Articles

New Report Shows Federal Home Loan Banks Received $7.3 Billion in Subsidies, but Offered Little Public Benefits in Return

Washington, DC – A new report by the Congressional Budget Office (CBO) has brought to light significant concerns regarding the balance between the public subsidies received by Federal Home Loan Banks (FHLBanks) and the public benefits they claim to offer.

Private Equity Wants Your Credit Card Debt. And Car Loan. And Mortgage.

Private fund managers such as Apollo, Ares, Blackstone and KKR have grown to dominate corporate finance over the past decade. Now they are targeting the biggest prize in the global economy: the U.S. consumer.

Breakdown in the “Fast Lane”: FTC challenges Womply’s promise to get small businesses PPP loans fast

Tick. Tick. Tick. For small business owners, gig workers, and freelancers fighting for survival during the pandemic, every day that passed without essential capital put their futures at risk. So when Womply – also known as Oto Analytics, Inc. – and CEO Toby Scammell claimed to offer a “PPP Fast Lane” to get them speedy access to funds through the Paycheck Protection Program, it sounded like time was finally on their side.

How Open Banking Can Help Crack the SMB Lending Puzzle

SMBs need fast, flexible and digital-first solutions that help rather than hinder growth. However, their needs have been traditionally underserved by banking incumbents who view them as too small to warrant the tailored services afforded to corporates, yet too diverse to be addressed in a scalable way like retail banking clients.

U.S. Foreclosure Activity Continues to See an Annual Increase

 IRVINE, Calif. — March 12, 2024 ATTOM, a leading curator of land, property, and real estate data, today released its February 2024 U.S. Foreclosure Market Report, which shows there were a total of 32,938 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – down 1 percent from last month but up 8 percent from a year ago.

Payday lending reform passes Michigan Senate

The Michigan Senate voted Thursday to cap annual interest rates on payday loans at 36%. That sends the legislation to the House. Current law allows for borrowers to take out payday loans, referred to in the legislation as “deferred presentment service transactions,” for amounts up to $600.

Time lapse? $33 million FTC damages settlement with Biz2Credit addresses deceptive claims to small businesses about average processing time for loans

For small businesses struggling to stay afloat during COVID, time was of the essence. When help materialized in the form of the emergency Paycheck Protection Program (PPP) administered by the Small Business Administration, businesses owners knew they had to move fast to apply for first-come-first-served funds necessary to keep their doors open and their people employed.

CFPB’s latest overreach threatens to nationalize consumer finance – Experts4money

The notion {that a} authorities company can extra successfully decide the monetary merchandise that greatest serve customers than the free market itself is radically misguided, writes  Patrick M. Brenner.

OR lawmakers pass bill that ‘changes landscape’ on debt collection

Consumer advocates in Oregon are praising recently passed legislation they say changes the landscape on debt collection. Senate Bill 1595, known as the Family Financial Protection Act, gained approval from lawmakers during this year’s short session.

DFI Issues Cease and Desist Order for Sigue Corporation to Halt All Money Transfers and Receipt of Funds in Washington State

OLYMPIA – The Washington State Department of Financial Institutions (DFI) issued a temporary cease and desist against Sigue Corporation (Sigue). As of Friday, March 15, 2024, Sigue is prohibited from collecting any new funds for transmission or currency exchange.