As Chairwoman of the powerful Financial Services Committee, she calls for the a moratorium on Equifax for wrongfully reporting consumer credit
At the federal level, lawmakers are expected to re-introduce a payday lending bill that would give both consumers and military veterans the same 36% rate protection as the Military Lending Act (MLA). Named the Veterans and Consumers Fair Credit Act, the measure is hoped to secure the same broad and bipartisan support that MLA received.
Now is a good time to establish a good credit history. These accounts can help get you started.
For most people who either work, receive retirement or other fixed benefits, it seems that your money always goes a lot quicker than it comes. While some economists marvel at Wall Street’s brisk trading and declare that the economy is better than ever, not everyone has been included. On Main Street America, millions of people know that the cost of living is rising faster and higher than their incomes.
The nationally televised October 25 funeral services for the late Congressman Elijah E. Cummings, paused partisan debates and revealed how a son of Baltimore worked tirelessly for his constituents and for this nation. In the days since his home-going, I have marveled at how his life’s work somehow brought together officials who held firm to their stark political divides but united to honor a man who believed that everyone deserved a fair chance at all America had to offer.
It has been nearly two years since Equifax announced that a historically massive data breach left the personal information over 147 million people (almost half of all Americans) vulnerable to theft. The consumer credit reporting giant agreed last month to a $700 million settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau, and 50 states and territories, $425 million of which has been set aside to compensate victims of the breach.
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.
Vet Organizations, State AGs, and Consumers Sound the Alarm
For years, and particularly in recent months, major news outlets have heralded the nation’s robust economic recovery. From rising corporate profits, to lower unemployment, or rising stock prices on Wall Street, many consumers might conclude that financial stability not only returned after the Great Recession but continues to climb.
DeVos coddles companies while abandoning student loan borrowers
An important consumer protection rule that was to take effect January 16 is now being “reconsidered” by the same agency that was to enforce it – the Consumer Financial Protection Bureau (CFPB). After years of fierce advocacy that drew bright lines between a predatory lending industry and a coalition of concern that looks like America, a rule was announced in 2017, designed to ensure that loans only went to consumers who could afford to repay them. The rule also curbed triple-digit interest rates on small dollar loans like payday. The new announcement came on the watch of Mick Mulvaney who
In an effort to rein in financial institutions that have track records for harming consumers, Rep. Maxine Waters (D-Calif.) recently unveiled The Megabank Accountability and Consequences Act (H.R. 3937).
A CFPB investigation of Navient, the nation’s largest student loan servicer of both private and federal student loans, found that borrowers were not accessing a federal student loan repayment option
Defrauded consumers do not deserved to be financially victimized a second time
In the coming months we must remain watchful for legislation and executive actions that would reverse the financial justice accomplished over the past five years