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

Victory! California Governor Signs Reverse Mortgage Protection Bill, AB 1700 (Medina)

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Today California Governor Jerry Brown signed AB 1700 (Medina), a first-in-the nation bill, that will put important information in the hands of Californians while they are considering a reverse mortgage.  Ensuring a fair reverse mortgage marketplace is a Consumers Union priority.  We are very pleased to share this good news with you. If you’ve been Continue Reading

Posted by Norma Garcia in CFPB, Credit, Mortgages, Uncategorized | No Comments »

CFPB Cracks Down on U.S. Bank’s Crummy Practices

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Nearly half a million U.S. Bank customers will get money back for the bank’s bad habit of selling consumers services that it did not provide, the Consumer Financial Protection Bureau (CFPB) announced today. The CFPB is ordering U.S. Bank to return $48 million to the 420,000 customers it enrolled in identity protection and credit monitoring Continue Reading

Posted by Christina Tetreault in Banking, CFPB, Credit Cards, Debt Collection | No Comments »

No Overdraft Checking Account Coming To Walmart

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Green Dot’s mobile bank account, GoBank, will soon be available at Walmart stores. We think this is good news for consumers, as GoBank offers transparent, low-fee, no-overdraft, fully-federally protected checking accounts. Recently a number of banks, including Bank of America, Key Bank and Citi, have begun to offer low-fee, no overdraft accounts. As with GoBank, Continue Reading

Posted by Christina Tetreault in Banking, Prepaid Cards | No Comments »

Mobile Financial Services Show Promise, But Consumers Need To Be Assured Of Protections, CU Says In Comments

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Mobile financial services may provide consumers lower-cost, more convenient ways to manage their money but lawmakers, industry and regulators need to step-up to ensure adequate consumer protections, we told the Consumer Financial Protection Bureau (CFPB) in response to the CFPB’s Request for Information Regarding the Use of Mobile Financial Services by Consumers and Its Potential Continue Reading

Posted by Christina Tetreault in Banking, CFPB, Mobile, Payments | No Comments »

CFPB Working for You: Safeguarding Soldiers from Financial Harm

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Members of the armed forces face major obstacles in keeping their finances in order. Many soldiers are stationed abroad and rely on family members to keep track of their money. Others living on military bases in the United States are often the targets of predatory lenders pushing pricey loans. Cammie of Columbus, Ohio became the Continue Reading

Posted by Maureen Mahoney in CFPB | No Comments »

It’s Time for Student Loan Servicers to Clean up Their Act

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Are you currently paying back your student loans?  If so, have you ever had problems dealing with the companies – called “servicers” – that process loan payments, provide customer service, and keep track of your paperwork? Well, whether or not they’re helping you, they’re still getting paid – by the federal government.  The Department of Continue Reading

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

Bigger Than Target? What To Do NOW If You Shopped At Home Depot

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If  you shopped at a Home Depot store between April 2014 and now, you may be at risk. The retailer confirmed earlier this week that it suffered a massive data breach. It appears that crooks have stolen shoppers’ payment card and personal information, which means that shoppers at its stores in the U.S. and Canada Continue Reading

Posted by Christina Tetreault in Credit Cards, Payments, Security Breaches, Security Freeze | No Comments »

CFPB Working for You: Promoting On-the-Job Financial Education

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Many companies have smoking cessation or weight loss programs to improve their employees’ health. Now, a new report from the Consumer Financial Protection Bureau (CFPB) is calling for businesses to take a new step – to help improve their employees’ financial wellness. According to the CFPB, many Americans are so worried about money that it’s Continue Reading

Posted by Maureen Mahoney in CFPB | No Comments »

Outsmarting Thieves: Cutting Theft with a Smartphone Kill Switch  

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Smartphone thefts are out of control.  According to San Francisco’s District Attorney, such theft is a major problem in big cities—over fifty percent of the robberies committed in San Francisco, for example, are of mobile devices. How to remedy this? If you want to outsmart a thief, you have to think like one.  How do Continue Reading

Posted by Norma Garcia in Mobile, Privacy, Uncategorized | No Comments »

CFPB Working for You: Helping Young People Make Smart Financial Decisions

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It’s back to school time, and parents and kids are gearing up for a new year. But while kids may be getting great instruction in math, science, and writing at school, they don’t usually learn basic skills like how to manage a checking account or credit card. As the Consumer Financial Protection Bureau (CFPB) points Continue Reading

Posted by Maureen Mahoney in Banking, CFPB | No Comments »