Pallavi Gogoi at Daily Finance, who watched payday lender regulations die in the Senate, asked payday lenders how they liked the rules under which they are forced to operate for military personnel. Under those rules, members of the military cannot be charged more than 36 percent interest on any loan. More…
One of the ongoing criticisms of the Federal Reserve is that, despite its expertise and mandate, it presided over the failing institutions and didn’t understand enough about the complex transactions that triggered this financial crisis — not to mention that it hardly has the best interests of the consumers of More…
The Project on Government Oversight today sent a stark warning to Congress: Don’t let the commercials paid for by the Financial Industry Regulatory Authority (FINRA) fool you, because they’re the last people to whom you want to give expanded regulatory authority. According to POGO, FINRA’s incompetence or deliberate More…
Recent media reports that Citigroup had discovered a potential way around regulations forbidding it from abusive rate hikes sparked more than a public outcry; it convinced Citi’s competitors to follow suit. Since the regulations are set to take effect Monday, card companies are scrambling to inform customers about More…
The House Financial Services Committee this morning passed legislation to create a new agency designed to protect consumers from tricks and traps in the banking and mortgage industries. Supporters say the agency is vital to prevent a finance collapse like the one that devastated the global More…
By 35 percent in just two years, according to a report released today by the Center for Responsible Lending, a consumer advocacy group. Those overdraft fees — applied when consumers exceed account balances when making debit card purchases — generated $23.7 billion in 2008, up from More…
Here’s a good game for a rainy Sunday.
Several credit card companies have launched a new Website designed to help struggling card users manage their debts amid the economic downturn. The site includes tips to avoid penalties and links to access counseling services. But the fan favorite has to More…
Newly-minted Sen. Mark Udall (D-Col.), has scheduled a press call this afternoon to announce his plans to introduce legislation to end the abusive practices of credit card issuers. This isn’t enormous news — as a member of the House, Udall had strongly supported the lower chamber’s version of the More…
Just off the phone with Travis Plunkett, the legislative director of the Consumer Federation of America, who points out an important advantage that the recent elections have lent to supporters of credit card reform legislation: The larger Democratic majority in the Senate next year means that the More…
Imagine applying for a mortgage in a few years and finding out it works like this: You are offered a standard 30-year fixed-rate loan. The only route to a different mortgage — a riskier one, say, with an adjustable interest rate — is to opt out.
You’d have to say More…
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