car title loans are marketed as small emergency loans, but in reality these loans trap borrowers in a cycle of debt. A typical car title loan has a triple-digit annual interest rate, requires repayment within one month, and is made for much less than the value of the car. – See more at: http://www.responsiblelending.org/other-consumer-loans/car-title-loans/tools-resources/what-are-car-title-loans.html#sthash.iYj0Yw6y.dpuf car […]
Author Archives: Allison Zieve
Here are recent announcements relating to the work of the Department of Justice's Consumer Protection Branch: January 27, 2015 Peruvian Man Sentenced for Defrauding and Extorting Spanish-Speaking U.S. Residents through Fraudulent Call Centers January 21, 2015 United States Files Enforcement Action against Texas Debt Collection Company, Current President and Former Vice President to Stop Deceptive […]
Even when names and other personal information have been stripped from big data sets, as few as four pieces of random information may be enough to identify a specific person, according to a study to be published soon in the journal Science. The magazine explains: [The scientists] analyzed 3 months of credit card transactions, chronicling […]
The Consumer Financial Protection Bureau yesterday proposed changes to its mortgage rules "to facilitate responsible lending by small creditors, particularly in rural and underserved areas," according to the CFPB press release. If finalized, the rule will increase the number of financial institutions able to offer certain types of mortgages in rural and underserved areas. The […]
From Politico: The White House is preparing to send a sweeping online privacy proposal to Congress that would restrict how companies like Google and Facebook handle consumer data while greatly expanding the power of the Federal Trade Commission to police abuses — ideas that are likely to incite strong opposition in Congress. The forthcoming measure […]
News outlets have covered the prospect of legislation to weaken the Consumer Financial Protection Bureau and undo reforms of the Dodd-Frank Wall Street Reform and Consumer Protection Act. See, for example, here, here, and here. The new Congress, however, is also considering a variety of other bills that would impact consumer protection. The National Consumer […]
The Hill reports: College students would be protected from dubious credit card, debit card and checking account offers under new recommendations from the Obama administration’s top consumer watchdog. The Consumer Financial Protection Bureau (CFPB) is considering new guidelines to help colleges in selecting banks to partner with and offer financial services to their students. The […]
"There have been powerful reminders in recent days that the financial system needs more regulatory vigilance, not less. But they come just as Republicans are setting their agenda in Congress, complete with vows to weaken the Dodd-Frank reform law." So begins a New York Times editorial entitled "An Uncertain Future for Dodd Frank." As the […]
The Consumer Financial Protection Bureau this week finalized changes to the “Know Before You Owe” mortgage disclosure rules. The changes were proposed in October and address (1) when consumers will receive updated disclosures after locking in an interest rate and (2) how consumers receive information regarding certain construction loans. The final rule is posted here. […]
Reporter Linda Greenhouse had this op-ed in yesterday's New York Times about issues that have arisen and will remain if the Supreme Court strikes down state bans on gay marriage. She notes a "a pipeline’s worth of cases in which florists, bakers and owners of wedding venues are invoking claims of conscience to shield them […]