We support reforms to the financial marketplace to curb bad practices by banks and lenders.
By Guest Blogger: Christina Tetreault For our February Bank Alert we’d like to highlight a new bank policy many of you may have encountered. The big banks have been imposing a back-door fee by raising the minimum balance required to qualify for a fee waiver on checking accounts. If you don’t keep a large buffer Continue Reading
Cordray Appointed!
The administration finally appointed Cordray after months of fruitless negotiation with opponents who wished to weaken the agency itself before they would vote to confirm its head.
A group of 45 Senators blocked anyone from leading the new Consumer Financial Protection Bureau--until January, when President Obama finally made a recess appointment. Finally, someone to protect hardworking Americans from the abusive tactics of banks, credit card companies and Wall Street. Read more.
Feb
15
CFPB’s first big rule protects money sent overseas
CFPB Director Richard Cordray is making it clear that CFPB is hitting the ground running – yesterday he posted a summary of the agency’s first big rulemaking, which protects money transfers to other countries. These transfers, also called “remittances,” had few legal protections before despite the fact that U.S. residents send billions of dollars all Continue Reading
Posted by Suzanne Martindale in Payments
|
No Comments »
Feb
09
$25 Billion Mortgage Deal Is A “Down Payment”
$25 Billion Mortgage Deal Is A “Down Payment” on Helping Struggling Homeowners and Holding Banks Accountable Thorough Investigation of Bank’s Role In Nation’s Financial Collapse Still Needed The U.S. Department of Justice and Attorneys General from 49 states announced a$25 billion settlement today with five major banks in the country to settle allegations of fraudulent robo-signing of Continue Reading
Posted by Michelle Jun in Credit, Mortgages
|
No Comments »
Feb
07
Bankruptcy Lawyers: Student Loans May Be the Next “Debt Bomb”
With outstanding student loans topping $1 trillion – now surpassing credit card debt – and few options for relief, yet another group of experts is weighing in to warn of a student loan crisis. The National Association of Consumer Bankruptcy Attorneys just released a survey and a report showing that bankruptcy lawyers are seeing a Continue Reading
Posted by Suzanne Martindale in Credit, Student Loans
|
No Comments »
Feb
01
FTC Turns up the Heat on Debt Buyers
It’s been a bad week for the debt collection industry. The widespread practice of using ”robo-signed” affidavits in debt collection lawsuits is getting increased scrutiny in the courts, according to the American Banker. But that’s not the half of it – now the federal government is intensifying its focus on the most infamous players in the industry – the debt Continue Reading
Posted by Suzanne Martindale in Credit, Debt Collection
|
1 Comment »
Jan
30
President Obama Lays Blueprint for Keeping College Affordable
President Obama stopped by the University of Michigan on Friday to announce a comprehensive plan to rein in the skyrocketing costs of going to college. The plan includes key reforms to reduce the need for costly student loans. Relief from high student debt loads is clearly needed – student loan debt in the U.S. Continue Reading
Posted by Suzanne Martindale in Credit, Student Loans
|
No Comments »
Jan
30
Its not just Americans who are moving their money.
Consumers in the USA have watched the same big banks who nickle and dime consumers get bailed out by the government and then proceed to hand over insanely large bonuses to their top management. Between the “Occupy” protestors camping out in cities around the country and the vocal campaign to switch accounts from big banks Continue Reading
Posted by Lauren Bowne in Banking
|
No Comments »
Jan
27
New details announced on Obama’s mortgage crisis investigation
In his State of the Union Address on Tuesday, President Obama announced the creation of a special new joint federal-state Task Force charged with investigating the mortgage crisis and the resulting damage to homeowners and investors. The Task Force is known as the Residential Mortgage-Backed Securities Working Group. President Obama announced that New York Attorney Continue Reading
Posted by Michael McCauley in Credit, Mortgages
|
1 Comment »
Jan
26
January Bank Alert!
We all remember last fall when Bank of America and other big banks backed off from plans to charge customers a monthly fee for using a debit card to access their own money from their checking account. Even BoA admits that consumers deserve the credit for this victory (although they don’t use those words). Massive Continue Reading
Posted by Lauren Bowne in Banking
|
9 Comments »
Jan
23
$5 Debit Fee: Did Bank of America Really Get the Message?
The Street is reporting that three months after it abandoned plans to charge a $5 monthly debt card fee, Bank of America is now admitting that its fee scheme caused many customers to close their accounts. B of A CEO Brian Moynihan recently noted “an elevated level of account closings” in the final Continue Reading
Posted by Tim in Banking
|
No Comments »
