Minnesotas Supreme Court ruled Wednesday that out-of-state payday lenders will have to follow the states strict lender law for Internet loans, rejecting an argument that the law is unconstitutional. more »
Consumer borrowing rose in August at the slowest pace in six months, reflecting a cooling in lending for student loans and autos, but still reached a record $3.47 trillion, according to Federal Reserve figures. more »
The government appears to be speeding toward establishing uniform standards for student loan servicers in light of reports of pervasive problems in the administration of both private and federal loans. more »
Fifth Third Bank will pay $18 million to settle Consumer Financial Protection Bureau allegations it discriminated against black and Hispanic consumers by charging some people higher interest rates on auto loans. more »
"Taken together, these cases paint a broader picture about how the consumer bureau is working to clean up the market from both ends," said CFPB Director Richard Cordray.
The Consumer Financial Protection Bureau has struggled internally with how to end potential discrimination in auto lending, including debating whether it should cite a large lender in the hope of effectively ending the ability of partnering dealers to mark up loans with all lenders. more »
The Consumer Financial Protection Bureaus student loan ombudsman has shared concerns over predatory practices in student loan repayment programs, comparing them to those that led to the mortgage crisis several years ago. more »
The Consumer Financial Protection Bureau has appointed new consumer finance experts from outside the federal government to its Consumer Advisory Board, Community Bank Advisory Council and Credit Union Advisory Council. more »