Government News

CFPB changes rules regarding payday loans

Payday Loans Face Tough Rule Changes from CFPB

The Consumer Financial Protection Bureau has proposed new rules aimed at putting more responsibility on payday loan lenders and their crippling triple-digit interest rates. The CFPB proposals would require lenders to determine before making a loan whether the borrower can afford to pay it back. The CFPB proposals also call for measures that cap the […]

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Auto Sales Slow Because of New Legislation

New Legislation May Slow Record-Breaking Car Sales

Analysts predict record-setting sales for the automobile industry over the next year, though feuding between government leaders over whether discrimination exists in car financing could slow things down. WardsAuto Dealer Magazine says that new car sales will reach a record-high 17.8 million in 2016. The previous record was 17.4 million cars sold in 2000. Car […]

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Borrowers Get Another Way To Repay Student Loan Debt

The U.S. Department of Education (DOE) announced it was imposing regulations to prevent colleges from steering students to specific debit and prepaid cards for use with federal grant and loan money. The DOE also said that it was dramatically improving payback opportunities for the 43.4 million Americans who have student loan debt. The DOE will […]

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Debt is Due Now On Paper

CFPB Orders Debt Collection Agencies To Refund Millions

The 77 million Americans pursued and often harassed by debt collection agencies won a moment of relief when the Consumer Financial Protection Bureau (CFPB) ordered the nation’s two largest debt buying companies to stop collecting on $128 million in debt and refund consumers $61 million. The CFPB hit Encore Capital Group with a $10 million […]

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scam

Alleged Student Loan Debt Scams Face Lawsuits

Another round of alarms sounded in the trillion-dollar student loan crisis when the Illinois Attorney General accused two student loan debt settlement firms of scamming borrowers. Illinois Attorney General Lisa Madigan sued First American Tax Defense and Broadsword Student Advantage, two debt settlement companies that allegedly charged exorbitant upfront fees and promised bogus services to […]

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CashCall mortgage information

CFPB Files Lawsuit Against CashCall for Illegal Online Loan Servicing

The Consumer Financial Protection Bureau (CFPB) sounded the alarm about online loan services, filing a lawsuit against CashCall Inc., for collecting exorbitant amounts of money the bureau says consumers didn’t owe. It is the first time the CFPB has sued an online loan service. The CFPB alleges that CashCall Inc., tried to collect on loans […]

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Speaker of the House John Boehner speaks before the budget deal

U.S. House Passes Budget Deal; Senate Likely to Follow Suit

Democrats finally scored a victory in the U.S. House of Representatives on Thursday, joining Republicans to pass the Bipartisan Budget Act by a stunning margin of 332-94. The unanticipated truce in the neverending battle among House members pushes the bill to the Senate floor, where passage is likely and would avoid another tedious holiday budget […]

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President Barack Obama speaking

Federal Government Reopens, Cloud of Uncertainty Passes for Now

The cloud of financial ruin threatening the U.S. and world economy floated away Wednesday, but it will be back. President Barack Obama and Congress made sure of that when they approved a measure to raise the debt limit and reopen the federal government, but put a time limit on both. The debt ceiling, which allows […]

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U.S. Capitol with a chain link in front of it

Consumer Financial Services Affected by Government Shutdown

The continued U.S. government shutdown, now entering its fourth day, means that myriad services for consumers remain at a standstill. The Small Business Administration (SBA), the Federal Trade Commission (FTC), and the Department of Education are among the agencies closed or partially shut down because of the congressional gridlock. These agencies are instrumental to students […]

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sequester takes effect

Sequestration Cuts Likely Will Increase Airport Wait Times and Delay Tax Returns

If you are like every elected politician in Washington and have successfully ignored sequestration for the last 19 months, button up. The effects of the federal government’s disastrous financial policy are beginning to kick in. Worse yet, another round of horrendous financial news is waiting on March 27, when the “Continuing Resolution” that currently funds […]

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