Guest blogger Charles Bruen, CEO of First Entertainment Credit Union, questions the choice of Elizabeth Warren to head up the formation of the Consumer Financial Protection Bureau.
The Community Financial Association of America has released a statement supporting the regulation of firms which would tap into social security recipients accounts to repay payday type loans.
A new report from the National Consumer Law Center suggests that the push to have more social security benefits deposited directly in recipients accounts has made those recipients vulnerable to payday lending.
The National Consumer Law Center and Consumers Union have urged the NCUA to crack down on what they charge are overly expensive credit union branded payday loan products.
The National Consumer Law Center has charged that certain credit union payday loan alternative products are little more than payday loans sold under a credit union label.
Does a payday loan alternative program have to be unprofitable to be good for members?
Some credit unions are still making small value, short term loans that they say are not payday loans, but really they still are, according to a report developed by the National Consumer Law Center.
Credit unions that help their members prepare and file their tax returns and then deposit their refunds in credit union accounts, are helping the members avoid losing millions of dollars in so called refund anticipation loans.