for snail-mail applicants and $95 online, the CFPB said. While thousands of consumers signed up for the card, most… Read More

Watchdog Proposes Rules to Protect Homeowners From Bad Foreclosures

Mortgages

Watchdog Proposes Rules to Protect Homeowners From Bad Foreclosures

Watchdog Proposes Rules to Protect Homeowners From Bad Foreclosures

The Consumer Financial Protection Bureau Thursday proposed new rules that would offer U.S. homeowners additional protection from foreclosure. The proposals are part of the CFPB’s ongoing effort to protect struggling homeowners and make the mortgage process easier to understand. The expanded protections cover a variety of issues, from clarity about loan delinquency to additional help for… Read More

Troubled Private Student Loan Borrowers Get Little Help, CFPB Says

Students

Troubled Private Student Loan Borrowers Get Little Help, CFPB Says

Troubled Private Student Loan Borrowers Get Little Help, CFPB Says

Borrowers stuck with oppressive private student loan debts continue to get little mercy from lenders, which is bad for both consumers and the financial institutions, according to a report issued Thursday by the Consumer Financial Protection Bureau. While distressed mortgage holders have several opportunities to appeal for lower monthly payments, and federal student loan borrowers… Read More

Will Congress Overhaul Credit Reporting Laws?

Credit Score

Will Congress Overhaul Credit Reporting Laws?

Will Congress Overhaul Credit Reporting Laws?

Nearly every day we hear from consumers who feel like their credit reports and scores are holding them back. Some have been battling mistakes they are having trouble getting fixed, others feel like they are stuck in credit purgatory because their credit reports still contain negative information from homes they lost or loans they defaulted… Read More

Credit Card Companies Warned of Deceptive Balance Transfer Offers

Credit Cards

Credit Card Companies Warned of Deceptive Balance Transfer Offers

Credit Card Companies Warned of Deceptive Balance Transfer Offers

Some credit card issuers are misleading consumers about the real cost of balance transfers and low-interest promotions, the Consumer Financial Protection Bureau announced Wednesday. The agency did not name any culprits, but issued a general bulletin alerting banks that they risk inviting an enforcement action if the deceptive marketing continues. In its bulletin, the bureau… Read More

The 17,000% APR You Might Be Paying

Personal Finance

The 17,000% APR You Might Be Paying

The 17,000% APR You Might Be Paying

Would you agree to pay a 17,000% APR for a loan? Of course not, but many consumers are paying stratospheric rates when they opt into overdraft programs offered by their financial institutions, according to a report released Thursday by the Consumer Financial Protection Bureau. I am one of them. A few years ago, I used… Read More

Legislators Propose Interest Rate Cap, But Will It Work?

Personal Loans

Legislators Propose Interest Rate Cap, But Will It Work?

Legislators Propose Interest Rate Cap, But Will It Work?

Congress is taking aim at high-rate, short-term lenders in the U.S. Representatives Matt Cartwright and Steve Cohn are joining forces with Senators Dick Durbin, Barbara Boxer, Richard Blumenthal, Jeff Merkley and Sheldon Whitehouse to establish a national usury limit for consumer credit transactions. Their targets are banks and finance companies that market payday- and account-advance… Read More

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