Posted on October 5, 2016

The rule means that people using prepaid debit cards actually have accounts with more protections than do those who use a traditional checking account. But it would have been better if the CFPB had stepped up to stop overdraft. But even so, they did call for a better version of overdraft: it overdraft as credit. Also, the rule calls for a 30-day waiting period after account opening before an issuer or program manager can solicit the customer to sign up for overdraft.

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Posted on June 30, 2016

The details from the settlement made by BancorpSouth with the DOJ and the CFPB are shocking. The complaint outlines how a bank developed an explicit policy of not making loans in minority neighborhoods. The DOJ and the CFPB rightfully called out BancorpSouth for violations of the Equal Credit Opportunity Act and the Fair Housing Act. But why was BancorpSouth able to have these policies in place and then receive a "Satisfactory" on its CRA exam?

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Posted on June 8, 2016

These are a selection of photos that I made last week, during the June 2nd payday loan event held by the CFPB in Kansas City.

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Posted on May 23, 2016

Harvest may have the new Directors at Green Dot that it wanted, but it won't be able to push overdraft against the wishes of the CFPB and Walmart.

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Posted on May 2, 2016

The banks don't seem to have much of an appetite to serve the retail banking needs of consumers in rural America.

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Posted on April 20, 2016

There is plenty in the CFPB's new report on payday lending that re-iterates why it is important to have a strong payday rule. But perhaps the most interesting part is how it reveals the ways that banks are complicit in trapping consumers in the cycle of debt.

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Posted on April 4, 2016

Americans are spending a lot on overdraft fees.

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Connecting the Dots: How Wall Street Brings Fringe Lending to Main Street

"I Feel Like I was Set Up to Fail: Inside a For-Profit College Nightmare."

This story was published in Salon Magazine on January 27th, 2014. In March, Senator Richard Durbin cited this story when speaking on behalf of his bill, The Student Loan Borrowers Bill of Rights.

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