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Recent Actions Take Payday Lenders to Task for Deceptive Acts and Practices

by guest blogger Caitlin Watkins Twelve million Americans take out payday loans every year, according to a 2013 Pew report. Payday loans are short-term, high-interest loans – Pew estimates the annual interest rates on such loans at 400%. Folks choose these loans because they are strapped for cash and need money to pay important bills Continue Reading

Categories: CFPB, Debt Collection, Uncategorized
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Senate letter to take action to prevent interest rates from doubling on student loan borrowers

The interest rate on subsidized Stafford loans is set to double from 3.4% to 6.8% for new loans starting July 1, 2012

Categories: Student Loans
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CU: Student loan rate cap should be extended

Interest rates on subsidized Stafford student loans set to double in July unless Congress acts

Categories: Student Loans
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6 Tips for Graduating with Less Student Debt

The cost of higher education is skyrocketing, and students often end up graduating with massive debts as a result. Student loan borrowers are also defaulting on their loans at a higher rate than ever before.

Categories: Student Loans
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CU comments to the OCC on Overdraft and Bank Payday

August 8, 2011 Office of Comptroller of the Currency 250 E Street, SW Mail Stop 2-3 Washington, D.C. 20219 Re:      OCC Guidance on Deposit-Related Consumer Credit Products, Docket ID OCC-2011-0012 Dear Acting Comptroller Walsh: With this proposed guidance the OCC missed an opportunity to truly protect consumers from concerns raised by overdraft loans and Continue Reading

Categories: Banking
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Fast Cash Nation: Our Financial Health Crisis & How We Must Shape Up

Leah Plunkett, a staff attorney with the National Consumer Law Center, on how fast cash lending is bad for our financial health

Categories: CFPB
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Small Dollar Loans, Big Problems

Consumers Union funded a report written by the National Consumer Law Center that shows the need for states need to be on the front line defense against predatory lending.

Categories: Uncategorized
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Get the Facts About Overdrafts and Fees

Get the Facts About Overdrafts and Fees Is Your Bank Asking You to Opt-In to Steep Overdraft Fees? Just Say No to Debit Card Overdrafts! New Rules Issued by the Federal Reserve The Federal Reserve issued new rules requiring banks to get consumers’ consent or “opt‐in” to pay overdraft fees for debit card single purchase Continue Reading

Categories: Banking
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Consumer groups urge NCUA to adopt stricter guidance to curb overdraft abuses

November 30, 2010 As financial institutions continue their campaigns to persuade consumers to agree to pay steep fees for debit card overdrafts, we urge the National Credit Union Administration to adopt stricter supervisory guidance to curb ongoing overdraft abuses. We make the following specific recommendations: • End excessive overdraft fees at NCUA-supervised credit unions: • Continue Reading

Categories: Banking
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Consumers Are Saying No To Expensive Fee Programs (When given a choice)

Consumer Reports Poll: Only 22 Percent of Bank Customers Have Opted-In For Debit Card Overdraft “Protection”

Categories: Banking
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