Tag Archives: Consumer Financial Protection Bureau

“Reverse redlining”

Posted on April 8, 2024 by Charles Kuffner

Very interesting. A novel legal argument is at the heart of a federal lawsuit against the sprawling Colony Ridge housing development in Liberty County that could prove a test case for similar claims around the country, experts say. The lawsuit … Continue reading →

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Now the state sues the Colony Ridge developers

Posted on March 17, 2024 by Charles Kuffner

Following in the footsteps of the feds. Texas Attorney General Ken Paxton sued the Houston-area developers of Colony Ridge on Thursday, accusing them of deceptive sales, marketing and lending practices that allowed their sprawling housing development to flourish. Residents of … Continue reading →

Posted in Legal matters | Tagged , , , , , , , , , , , | 1 Comment

A closer look at Colony Ridge

Posted on March 12, 2024 by Charles Kuffner

There have been problems for awhile. Not the kind of problems that got the wingnuts all frothed up, but problems nonetheless. When the fast-growing Colony Ridge development outside Houston became a fixation of right-wing media last year, Texas’ Republican leaders … Continue reading →

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DOJ sues Colony Ridge developers

Posted on December 21, 2023 by Charles Kuffner

Major plot twist. The federal government is suing Colony Ridge, accusing the Houston-area developer of using fraudulent lending practices targeting tens of thousands of Latino buyers with false statements and predatory loans in rural Liberty County. The U.S. Department of … Continue reading →

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Here come those CFPB payday lending regulations

Posted on February 10, 2015 by Charles Kuffner

An update from the AP. Troubled by consumer complaints and loopholes in state laws, federal regulators are putting together the first rules on payday loans aimed at helping cash-strapped borrowers avoid falling into a cycle of high-rate debt. The Consumer … Continue reading →

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How much do payday lenders suck?

Posted on December 24, 2014 by Charles Kuffner

This much. Pursuing, or even threatening, criminal charges against payday and title borrowers is strictly prohibited by Texas law, with very few exceptions. The Texas Constitution unequivocally states, “No person shall ever be imprisoned for debt.” But new research released … Continue reading →

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CFPB makes its presence felt in Texas

Posted on July 13, 2014 by Charles Kuffner

Good for them. Texas-based payday lender ACE Cash Express has agreed to pay $10 million to settle allegations by the federal Consumer Financial Protection Bureau that it used harassment and other illegal tactics to push borrowers into a cycle of … Continue reading →

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The CFPB is almost ready to roll out payday lending regulations

Posted on April 1, 2014 by Charles Kuffner

I can’t wait to see what they come up with. Whenever governments start thinking about cracking down on small-dollar, high-interest financial products like payday loans and check cashing services, a shrill cry goes up from the businesses that offer them: You’re … Continue reading →

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Another way to squeeze the payday lenders

Posted on February 25, 2014 by Charles Kuffner

I wholeheartedly approve of this. The Postal Service (USPS) could spare the most economically vulnerable Americans from dealing with predatory financial companies under a proposal endorsed over the weekend by Sen. Elizabeth Warren (D-MA). “USPS could partner with banks to … Continue reading →

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The fox has always guarded the henhouse

Posted on January 3, 2014 by Charles Kuffner

News item: Rick Perry appointee says something obnoxious and privileged about the people his company fleeces for his fortune. The official who oversees Texas’ consumer watchdog says payday-loan customers — not the lenders — are responsible when the loans trap … Continue reading →

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What we missed by not getting a payday lending bill

Posted on June 16, 2013 by Charles Kuffner

Better Texas Blog reminds us of what could have been SB 1247, the omnibus reform bill filed by Sen. John Carona … included the ability to repay standards, loan limits, and refinance limitations, among numerous other provisions. According to the … Continue reading →

Posted in That's our Lege | Tagged , , , , , , , , | 2 Comments

I’ll continue to demonize the payday lending industry, thanks

Posted on December 11, 2012 by Charles Kuffner

Lawrence Meyers, a shill for the payday lending industry, has a sad. [Loren] Steffy claims in his blog post (“Will lawmakers finally rein in paydayl lenders,” chron.com) that PDLs are “inherently predatory,” yet a loan cannot be predatory if choices … Continue reading →

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The CFPB and payday lending

Posted on January 28, 2012 by Charles Kuffner

This ought to be good. Picking his first public fight with the banking industry, Washington’s top consumer cop, Richard Cordray, promised on Thursday that his examiners will scrutinize a handful of big banks that make high-cost loans. Inspection of major … Continue reading →

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Payday lenders face new regulation

Posted on January 11, 2012 by Charles Kuffner

New regulations aimed at curbing the excesses of payday lenders are now in effect, but they will not be the last word on the subject. Proponents of the new regulations passed by lawmakers during the 2011 session say they’re needed … Continue reading →

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In which I try to find common ground with Sen. Patrick

Posted on July 23, 2011 by Charles Kuffner

From a news item about President Obama’s nomination to helm the Consumer Financial Protection Bureau: Congress created the bureau a year ago this week with the enactment of the Dodd-Frank law, which overhauled financial regulations after the credit crisis. The … Continue reading →

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