Bureau of Consumer Financial Protection (C.F.P.B.)

consumer protection against payday loans

Chronology of Coverage

Oct. 7, 2015

Editorial calls on government to prevent companies managing student loan debt, to whom it pays over $600 million per year, from misinforming distressed borrowers about alternative payment plans; cites Consumer Financial Protection Bureau report suggesting some companies benefited by deliberately pressing borrowers into default. MORE

Oct. 7, 2015

Consumer Financial Protection Bureau will propose draft rules prohibiting financial companies from using arbitration clause, which bars customers from their services unless they agree to waive right to file or participate in class-action suit. MORE

Consumer Financial Protection Bureau orders Citigroup to refund $700 million to consumers and pay $70 million in fines for deceptive credit card practices; follows similar settlements at other large banks stemming from sale of add-on products to customers. MORE

Consumer Financial Protection Bureau says JPMorgan Chase will pay $136 million to settle charges that it used illegal methods to pursue delinquent credit card borrowers. MORE

Editorial welcomes Consumer Financial Protection Bureau's announcement that it will extend its oversight over non-bank auto lenders; urges bureau to go further and put an end altogether to abusive loan practices in car loan industry. MORE

Justice Dept prosecutors and Consumer Financial Protection Bureau officials are trying to root out auto industry practice of reverse-redlining, which singles out minority borrowers and extends them costliest car loans; development could worsen economic decay in some black and Hispanic neighborhoods. MORE

Editorial welcomes Consumer Financial Protection Bureau's preliminary proposal for protecting working poor from payday lending industry, calling it most important step in agency's four-year history; points to one weakness in proposal, which allows lenders to skip assessment of borrower's ability to pay if loan is $500 or less. MORE

Consumer Financial Protection Bureau proposes regulations to rein in what are seen as predatory payday loans that often have interest rates of 400 percent or more; rules would cover most of $46 billion market that serves working poor. MORE

The Consumer Financial Protection Bureau is starting to draw up regulations that could sharply reduce the number of unaffordable loans from payday lenders. MORE

Rules issued by Treasury Dept and IRS at end of 2014 require, if nonprofit hospital wants to retain or attain tax-exempt status, it must offer some assistance to needy patients and refrain from using aggressive tactics to get low-income patients to pay hospital bills; rules are backed by Consumer Financial Protection Bureau, which raises possibility that they could influence behavior of for-profit hospitals. MORE

Consumer Financial Protection Bureau sues Sprint in Federal District Court, accusing company of operating billing system that allowed third parties to add unauthorized charges onto mobile phone bills; Federal Communications Commission is conducting similar investigation. MORE

Ann Carrns Your Money Adviser column cites Consumer Financial Protection Bureau report that finds one in five American consumers have marks against them on their credit reports due to unpaid medical bills; notes report follows bureau's previous findings that medical debt, which makes up more than half of collection items on credit reports, can unfairly harm credit scores. MORE

Consumer Financial Protection Bureau sues major for-profit trade school chain Corinthian Colleges, charging that it lured students with lies about job placement and used illegal tactics to collect on student loans. MORE

Paul Krugman Op-Ed column defends efficacy of the Dodd-Frank reform bill, which has gotten even worse press than Obamacare; supports bill's creation of Consumer Financial Protection Bureau, since better consumer protection means fewer bad bank loans and reduces risk of financial crisis; holds while reform did not go far enough, measure is an important step in the right direction. MORE

Editorial welcomes new rules being drawn up by federal Consumer Financial Protection Bureau to protect borrowers from unscrupulous payday lenders; outlines ways that the bureau could attack entire payday lending industry. MORE

Synchrony Bank, the new name of GE Capital Retail Bank, agreed on Thursday to pay $225 million to consumers to settle claims of illegal and discriminatory credit card practices that affected 746,000 consumers. MORE

Lisa Prevost Mortgages column notes Consumer Financial Protection Bureau is aggressively going after mortgage, title and real estate companies that it believes are violating laws prohibiting payments or incentives for customer referrals; graph of mortgage rates in New York region. MORE

Editorial, citing Consumer Financial Protection Bureau report, criticizes private student loans that exploit borrowers and co-signers and force many into default; calls on regulators to address crisis, and force lenders to clearly state a loan's terms and risks. MORE

Consumer Financial Protection Bureau report finds that some people who pay private student loans on time are being placed in default when the co-signer of their loans dies or declares bankruptcy; Rohit Chopra, bureau’s student loan ombudsman, urges people to review their loan provisions. MORE

Editorial welcomes fact that Consumer Financial Protection Bureau is formulating rules to rein in the payday lending industry; calls for limitations on monthly loan payments to 5 percent of a borrower's pre-tax income and establishing of clear disclosure requirements. MORE

Consumer Financial Protection Bureau urges credit card companies to give customers free copies of their credit scores, addressing concern that control of scores by three major credit bureaus has made it difficult for consumers to fix errors and improve their finances; some issuers have begun providing scores free on their own accord, and others are in discussion to follow suit. MORE

Lisa Prevost Mortgages column notes the Consumer Financial Protection Bureau is actively soliciting comments from consumers and industry professionals about problems in the closing process; graph of mortgage rates in the New York region. MORE

Tara Siegel Bernard Your Money column lauds progress made by Consumer Financial Protection Bureau; says that several advocacy groups are watching agency closely, hoping to see significant process on overdraft fees, debt collection and mandatory-arbitration clauses in contracts. MORE

Editorial welcomes the Consumer Financial Protection Bureau's report on banks' use of the corporate practice of requiring customers to agree to forced arbitration; holds move is first step in deciding whether to ban the practice entirely; points out report shows that the practice results in a systematic denial of justice for bank customers. MORE

