Tag Archives: Consumer Financial Protection Bureau


Posted 10 months ago in Your Money & The Law by Janet Raasch  
Payday Loans Prey on the Vulnerable

Financially-strapped individuals turn to payday loans when they need cash between paychecks and have exhausted every other option. These borrowers are rarely eligible for other kinds of credit, and don’t want to borrow from family and friends. Each year, about 12 million borrowers take out payday loans. The U.S. Consumer Financial Protection Bureau calls payday loans “debt traps.” Research shows that they often push low-income borrowers off the financial cliff, into bankruptcy or default. Only about 14 percent of borrowers …

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Posted 11 months ago in Government Your Money & The Law by Michele Bowman  
Payroll Debit Cards Can Be Illegal

The federal government is warning employers that force workers to accept pre-paid payroll debit cards that the practice violates the law.   Popular with Employers The Consumer Financial Protection Bureau (CFPB) published a bulletin in September reminding employers that they can’t force employees to accept payment only by payroll cards. Payroll cards are pre-paid debit cards that more employers are starting to use in place of paper checks or automatic deposit. They are touted as a good thing for employees …

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Posted 1 year ago in Foreclosure Real Estate by Janet Raasch  
New Rules Will Make Mortgages Safer

The residential foreclosure crisis has claimed nearly 4 million U.S. homes since 2008. At the start of 2013, it looks like the worst is over. The number of homes in the foreclosure process has reached its lowest level since the crisis began.   Dodd-Frank Overhauls Mortgage Laws During the housing bubble, many mortgage lenders operated with extremely lax underwriting standards. Often, banks failed to check documentation, to require minimum credit scores and to determine whether borrowers had enough income to …

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Posted 2 years ago in Foreclosure Real Estate by Michele Bowman  
New Rules Offer Homeowners Protection from Foreclosure

As anyone who’s ever dealt with a mortgage – not to mention a foreclosure – knows, getting a straight story from mortgage servicers, the companies that handle loan modifications and foreclosures, can be next to impossible. The Consumer Financial Protection Bureau (CFPB) is trying to help: On Jan. 17, the federal agency released final rules that aim to better protect consumers from detrimental actions by such companies and require them to give homeowners facing foreclosure more and better information.   …

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