Consumer Financial Protection Bureau
Efforts are under way to crack down on the types of loans that offer quick cash, but exorbitant interest rates. Sen. Al Franken, D-Minnesota, spoke out against “payday” loans and other high interest loans Saturday.
A number of community leaders came together Tuesday to speak out against what they call predatory loans that target the poor. The group held a protest outside a Payday America in Minneapolis, where they accused payday lenders of charging unreasonably-high interest rates and fees for emergency loans.
U.S. Bank is refunding about $48 million in the latest federal settlement by a major bank over improper billing for extra credit card products that customers didn’t receive.
Seniors across the country are being scammed out of $2.5 billion a year, but Minnesota is leading the way in the fight against this troubling epidemic. Minnesota is the first in the country to provide guidance to banks and credit unions with spotting and reporting fraud without penalties.
Tonight, when Vice President Biden and President Obama address the country the question before them is an obvious one: are we better off than we were four years ago? The answer is equally obvious: YES!
Paying for a college education has never been harder and the debt load never higher.