Posts tagged as:

banking

Fed may win sweeping financial oversight

February 8, 2009

Fed may win sweeping financial oversight | MSNBC

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Banks Using $700 Billion Bailout To Buy Other Banks, Not Make More Loans

October 26, 2008

Banks Using $700 Billion Bailout To Buy Other Banks, Not Make More Loans | Consumerist

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Wells Fargo delays overdraft notification emails to maximize overdraft fees

October 3, 2008

For customers who use Wells Fargo’s online account tools, the bank offers email notification when you overdraw your account. Don’t count on it, though. Wells Fargo waits about 48 hours before sending the email, so you will probably rack up extra fees in the meantime.

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September 25, 2008

A companion piece to the post by Sarah Byrnes from earlier this week.  Ex-bankers on pushing customers to rack up debt | cnn.com

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Enacted Payday Lending Legislation – 2008 Session

September 18, 2008

Enacted Payday Lending Legislation – 2008 Session | Nat’l Conference of State Legislatures (via Payday Lending Association)

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Banks in Denial

September 18, 2008

Banks in Denial | Consumer Law & Policy

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Wall Street’s losses

September 18, 2008

Screencap of the New York Times’s excellent infographic. The real thing includes a ton of information when you mouse over the squares.

A Year of Heavy Losses | New York Times (via BoingBoing)

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Two banks fail, 90 on FDIC problem list

July 28, 2008

If anyone were still in doubt as to whether or not the United States economy is in recession, the FDIC’s problem list now includes 90 banks at risk of failure. This is not a large number, since there are about 8,500 banks in the country, but it is up from 76 last year.
Historically, only about [...]

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Most Bank Websites Are Insecure

July 24, 2008

Most Bank Websites Are Insecure | /.

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Mortgage servicers make their money by screwing consumers and lenders

May 19, 2008

I was amused to read Mark Ireland’s post saying he came under fire by members of a panel on foreclosures at the recent Equal Justice Conference in Minneapolis for suggesting that mortgage loan servicers are not acting in the best interest of either consumers or lenders. I thought that was common knowledge.
Servicers make money from [...]

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Moody’s triple-A security ratings led to the subprime meltdown

April 28, 2008

NYT on how Moody’s triple-A security ratings led to the subprime meltdown. | crosspost: Consumerist

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Preying on the elderly, payday lenders’ newest victims

February 12, 2008

How much worse can things get?
According to a new article in the WSJ, those wonderful community financial services people, more commonly know as Payday lenders are increasingly targeting recipients of Social Security and other government benefits, including disability and veteran’s benefits.

But it isn’t just the Payday lenders who are involved in this abuse of our [...]

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Payday loans the not so cheap alternative

February 8, 2008

Apparently, all those happy payday loan customers who quickly repaid their loans, avoided disaster and extra costs doesn’t included a lot of people in Utah.
In a really great article full of all kinds of interesting facts by the Desert Morning News, their research found that payday lenders have sued nearly 27,000 Utahns for nonpayment since [...]

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Alternatives to payday loans: small dollar loans

February 7, 2008

In what is hopefully the start of something, the Federal Deposit Insurance Corporation (FDIC) announced the selection of 30 banks to participate in a two-year pilot project to help identify best practices in affordable small-dollar loan programs that can be replicated by financial institutions.
“Our goal is to identify small-dollar loan programs that are profitable for [...]

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Payday loans: countering the spin

February 5, 2008

Elizabeth Warren at Credit Slips (a great blog I just now learned of on credit and bankruptcy by six academics) has a great post touching on some of the payday loan research including the the Center for Responsible Lending (PDF link), the Center for Community Capital (PDF link) and the the bad numbers in the [...]

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Payday loans only delay trouble

February 5, 2008

In all the back and forth on payday loans in the press and blogosphere, a study titled NC Consumers after Payday Lending by the Center for Community Capital at Univ. of North Carolina does seem to be getting as much play as it should. Though the Community Financial Services Association of America (CFSA), the trade [...]

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36% interest rate cap

January 26, 2008

Over at Consumer Rights Watch, Mark Ireland has stated two truths about Payday lending:
1. Payday lending is a business that simply keeps people in debt, rather than provide them with an emergency safety net, and
2. Only enforcement of a comprehensive interest rate cap at or around 36 percent for small loans will solve the debt [...]

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Helping the unbanked

January 24, 2008

Bill Clinton and Arnold Schwarzenegger are heading up a great initiative to get people to open bank accounts rather than use check cashing centers etc. that charge what is often a hefty a fee to cash their paycheck. In a commentary in the WSJ, they point out that: the number of check cashers, payday lenders [...]

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Payday loan to pay your mortgage?

December 18, 2007

The headline says it all “ A low, low interest rate of 396 percent” According to this article at CNN a large number of people in foreclosure counseling in Ohio, land of many a payday lender) also have payday loans. If that isn’t a recipe for disaster, what is?
Of note also is that a Republican [...]

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Profits of a payday lender

November 29, 2007

I was cruising the web and found this site on payday lending. It has all kinds of stuff about how to run a store. One of the links in the “learning center” is on the profitability of payday and check advance lending. Based on their projections Payday lending is a hell of a business.
If you [...]

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