Americans Support CFPB's Payday Lending Rules
A Consumer Financial Protection Bureau plan detailing ways to protect consumers from payday lending "debt traps" has earned widespread support from Americans, according to a survey by Pew Charitable Trusts.  more »
Mortgage servicer Residential Credit Solutions agreed Thursday to pay $1.5 million for blocking consumers’ attempts to keep their homes from foreclosure. more »
The House Financial Services Committee is meeting Tuesday to begin voting on several bills that are part of ABA’s Agenda for America’s Hometown Banks. more »
EXPECT DELAYS: "A shutdown could put several billion dollars of lending volume on hold throughout late August and September and have a deleterious effect on the economy," SBA Administrator Maria Contreras-Sweet wrote in a recent letter to Congress.
The Small Business Administration has worked hard to make its flagship 7(a) loan program more attractive, adding lenders, slashing fees and cutting red tape to speed the review process. Now, the agency is paying the price for its efforts. more »
Student Financial Aid Services Inc. is accused in a complaint filed Thursday by the Consumer Financial Protection Bureau of charging families for help in filling out the Free Application for Federal Student Aid. more »
Bloomberg News
"Dodd-Frank has crippled community banks and increased the cost of lending for too many Americans," said Sen. Marco Rubio, R-Fl. a GOP presidential candidate.
WASHINGTON — There were no birthday cakes or celebratory singing. Instead, the anniversary of the Dodd-Frank Act on Tuesday was commemorated with what the law does best: engender constant debate. more »
Two separate lawsuits accusing Wells Fargo & Co. of engaging in predatory lending and violating the federal Fair Housing Act have been dismissed. more »
A total of 597,589 U.S. properties with foreclosure filings in the first half of 2015, down 13% from the previous six months and down 3% from the same time period in 2014, according to RealtyTrac's Midyear U.S. Foreclosure Market Report. more »
ZestFinance in Los Angeles has introduced a loan product for subprime borrowers whose credit scores nearly qualify as prime. more »
American Bankers Association
Late payments on home equity credit lines hit their lowest level in more than six years, defying warnings about the looming aftershocks of loose bubble-era lending standards. more »
U.S. bankruptcy filings totaled 422,782 during the first six months of the year, a 12% drop from the 479,573 filings reported during the same period last year, according to the American Bankruptcy Institute, using data from by Epiq Systems Inc. more »
The Consumer Financial Protection Bureau released a report detailing shortcomings found in how student loan servicers treat military borrowers. more »
Regulators in New York plan to crack down on high-interest loans made to military service members by closing a critical loophole. more »

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