One of the lesser-known troubles of the modern economy is the prevalence of unbanked and underbanked individuals. Unbanked individuals lack access to bank accounts while underbanked individuals have bank accounts but rely on alternative non-bank financial services to meet at least some of their financial...
Consumer advocates are pushing federal banking regulators to do something about rent-a-banks with notoriously sky-high loan rates that prey on people with bad credit, the Wall Street Journal (WSJ) reported on Wednesday (March 11). A California statue caps interest to an annual rate of 37...
In a move that has surprised military families, the Consumer Financial Protection Bureau (CFPB) is planning to suspend routine examinations of lenders for violations of the Military Lending Act, which was designed to protect military service members and their families from financial fraud, predatory loans...
Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, has ousted the 25 members of the agency’s Consumer Advisory Board. According to CNN, the board was told on a conference call Wednesday (June 6) that it would not meet again until new members are appointed....
July 07, 2021
One of the lesser-known troubles of the modern economy is the prevalence of unbanked and underbanked individuals. Unbanked individuals lack access to bank accounts while underbanked individuals have bank accounts but rely on alternative non-bank financial services to meet at least some of their financial needs. There are currently 7 million households in the United […]
March 11, 2020
Consumer advocates are pushing federal banking regulators to do something about rent-a-banks with notoriously sky-high loan rates that prey on people with bad credit, the Wall Street Journal (WSJ) reported on Wednesday (March 11). A California statue caps interest to an annual rate of 37 percent a year but out-of-state banks have figured out how […]
August 13, 2018
In a move that has surprised military families, the Consumer Financial Protection Bureau (CFPB) is planning to suspend routine examinations of lenders for violations of the Military Lending Act, which...
June 07, 2018
Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, has ousted the 25 members of the agency’s Consumer Advisory Board. According to CNN, the board was told on a conference...
May 04, 2018
Virginia is suing one of the largest online lenders in the U.S. after reportedly charging Virginians millions in interest and fees. In a lawsuit, the state alleges that NetCredit lent more than $47...
