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Payday Loan Industry Needs Strong CFPB Oversight
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
Consumers Union urges cities to avoid unfair prepaid card practices
CU raises concerns about high fees and weak protections as cities begin issuing prepaid cards
CU letter to the National League of Cities on hybrid municipal prepaid cards
CU is concerned that some prepaid cards issued recently by cities do not provide consumers with the kind of fair deal consumers deserve
CU letter to the International City/County Management Association on hybrid municipal prepaid cards
CU is concerned that some prepaid cards issued recently by cities do not provide consumers with the kind of fair deal consumers deserve.
States should close gaps in foreclosure safeguards
On April 9, 2013, Consumers Union and the Center for Responsible Lending issued a new report outlining how state lawmakers can bolster safeguards to prevent unnecessary foreclosures. Closing the Gaps: What States Should Do to Protect Homeowner From Foreclosure examines recent developments in the legal and regulatory landscape, discusses the relevant provisions of the CFPB rules, Continue Reading
Credit Scores and Credit Reports: How do They Differ?
Consumers Union is conducting a “Know Your Score” campaign in support of Sen. Bernie Sanders’s and Rep. Steve Cohen’s proposed Fair Access to Credit Scores Act, which was introduced in Congress earlier this month. This bill directs the three major consumer reporting agencies (CRAs), Experian, Equifax, and TransUnion, to provide consumers with the credit score Continue Reading
Would You Send Money Overseas with Facebook?
In its quest for world domination (or something like it), Facebook recently announced yet another new service – this time they are partnering with Azimo, a UK-based startup company, to provide international money transfers. Facebook users will now be able to transfer money directly to friends almost anywhere in the world via a new online Continue Reading
March 1st: Mandatory Electronic Payments for Most Federal Benefit Recipients
Nearly all federal benefit recipients will no longer be receiving checks in the mail starting this Friday, March 1st. Many beneficiaries have already been required to provide their own account information or obtain a Direct Express prepaid card if one is not provided. Recipients will be required to obtain their payments electronically, which includes Continue Reading
1 in 4 Consumers Have Error On Their Credit Report
Larry from Columbus, Ohio shared this credit report error story with us: “I am listed as not having paid a clinic for treatment for high blood pressure. Not only have I never been inside that clinic; I have low blood pressure. Another lists me as having been treated in an emergency room and not paying. I’ve been in Continue Reading
FTC study shows importance of checking credit reports
The findings reinforce call for access to free, reliable credit score
