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The Real Battle Over Payday Lending Has Just Begun
The Consumer Financial Protection Bureau's plans for revamping payday lending set off a fierce debate Thursday over whether the agency had gone too far or not far enough, proving that this is likely to be one of the trickiest rulemakings the agency will ever attempt.
Virginia Attorney General Mark Herring endorsed the CFPB's payday lending plans while announcing his own pending crackdown on abusive lenders.
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Virginia Attorney General Mark Herring endorsed the CFPB's payday lending plans while announcing his own pending crackdown on abusive lenders.
The Consumer Financial Protection Bureau's plans for revamping payday lending set off a fierce debate Thursday over whether the agency had gone too far or not far enough, proving that this is likely to be one of the trickiest rulemakings the agency will ever attempt. more »
The first mortgage default rate dropped for the first time since July 2014 after months of steady increases, according to the February S&P/Experian Consumer Credit Default Indices report. more »
Nevada lawmakers reviewed a bill Monday to curb predatory short-term lending by better disclosing the rates and risks of payday loans. more »
A report from the Consumer Financial Protection Bureau has found deceptive student loan debt collection practices, unfair and deceptive overdraft practices, mortgage origination violations, fair lending violations and mishandled disputes by consumer reporting agencies. more »
The Federal Trade Commission has returned more than $2.4 million in refunds to some 100 consumers harmed by the Premier Precious Metals scheme, which bilked millions of dollars from investors, including many senior citizens. more »
Credit-reporting giants Equifax Information Services, Experian Information Solutions and TransUnion will change the way they handle errors and treat medical debt after reaching a settlement with New York Attorney General Eric Schneiderman. more »
WASHINGTON — Loan demand continues to increase across the country, even though some economic sectors are still struggling, according to a report released Wednesday by the Federal Reserve Board. more »
A TransUnion study revealed that approximately 26.5 million consumers, who previously could not be scored, can be effectively scored using a new risk model. more »
A contingent of former Corinthian Colleges Inc. students, backed by student advocates and more than a dozen Senate Democrats, has demanded that the U.S. Department of Education forgive thousands of federal student loans taken out by Corinthian students. more »
The Consumer Financial Protection Bureau will continue its work to ensure credit reports are fair and freely given to consumers, agency director Richard Cordray said Thursday. more »
More than 50 million consumers now have free and regular access to their credit scores through their monthly credit card statements or online, the Consumer Financial Protection Bureau reported Thursday. more »
SHUT OUT: "Lots of middle-American people, upstanding members of their communities, are struggling, and their FICO score has decreased and their ability to get access to mainstream credit has been challenged," says Core Innovation Capital's Arjan Schutte.
It's taken about three years of experimenting, but Thomas Bloetscher says Regions Bank has started to crack the code on lending to people with scant credit histories. more »

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