Debt Collectors Fined and Ordered to Stop Operations (tags)
Consumer Bank and Credit Card Rule Under Threat (tags)
On Thursday, Members of Congress took aim at a new banking and lending rule from the Consumer Financial Protection Bureau.
The President as Businessman (tags)
Trump's gigantic tax cuts will only benefit the rich. Revenue losses of six trillion dollars are expected for the first decade after the Trumpian tax cuts start. Trump sells the illusion that the old order can be restored.
An Uncertain Future for the Consumer Financial Protection Bureau (tags)
The future of a federal consumer watchdog agency is uncertain amidst pledges to reduce the agency.
CFPB Fines Predatory Student Lending Practices; Religious Organizations Pray for Relief (tags)
Synagogues and churches held prayer services for students as the Consumer Financial Protection Bureau fined Discover Bank $18.5 million for illegal student lending practices. The bank must repay students $16 million, pay a $2.5 million civil penalty and reform its lending practices. The Bureau accused Discover of overstating the minimum amount due in billing statements, misrepresenting students' total interest payments and engaging in illegal debt collection practices. The penalty is the first of its kind by the Bureau against a student loan company. "This fine sends a strong message to companies that take advantage of students," said Eric LeCompte, executive director of the religious anti-poverty coalition Jubilee USA Network, which advocates for responsible student lending policies. "Predatory lending traps students in debt." This past weekend, 64 faith communities from 26 states prayed and acted for fair student lending policies as part of Jubilee USA's national interfaith "Jubilee for Students" prayer event. In 2012 and 2013, the event pushed congressional legislation to stop federal student loan interest rate increases.
Payday Loans: Modern Day Usury (tags)
usury
America's Student Loan Racket (tags)
student loans
Obama Year Two: Continued Betrayal and Failure (Part I) (tags)
federal betrayal
The New York Times: What Passes for Journalism in the Newspaper of Record (tags)
corporate journalism
Obama's New Consumer Watchdog (tags)
consumer interests won't be much helped