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Would you use the USPS Bank for check cashing and banking services? I think it's something that could save many people who are struggling from paying super high fees for basic check cashing to payday lenders and other predatory services. That is if they can actually open more than one window at a time. http://www.businessweek.com/articles/2014-02-03/would-u-dot-s-dot-post-office-make-a-better-banker-for-the-poor http://www.care2.com/causes/why-turning-post-offices-into-banks-would-be-win-win.html
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http://www.consumerfinance.gov/blog/what-military-families-should-know-about-payday-loans/ Starting today, you can submit payday complaints to us. So this seems a good time to remind you that if you are a servicemember on active duty you, your spouse, and certain dependents have the protection of a special law called the Military Lending Act (MLA). The MLA says that you can’t be charged an annual percentage rate higher than 36 percent on certain types of consumer loans, and that includes certain payday loans as well as auto title loans and tax-refund anticipation loans
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http://www.consumerfinance.gov/newsroom/consumer-financial-protection-bureau-takes-action-against-payday-lender-for-robo-signing/ http://www.consumerfinance.gov/blog/our-first-enforcement-action-against-a-payday-lender/ ( Cash America destroyed records in advance of a CFPB audit.... Fools. ) Impeded the CFPB exam: During a routine examination of Cash America that began in July 2012, the company, among other things, carelessly destroyed records relevant to the Bureau’s onsite compliance examination. Specifically, Cash America’s online lending subsidiary, Enova Financial: Instructed employees to limit the information they provided to the CFPB about their sales and marketing pitches; Deleted recorded phone calls with consumers; Continued to shred documents after the CFPB told them to halt such activities; and Withheld a report related to robo-signing practices. Enforcement Action Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB has the authority to take action against institutions for violations of federal consumer financial protection laws. To ensure that all impacted consumers are repaid and that consumers are no longer subject to these illegal practices, Cash America has committed to: · Refund consumers: Cash America has already voluntarily paid back roughly $6 million to military borrowers and victims of the robo-signing practices. Through today’s CFPB order, they have committed to offer an additional $8 million to consumers, for a total refund of up to $14 million. Consumers who were subject to debt collection lawsuits in the state of Ohio from 2008 through January 2013 are eligible. More information is available at: www.consumerfinance.gov/blog/our-first-enforcement-action-against-a-payday-lender · Dismiss pending collections lawsuits: Within months of the CFPB discovering the robo-signing, Cash America dismissed pending collections lawsuits, terminated all post-judgment collections activities, cancelled all judgments obtained, and corrected information it furnished to credit bureaus for the nearly 14,000 wrongful cases filed in Ohio. · Pay a $5 million fine: Cash America will pay a $5 million civil money penalty in connection with these serious violations. Cash America’s preemptive refunds to consumers and other actions after the Bureau discovered the conduct were considered when determining the civil money penalty amount. · Improve internal compliance systems: Cash America will develop and implement a comprehensive plan to improve its compliance with consumer financial protection laws, including the Military Lending Act. Who is eligible for a refund? You may be eligible for a full refund if you paid money because of a collections lawsuit from January 1, 2008 through October 1, 2012 to any of the following companies: Ohio Neighborhood Finance, Inc., d/b/a Cashland Cash America Pawn, Inc. of Ohio Cashland Financial Services, Inc. Cash America Net of Ohio, LLC Ohio Neighborhood Credit Solutions, Inc. CNU of Ohio, LLC.
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http://www.consumerfinance.gov/blog/you-can-submit-a-payday-loan-complaint/ Starting today(11/6) you can submit a complaint if you have a problem with your payday loan. You can submit a complaint about: Unexpected fees or interest Unauthorized or incorrect charges to your bank account Payments not being credited to your loan Problems contacting the lender Receiving a loan you did not apply for Not receiving money after you applied for a loan You can also get clear, unbiased answers to questions about payday loans on Ask CFPB or by calling (855) 411-2372.
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