The New York Times reported last month that the Consumer Financial Protection Bureau introduced a proposal that would make it easier for credit card issuers to charge fees before borrowers’ accounts were officially open. A card with a $300 credit limit could be subject to a $95 processing fee, as well as a $75 annual… Read more…
As reported April 12 by the Los Altos Patch, the Los Altos city council voted unanimously to enact an “urgency” ordinance enacting a 45-day moratorium on payday lending and check cashing businesses opening up within the city. Despite not having any businesses of that type currently in the city and there being no requests for… Read more…
Celebrating a mile stone like graduating from college should be one of the most exciting and optimistic periods of one’s life. However, today as most college graduates receive their diploma, attached is a huge reminder about the cost of their four years of study. In 2007 The New York Times reported that the average debt… Read more…
Despite the 2007-08 bail out by taxpayers such as you and I, banks continue to charge consumers increased hidden fees. This forces hardworking middle-class Americans to make difficult choices.
The good news is that YOU can be part of the fix, but you have to pay attention, do your homework and be willing to move your account to a bank that is doing right by its customers.
Last week Richard Cordray–the newly appointed director of the Consumer Financial Protection Bureau (CFPB)–hosted a field hearing about bank overdraft protection. Overdraft protection programs enable banks to charge a fee for covering checks that would otherwise bounce and debit cards that would be declined due to insufficient funds. These products can be both useful… Read more…
Last week I had the privilege of representing your interests at a state senate hearing in Missouri, where legislation has been introduced that calls for a state-wide database of payday loan customers. This means that when you take out a short-term loan in Missouri, your name is entered into a state-wide database to ensure you cannot take out more than one loan at a time.
Will you continue to have access to short-term credit? The answer is up to you!
Last week, the Consumer Financial Protection Bureau (CFPB) held its first hearing on payday loans in Birmingham, Alabama as it begins to consider how best to regulate payday lenders. They continue to ask for stories so that they can make reasonable regulations. These regulations will determine whether or not you will still have access to a variety of credit options, like payday or installment loans.
As we adjust to life during an economic downturn, many of us are worried about how to afford the holidays this year…Often, too much emphasis is placed on buying and opening presents. Let’s shift the focus to what is being celebrated during this holiday season.
It has been a busy fall! I’ve participated in panels, testified in hearings and spoken at conferences. You have been there with me at all of these events. Your stories have inspired me to make a case for greater access to credit whenever and wherever I can.
By now you have probably heard that Bank of America is going to charge its debit card customers a $5 per month fee. Wells Fargo and Chase are looking at $3 per month fees. In fact, across-the-board, banks are looking at all kinds of fees to boost their bottom line. This is bad for consumers,… Read more…
