Not Even a Slap on the Hand — with Mulvaney in Charge — #YOYO

“In Nevada alone, 1.3 million people were impacted by @Equifax’s egregious data breach. Today, Mick Mulvaney turned his back on 145 million Americans who had their data stolen, & chose to protect Equifax instead. @CFPB needs a leader who will protect consumers, not negligent financial firms.”  — Senator Catherine Cortez Masto According to Reuters, Mick Mulvaney, …

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GOP Against Consumers Faring Better Using Class Actions—Vote to Repeal Consumer Protection Rule

News from Economic Policy Institute (EPI) Many financial institutions use forced arbitration clauses in their contracts to block consumers with disputes from banding together in court, instead requiring each consumer to argue their case separately in private arbitration proceedings. Recently, members of Congress introduced legislation to repeal a new rule from the Consumer Financial Protection Bureau that …

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Dodd-Frank Rollback Bill Could Result in Financial Disaster … AGAIN!

Today, at the only scheduled committee hearing to review Chairman Hensarling’s Wrong Choice Act 2.0, a bill that would destroy the most important parts of the Dodd-Frank Wall Street Reform and Consumer Protection Act Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: There is only one …

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Trump Business Model in Effect at DofEd: Borrowers ‘Chilled to the Bone’ as DOE Reneges on Student Loan Forgiveness

Young people who took low-paying, public-sector jobs with promise of loan forgiveness now ‘hosed’ by Lauren McCauley, staff writer at CommonDreams In a troubling development for the countless people saddled with student debt, the U.S. Department of Education (DOE) may be reneging on a promise made to over 550,000 such borrowers who were led to believe that …

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‘Spectacular Betrayal’ as Trump Hands Economy ‘Back Over to Wall Street’

‘The Wall Street bankers against whom Trump ran are making policy now,’ says Public Citizen — by Deirdre Fulton, staff writer at Common Dreams President Donald Trump is handing the U.S. economy “back over to Wall Street” on Friday, with a regulatory rollback that critics say could put consumers and the financial system at risk. …

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CFPB Offers Info on Military Community Student Loans

From a January 30 Consumer Financial Protection Bureau release:  Here are some reminders of your rights, protections, and resources as a student loan borrower and member of the military community: The CFPB has created an action guide detailing options for service members to help tackle your student loan debt, ranging from details about different Income …

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Snapshot of Older Consumers and Student Loan Debt

The number of consumers age 60 and older with student loan debt has quadrupled over the last decade in the United States, and the average amount they owe has also dramatically increased.  This trend is not only the result of borrowers carrying student debt later into life, but also the growing number of older consumers …

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CFPB Actions Against Reverse Mortgage Lenders

— by Stacy Canam. Office for Older Americans, CFPB Last week the Consumer Financial Protection Bureau (CFPB) took action against three reverse mortgage companies for deceptive advertisements, including claiming that consumers could not lose their homes. The CFPB is ordering American Advisors Group, Reverse Mortgage Solutions, and Aegean Financial to cease deceptive advertising practices, implement …

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Cracking Down on Abusive Debt Collectors

The Consumer Financial Protection Bureau must stop this national crisis. — by LeeAnn Hall Have you ever picked up your phone to find an aggressive voice on the other end demanding payments on a debt you know nothing about? You’re far from alone. Once you’re in the sights of a debt collector, the impact on …

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Breaking Down The Budget Deal

— by CAP Action War Room The Omnibus Spending Bill And Tax Extenders Package Contain Significant Progressive Accomplishments After weeks of negotiations, congressional leaders and the White House have agreed to a spending deal to fund the government through 2016. The omnibus spending bill and the tax extenders package still need final approval from the …

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