A new and independent research report entitled, Driving Into Debt, found that the money now owed on cars is up 75 percent since the end of 2009, an all-time record. (Photo: iStockphoto / NNPA)
Business

Auto loan delinquencies climbed to $9 billion in 2018

NNPA NEWSWIRE — … in April of last year, Congress used the Congressional Review Act to nullify the Consumer Financial Protection Bureau’s (CFPB) auto finance guidance that held auto lenders responsible for discriminatory lending practices prohibited under the Equal Credit Protection Act. This distorted use of the Congressional Review Act, sometimes known as another CRA, was never intended to overturn long-standing agency practices. […read more]

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Kathy Kraninger, the Director of the Consumer Financial Protection Bureau (CFPB) announced the agency’s plan to repeal a rule aimed at stopping the payday lending debt trap. (Photo: iStockphoto / NNPA)
Business

CFPB Makes Move to Support Payday Lenders During Black History Month

NNPA NEWSWIRE — When given the chance at the ballot box, Americans overwhelmingly vote to impose a 36 percent or less rate cap. Today, 16 states and the District of Columbia have these rate caps in place, providing strong protection from payday loan sharks. In remaining states – those without a rate cap – interest rates run as high as 460 percent in California, over 400 percent in Illinois and 662 percent in Texas. […read more]

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and Congressman Al Green (D-TX), Chairman of the Subcommittee on Oversight and Investigations, wrote to Consumer Financial Protection Bureau Director Kathy Kraninger (Photo: Wikimedia Commons)
Business

Representatives Waters and Green Request Documents from Consumer Bureau on Recent Settlements

NNPA NEWSWIRE — “The Consumer Financial Protection Bureau (“Consumer Bureau”) has recently announced several settlements against entities for engaging in unlawful practices without requiring the payment of redress to consumers harmed by the illegal conduct,” the lawmakers wrote. “This stands in stark contrast to the Consumer Bureau’s practice under the leadership of former Director Cordray. During Director Cordray’s tenure, the Consumer Bureau recovered nearly $12 billion in relief for harmed consumers over its first six years.[1] American consumers deserve a Consumer Bureau that will fight to recover their hard-earned money when they are cheated.” […read more]