Ocwen Financial

said on Thursday that it had agreed to pay the $2.2 billion to settle accusations that it improperly handled the loans of homeowners after the financial crisis. MORE

Consumer Financial Protection Bureau sues online loan servicer CashCall, two related companies and owner, J Paul Reddam, saying they serviced and financed high-interest online loans that violated federal laws as well as state ones. MORE

Editorial warns long-awaited mortgage disclosure forms issued by the Consumer Financial Protection Bureau fall short of full transparency and leave room for abuse; holds bureau should issue new forms that prominently display a loan's annual percentage rate and all fees. MORE

Lisa Prevost Mortgages column examines new guidelines from the Consumer Financial Protection Bureau that are aimed at keeping lenders from foreclosing on homes after a borrower dies and next of kin wish to assume loan; graph of mortgage rates in New York region. MORE

Editorial expresses hope the Federal Consumer Financial Protection Bureau will soon issue regulations for payday lending industry; contends bureau's most important task is to ensure such loans are affordable; outlines other changes that would mean less profit for the lender but would protect low-income borrowers. MORE

Ann Carrns Your Money Adviser on Consumer Financial Protection Bureau's new efforts to update rules governing how debt collectors may communicate with borrowers; says complaints about debt collection outnumber those about credit cards and student loans. MORE

Editorial warns that patients around the nation are being victimized by high-interest medical credit cards issued by specialty finance companies and commercial banks that can lead to financial calamity; calls on federal Consumer Financial Protection Bureau to investigate problems connected to this form of medical credit and issue strong rules to protect consumers. MORE

Your Money Advisor column; difficulties in having payments properly applied to a student loan balance is a common complaint to the Consumer Financial Protection Bureau; tips on questions to consider when making extra payments to reduce loan balance. MORE

Federal regulators are preparing separate enforcement actions and fines against JPMorgan Chase stemming from the way it collected overdue bills from consumers during the recession. MORE

Editorial asserts Consumer Financial Protection Bureau, now that Richard Cordray has been confirmed as director, can move forward on its agenda to crack down on abusive credit card and banking tactics; offers suggestions for areas that agency should focus on, including payday loans, overdraft fees, mortgages and arbitration. MORE

Editorial welcomes Senate's overdue confirmation of Richard Cordray as director of Consumer Financial Protection Bureau, as well as agreement by Republicans to allow up-or-down votes on six other appointments as part of deal to end filibuster standoff; regrets, however, that Majority Leader Harry Reid and Democrats did not change procedural rules to require simple-majority vote for confirmation of executive appointments. MORE

Senate votes 66-34, with Republican support, to confirm Richard Cordray as head of the Consumer Financial Protection Bureau; confirmation removes uncertainty about legality of his appointment by Pres Obama. MORE

Instead of paper checks or direct deposit, employers are issuing A.T.M.-style cards that can have large fees associated with them. MORE

Most of the fees that banks earn from consumer checking accounts come from overdrafts and insufficient funds, a new report finds. MORE

The Consumer Financial Protection Bureau has recommended ways to sort out the various credentials used by financial advisers who claim to have expertise in helping older people. MORE

Mary Jo White has cleared an important hurdle on her path to becoming a top Wall Street regulator, as the Senate Banking Committee cast a 21-1 vote in her favor. MORE

Editorial criticizes Senate Republicans for using filibuster to block appointment of Richard Cordray as director of Consumer Protection Bureau; contends move will keep agency from carrying out its mission of regulating financial industry; calls on Senate Democrats to ban filibusters of presidential nominees. MORE

Lisa Prevost Mortgages column notes that ability-to-repay rule adopted by Consumer Financial Protection Bureau and scheduled to go into effect in January 2014 is intended to protect borrowers from becoming victims of risky mortgage lending. MORE

Paul Krugman Op-Ed column warns Senate Republicans are attempting to kill Consumer Financial Protection Bureau, stand-alone agency that is crucial for curbing financial fraud and abuse. MORE

Editorial criticizes federal appeals court for ruling that Pres Obama's recess appointments to National Labor Relations Board and Consumer Financial Protection Bureau are unconstitutional; argues decision breaks with 150 years of precedent and legitimizes disruptive legislative practices by Republicans. MORE

Editorial welcomes long-awaited rules issued by Consumer Financial Protection Bureau that should help prevent predatory mortgage lending; cautions, however, that more protections are needed for low-income borrowers. MORE

Consumer Financial Protection Bureau, in attempt to prevent future housing crises, is issuing new laws for lenders to take effect in January 2014; banks and other lenders will be prohibited from making home loans that offer deceptive teaser rates or require no documentation from borrowers, and will be required to take more steps to ensure that borrowers can repay. MORE

Elizabeth Warren, newly elected Democratic senator from Massachusetts, will become a member of the very club whose Republican members sought to block her from leading the Consumer Financial Protection Bureau, which she created in 2010; she has sent mixed signals on how she will approach her job and interact with Republican senators that spurned her. MORE

Editorial contends annual report issued by Consumer Financial Protection Bureau's student loan ombudsman underlines need for loan modification programs for distressed borrowers with private student loans; calls for standards that will help protect borrowers from slipshod loan servicing that increases likelihood they will fall behind in payments. MORE

Oct. 24, 2012

Debt collection agencies, whose sometimes aggressive tactics have earned them scrutiny from consumer protection groups and state regulators, will come under supervision of the Consumer Financial Protection Bureau beginning Jan 2, 2013. MORE

Editorial expresses disappointment with Consumer Financial Protection Bureau's proposal to regulate foreclosure process; contends proposal does not go far enough to give homeowners needed protections against mortgage abuses; asserts that bureau should work with consumer advocates to vastly improve mortgage servicing rules. MORE

Show More Loading

Source: topics.nytimes.com

Category: Payday loans

Similar articles: