New Mexico’s governor has signed a bill reforming predatory lending practices by lowering the cap on small loan interest rates from 175% to 36%. The governor’s press release is here.
Author Archives: Allison Zieve
The Consumer Financial Protection Bureau today announced reforms in the process for submitting citizen petitions, through which members of the public can request that the agency initiate a new rulemaking, amend an existing rule, or repeal a rule. The CFPB will post petitions on public dockets for review and comment. The CFPB's announcement is here. […]
The Center for Progressive Reform has issued a report titled "Private Courts, Biased Outcomes: The Adverse Impact of Forced Arbitration on People of Color, Women, Low-Income Americans, and Nursing Home Residents." Read the summary and access the report here.
District of Columbia Attorney General Karl Racine today announced that Elevate Credit, Inc., predatory online lender, will pay at least $3.3 million to refund over 2,500 District consumers who were misleadingly marketed high-cost loans and lines of credit, waive over $300,000 in interest owed by those consumers, and pay $450,000 to the District. The company […]
NPR’s Morning Edition has the story, listen here.
The Federal Trade Commission has this page linking to information, blog posts, and other resources about coronavirus scams and how to avoid them, including scams concerning treatments, vaccines, and testing.
ABC reports that "Over 70,000 student borrowers have qualified for debt forgiveness since the Education Department overhauled the program last fall. But another deadline is looming." While CNBC reports that "Majority of borrowers say taking on federal student loan debt is not worth it." Also from a CNBC survey, "Most Americans want Biden to prioritize […]
The Guardian reports that "Industry says no-interest BNPL loans are more equitable than credit cards but consumers say they can be a spending trap." The article is here.
Experian is introducing a program that will allow consumers to create their own credit reports from scratch, the Wall Street Journal reports (subscription required). Fast Company explains: “The program, called Go, will involve customers linking ‘recurring nondebt bills’ (think cell phone payments, utility bills, or even bank accounts just generally) to provide the foundation on […]
The Consumer Financial Protection Bureau today issued a request for information as it considers reducing “exploitative junk fees charged by banks and financial companies.” As examples of the fees it is examining, the agency lists “back-end fees might obscure the true cost of a product and undermine a competitive market,” such as “resort” or “service” […]