We support reforms to the financial marketplace to curb bad practices by banks and lenders.
cfpb
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
Categories: CFPB, Credit
Tags: cfpb, Payday Loans
CFPB report highlights staggering student loan burden and options for making repayment more affordable
Consumers Union urges policymakers to enable students to refinance high interest loans and negotiate affordable repayment plans
Categories: Credit, Student Loans
Tags: cfpb, student loans
Help Protect Service Men and Women from Credit Reporting Industry Abuses
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
Categories: CFPB, Credit Reports
Tags: cfpb, credit report, credit score
CFPB Director Faces Re-Nomination Hearing
Yesterday’s hearing by the Senate Banking Committee on the re-nomination of Richard Cordray to head the Consumer Financial Protection Bureau was just the beginning of what could turn out to be a long fight in Congress. Cordray, who was named the director of the CFPB by recess appointment by President Obama in January 2012, appeared Continue Reading
Categories: Banking, CFPB
Tags: cfpb, richard cordray
Consumers Union Urges Senate Committee to Confirm Cordray
March 11, 2013 Consumers Union Urges Senate Committee to Confirm Cordray WASHINGTON, DC – Consumers Union, the policy and advocacy division of Consumer Reports, sent a letter to members of the Senate today urging them to confirm Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB). The letter comes as the Senate Banking Committee prepares Continue Reading
Categories: Banking, CFPB
Tags: cfpb, richard cordray
Ban Deferred Interest Cards, Consumers Union Says in Comments to CFPB
February 22 marks three years since key provisions of the Credit Card Accountability Responsibility and Disclosure Act (the CARD Act), which overhauled credit card practices, took effect. But gaps in consumer protection remain, Consumers Union said in comments submitted Tuesday February 19 to the Consumer Financial Protection Bureau (CFPB). The CARD Act protects consumers from Continue Reading
Categories: Credit, Credit Cards, Uncategorized
Tags: cfpb, credit card
Consumers Union: Cordray Re-Nomination the Right Choice for CFPB
Richard Cordray has done an excellent job in taking many important steps to protect consumers
Categories: CFPB
Tags: cfpb, richard cordray
CFPB Issues New Rules to Curb Mortgage Foreclosure Abuses
The rules set new, national standards to help make sure borrowers are treated fairly
Categories: CFPB, Mortgages
Tags: cfpb, foreclosure, mortgages
Feds Announce New Rules and Settlements on Mortgages
It’s been a busy week for new developments affecting mortgage borrowers and homeowners who lost their homes to foreclosure. The Consumer Financial Protection Bureau (CFPB) announced new regulations on January 10 that, when implemented in 2014, will require banks to honestly characterize the full costs of their mortgage loans and lend only to borrowers that Continue Reading
Categories: CFPB, Mortgages
Tags: cfpb, Fannie Mae, mortgages
