Millions of workers who are saving for retirement and rely on advice from professionals on how to invest their savings will be better protected under a new rule finalized Monday by the U.S. Department of Labor. The Retirement Security Rule, also called the Fiduciary Rule, updates the definition of an investment advice provider.
Everything that is wrong with a high-cost loan is only worse when the loan is larger and the terms are longer. New 36 percent interest rate caps in states that previously had no limits are an important step in the right direction, according to a new report from the National Consumer Law Center, an organization that works on behalf of low-income consumers.
It’s tough these days making money stretch in shifting economic times. Get help with smart money moves by taking a look at complaints filed with the CFPB for 2023. Last year, the CFPB sent more than 1.3 million complaints to over 3,400 companies for review and response, according to the agency’s “Consumer Response Annual Report.”
Compare interest rates and terms when you’re going to sign up for a new credit card. There’s no need to pay 28 to 30 percent interest or an annual fee of $150. Large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk, according to a report by the Consumer Financial Protection Bureau.
Citibank was charged Tuesday for failing to protect customers from fraud and for refusing to reimburse them. A lawsuit by the New York Attorney General’s Office alleges that Citi doesn’t have online protections to stop account takeovers, misleads customers about their rights after their funds are stolen, and illegally denies reimbursement to victims of fraud.
The Consumer Financial Protection Bureau on Wednesday proposed a rule to rein in excessive overdraft fees charged by the nation’s biggest financial institutions. It would close an outdated loophole that exempts overdraft lending services from provisions of the 1968 Truth in Lending Act. About 23 million households pay overdraft fees each year.
Do you have accumulated debt, maybe from student loans, credit cards, car loans, or overspending? Are you savings money for the future? Although a lot of people struggle with saving, it’s possible to gradually building small savings into large sums. Here are some ways to help you begin to save or build up your savings, offered by the FDIC.
After a pause for more than three years due to the covid-19 emergency, student loan borrowers are resuming payments. However, they’re things aren’t going smoothly. They’re experiencing long hold times, significant delays in application processing times for income-driven repayment plans, and inaccurate billing statements and disclosures,
It’s that time of year again. It’s unbelievable that 2023 has rolled by so fast. That means that the 2024 election is getting even closer and closer, an election with so many consequences for consumers and their financial lives. As usual, I’m one of the few reporters writing about the top consumer and personal finance stories of the year, research that I enjoy.
