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| October 16, 2018

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Consumer Archives -

Richard Cordray was the nation’s consumer financial watchdog. Can that propel him to governor of Ohio?

October 12, 2018 |

You can call Ohio Democratic gubernatorial candidate Richard Cordray a nerd (he’s a five-time “Jeopardy!” champion who likes to tweet state trivia).

You can even call him boring (asked by the Columbus Dispatch to name his favorite beer, wine or liquor he answered, “grapefruit juice”).

Just don’t…

L.A. Times – Business

150% interest on a loan? Consumer advocates hope the threat of a ballot measure will get lenders to ease up

October 4, 2018 |

When LendMark started offering subprime loans to California residents a few years ago, it noticed something odd: a vast and growing number of big loans offered by rival firms at interest rates of 100% or higher, and relatively few smaller, cheaper loans.

To executives at the suburban Atlanta company,…

L.A. Times – Business

California regulator probes links between high-cost lenders and consumer finance sites

September 26, 2018 |

The state’s top financial regulator launched an investigation Wednesday of high-cost consumer lenders after the failure of several bills in the Legislature that would have tightened oversight of the industry.

The Department of Business Oversight sent letters to 20 high-interest lenders, asking…

L.A. Times – Business

Congress wants to hear from everyone but consumers in a hearing on consumer privacy

September 25, 2018 |

The Senate Committee on Commerce, Science and Transportation will hold a hearing Wednesday on “Examining Safeguards for Consumer Data Privacy,” intended as an opportunity for lawmakers to learn about “possible approaches to safeguarding privacy more effectively.”

That’s great except for two small…

L.A. Times – Business

Trump’s pick for consumer agency, backed by GOP, ‘has no qualifications for this job’

August 23, 2018 |

Now that White House aide Kathy Kraninger has received the blessing of the Senate Banking Committee’s Republican majority to become the nation’s top consumer financial watchdog, it’s worth highlighting who’s in her corner and who isn’t.

Kraninger is supported, of course, by President Trump, who…

L.A. Times – Business

Can consumer loans ever be so expensive they break the law? The California Supreme Court says yes

August 13, 2018 |

California’s high court has ruled that interest rates on consumer loans can be so high that they become “unconscionable” and, therefore, illegal — a decision that could upend the state’s subprime loan market.

In a unanimous opinion released Monday morning, California Supreme Court justices said…

L.A. Times – Business

Stocks slip as Netflix plunge hurts tech and consumer companies

July 17, 2018 |

U.S. stock indexes are slipping Tuesday as investors back away from some of market’s highest-flying companies. Netflix is plunging after the streaming video company gained fewer subscribers than Wall Street had hoped in its latest quarter and also projected weak results over the next three months….

L.A. Times – Business

Trump’s FTC consumer chief may be single most conflicted member of his administration

July 6, 2018 |

When a new consumer regulator gets appointed in Washington, Remington Gregg, as a lawyer with the advocacy group Public Citizen, routinely submits a request under the Freedom of Information Act for the appointee’s financial disclosure statement. This can help spot any potential conflicts of interest.

L.A. Times – Business

Critics say CFPB nominee Kathy Kraninger lacks the experience to be the nation’s top consumer financial watchdog

June 19, 2018 |

Nominees for top federal financial regulators usually have worked in high-level government or private-sector jobs, and President Trump had been following that traditional playbook. Until his latest pick.

His choice for comptroller of the currency was chief executive of Pasadena’s OneWest Bank;…

L.A. Times – Business

Trump’s consumer agency chief looks to shut down database of consumer complaints

June 11, 2018 |

The Trump administration may shut down a federal database of consumer complaints about the financial-services industry. Banks think that’s a swell idea.

The attorneys general of California and more than a dozen other states think it’s a foolish move.

Want to guess which way President Trump will…

L.A. Times – Business