Defend Your Dollars: Share this site! We support reforms to the financial marketplace to curb bad practices by banks and lenders.
May
17

Payday Loan Industry Needs Strong CFPB Oversight

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Payday loans – the short-term loans with high fees that function as an advance on one’s paycheck – are a highly controversial financial product. While consumers easily can obtain these loans at a storefront lender or online, they can be very difficult to repay. Since many of the applicants aren’t able to repay the loans Continue Reading

Posted by mahoma in CFPB, Credit | No Comments »
May
17

CFPB en Español–New Spanish Language Website Launched

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Good news this week from the U.S. Consumer Financial Protection Bureau (CFPB).  The agency has just launched a Spanish language website which is a major development given the importance of the agency’s mission and its commitment to reaching out to all consumers.  Given the growing number of Spanish speaking consumers in the U.S. and the Continue Reading

Posted by Norma Garcia in Banking, CFPB | No Comments »
May
09

California AG Sues Chase for “Robo-Signing” in Debt Collection Cases

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Today, the California Attorney General announced a lawsuit against JPMorgan Chase, the nation’s biggest bank, over its debt collection practices.   The suit alleges that Chase engaged in widespread, illegal robo-signing, among other unlawful practices, to commit debt-collection abuses against approximately 100,000 California credit card borrowers over at least a three-year period. The AG claims that Continue Reading

Posted by Suzanne Martindale in Credit, Debt Collection | No Comments »
May
09

CFPB, Senator Warren Urge Student Loan Reforms

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  This week, a new report by the Consumer Financial Protection Bureau  found that student loan debt is having a long term damaging “domino effect” on the economy by making it even more difficult for young adults to purchase their first home, start a small business, and save for retirement. The report identifies a number Continue Reading

Posted by Suzanne Martindale in Credit, Student Loans | No Comments »
May
06

Help Protect Service Men and Women from Credit Reporting Industry Abuses

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It’s likely that many of our readers have tried to obtain a “free” credit score from one of the ubiquitous websites that market them, but discovered later that they inadvertently signed up for a credit monitoring service that automatically bills their credit or debit card each month. One soldier currently serving in Afghanistan recently fell Continue Reading

Posted by mahoma in CFPB, Credit Reports | No Comments »
May
06

CFPB Town Hall: Student Loans UPDATED

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The Consumer Financial Protection Bureau is hosting a town hall on student loans.  The hearing will take place on Wednesday, May 8 at 6 p.m. EDT (Eastern Daylight Time) in Miami-Dade County, Florida. The CFPB will confirm and announce the venue soon. The hearing will be held at: Miami Dade College Wolfson Campus Chapman Center, Room 3210 300 Continue Reading

Posted by Tim in CFPB | No Comments »
Apr
25

Cordray Confirmation Needed to Improve Credit Reporting

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Credit report errors have long plagued consumers, many of whom diligently work to establish a solid credit history, only to find their efforts derailed due to mistakes made by creditors or the credit reporting agencies (CRAs). These lapses have the potential to be truly damaging as more and more companies — from auto, mortgage, and Continue Reading

Posted by mahoma in CFPB, Credit Reports | No Comments »
Apr
19

Most Victims of Bank Wrongdoing Will Get $1000 or Less Under Settlement

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Last week the Wall Street Journal reported some sobering news:  The vast majority of borrowers being compensated for mortgage related abuses will get $1,000 or less, under a $9.3 billion dollar settlement between the U.S. and banks. If that were not bad enough, yesterday the New York Times reported that homeowners trying to cash their Continue Reading

Posted by Norma Garcia in Banking, Credit, Debt Relief, Mortgages | No Comments »
Apr
18

Student Debt Fastest-Growing for Consumers Over 60

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This week, the Chronicle of Education reported that older consumers are increasingly struggling with student loan debt.  Many of these older borrowers thought they could increase their chances of getting decent jobs by earning an advanced degree later in life, but are struggling to make ends meet instead. In fact, according to data from the Continue Reading

Posted by Suzanne Martindale in Credit, Student Loans | No Comments »
Apr
17

3 Million Mobile Payments a Week

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Recently we asked if 2013 was going to a breakout year for mobile payments. While there is still plenty of year to go, one company’s customers appear to have embraced mobile payments: Starbucks. The coffee giant has the largest retail mobile payment platform in the U.S. Each week, U.S. customers generate over three million U.S. mobile payment transactions its cafes. Starbucks’ Continue Reading

Posted by Christina Tetreault in Uncategorized | No Comments »
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