We support reforms to the financial marketplace to curb bad practices by banks and lenders.
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Publications
- Stopping the Payday Loan Trap: Alternatives That Work, One’s That Don’t
This report, by the National Consumer Law Center, examines over 100 payday loan alternatives and finds many that are genuine alternatives and others that are a payday loan by any other name. The report describes the history of the 36% rate cap and explains why, to be a safe and affordable alternative to a payday Continue Reading
- Testimony in opposition to HR 1214, The Payday Loan Reform Act of 2009
- Consumer Federation of America Payday Loan Page
Consumer Federation of America’s information resource on payday lending for consumers and advocates Payday loans are extremely expensive cash advances that must be repaid in full on the borrower’s next payday to keep the personal check required to secure the loan from bouncing. Cash-strapped consumers run the risk of becoming trapped in repeat borrowing due Continue Reading
- Payday Loans
Payday loans are single payment small loans based on the lender holding the borrower’s personal check for future deposit. Loans cost 390 to 780% APR when lender charges fees of $15 per $100 repaid in two weeks. Click for a calculator.
- CRL Issue Brief: 36% APR Cap on High-Cost Loans
From the Center for Responsible Lending: A 36% APR cap on high-cost loans promotes financial recovery Loans at 400% annual interest wreck family finances
- Consumer groups band together against unscrupulous payday lenders in Pennsylvania
The predatory nature of the payday lending industry has an adverse effect on the citizens of Pennsylvania.
- CU letter with other consumer groups regarding payday loans to FDIC
Letter to the FDIC Chairman on implementation of Revised Payday Loan Guidelines.
- What’s Wrong with the Proposed Check 21 Regulations: Consumer Group Comments
These comments are filed by CU, the Consumer Federation of America, U.S. PIRG, the National Consumer Law Center, and Consumer Action. Check 21 treats an electronic transfer of funds initiated by check under check law, but at the same time provides some new consumer rights to accompany this fundamental change in how checks are processed.
- CU Testimony On the Check Clearing for the 21st Century Act Before the House
If this legislation is enacted into law, it would have a significant impact on an estimated 45 million consumers who receive their original paper checks in the mail every month
Press Releases
- Bankruptcy bill will erect harsh new barriers and reward abusive lenders
Congress passes bill favoring creditors over those who suffer financial misfortune. Read letter.
- Bankruptcy bill on senate floor will erect harsh new barriers and reward abusive lenders
As the U.S. Senate began considering bankruptcy legislation, national consumer organizations called on Senators to reject the bill because it would favor creditors at the expense of Americans who have suffered genuine financial misfortune.
Blog Posts
- Chase’s new Liquid card certainly seems to be making waves
Chase’s new Liquid card certainly seems to be making waves. Chase recently joined a handful of big banks to offer prepaid cards with their Liquid prepaid card. Chase’s Liquid offers a relatively straightforward fee schedule, which consists mostly of a monthly fee of about $5. A quick rundown of Liquid’s fees: $4.95 monthly fee $5 for Continue Reading
- Happy World Consumer Rights Day!
Today, March 15th, we are celebrating the 50th anniversary of President John F. Kennedy’s call for basic consumer protections. In 1962, the President delivered a special message to Congress that called for four basic consumer rights – the right to safety, the right to be informed, the right to choose, and the right to be Continue Reading
- The Mortgage Meltdown—Rampant Foreclosure Filing Improprieties Found in San Francisco
by Norma Garcia On Thursday, February 16, 2012, San Francisco’s Assessor-Recorder Phil Ting announced the findings of the City’s audit on foreclosure filings , discussed in the New York Times. The audit found rampant foreclosure improprieties, including one or more irregularities in 99% of the subject loans and in 84% of the loans, the office Continue Reading
- Sears Fail: Don’t get stuck with their gift cards.
Sears seems to be in trouble. Actually, Sears seems to be in big trouble. So unless there is a sudden revival in the catalog mail order industry we suggest that you use any outstanding gift cards now. If the historic company cannot turn things around and files for bankruptcy, consumers with cash on a Sears Continue Reading
- 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.
- Colbert Report highlights a very bad bill
Colbert says NO to the unprotective Payday Loan Reform Act. Consumers Union has suggestions on how to really protect consumers.
- Bounce protection costs
From Consumer Reports November 2003 issue.
- State Legislative Alert: Uniform Commercial Code Article 1
The National Conference of Commissioners on Uniform State Laws has approved a revision of Uniform Commercial Code Article 1.
- Key Lawmakers Agree To Historic Corporate Reform Bill
Consumers Union says agreement promises to help restore accountability, trust.
- Noncustomer check fees reinforce financial divide
The rising costs of having a bank account combined with the lack of access to a local bank and branch offices have made keeping an open bank account difficult for some families.
Worried about retirement?
The stock market has been unusually volatile, plunging hundreds of points, creeping back, only to plunge again. It is hard to stay disciplined about saving when every dime you’ve invested can evaporate in a day.
What is your biggest concern about your own retirement? We want to hear from you.
Where to complain
Online, by mail, phone or fax... Agencies need to hear from you!