In April, payday lenders sued the Consumer Financial Protection Bureau over the payday lending regulation — a rule that provides borrowers with various protections to avoid the cycle of debt too-often associated with payday lending. Yesterday, in a joint filing, the CFPB and the payday lenders together asked the court to stay the litigation while […]
Category Archives: Uncategorized
"Salaried managers and assistant managers at the big-box home improvement retailer are being required to enter binding arbitration agreements under the threat of losing their valuable bonuses, according to a copy of the contract obtained by HuffPost.By signing the contract, managers agree they won’t take Lowe’s to court with any claims or join in class-action […]
AP reports that a federal court in California has ruled that the Education Department violated privacy laws with regard to students defrauded by the Corinthian for-profit college chain. "In a break with Obama administration policy, Education Secretary Betsy DeVos announced in December that some students cheated by the now-defunct schools would only get a part […]
Susan Grant at the Consumer Federation of America has written A Credit Reporting Agency You Probably Never Heard Of. Here's a key excerpt: If you have placed freezes on your credit files at Experian, Equifax and TransUnion, no one can fraudulently open a new account pretending to be you, right? Not exactly. Freezing your files at […]
This article from the American Banker discusses Acting Director Mulvaney's intention to re-examine how the Consumer Financial Protection Bureau enforces the Equal Credit Opportunity Act, which prohibits discrimination in lending. "Mulvaney's comments suggest the CFPB may make it harder for protected groups, including minorities and women, to claim they were adversely impacted by discriminatory practices. […]
That's the name of this article by Devin Leonard and Elizabeth Dexheimer. A key passage sets out what Mulvaney has done already and his vision for the agency: Six months into his tenure, Mulvaney is doing everything he can to transform the CFPB from a regulatory crown jewel of liberals into one that he says follows the […]
Ben White at Politico has written this piece on surging gas prices and whether the cost to consumers is gobbling up gains, if any, to the middle class from the tax cut. Here's an excerpt: President Donald Trump is hoping a wave of tax-cut-fueled economic euphoria will boost his approval ratings and his party’s political fortunes this fall. A […]
This NY Times article by Stacy Cowley and Emily Flitter explains that A federal regulator on Wednesday encouraged banks to offer small, short-term loans to people in need of emergency cash, the Trump administration’s latest relaxation of banking regulations and a rare moment of common ground with consumer groups that oppose payday lending. The Office of […]
A strong editorial from the New York Times today about the failure of the Department of Education to protect students from predatory colleges and the House of Representative's bill to make the situation worse, here.