One of the worst ironies of the nagging economic recession is that consumers with the fewest financial resources have lost the most. Now, a new report finds that payday loans not only strip much-needed income from low-income families, but harms the economic viability of the communities where they operate, draining nearly $1 billion a year. […]
Author Archives: CharleneCrowell
NNPAColumnist
Posted inCommentary
Consumer Bureau is Having an Impact
On Sept. 12, Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), delivered an encouraging report to Congress. From data and information shared, the Bureau’s mission to make consumer financial markets work for American consumers, honest businesses and the economy as a whole is making significant inroads. Since the enactment of financial reform, more […]
Posted inAfro Briefs
The Hidden Costs of Prepaid Credit Cards
Amid the still-unfolding effects of the deepest recession since the 1930s, one area of financial services is in a skyrocketing growth mode: prepaid credit cards. Initially appealing to consumers who lacked bank accounts to conduct personal financial transactions, this form of plastic is now commonplace. In fact, some governmental benefits are issued on prepaid cards. […]
Posted inBUSINESS
New CRL Consumer Survey: High Pressure Tactics, Confusion Lead to Customers Choosing Overdraft
In August 2010, the Federal Reserve Board directed banks to seek customer approval before enrolling them in high-cost overdraft coverage. Now nearly a year later, a new survey by the Center for Responsible Lending finds there are still lingering consumer misperceptions as to what consumers believe they were actually signing up for. Among consumers who […]
Posted inNational News
When Will the Financial Tide Turn Towards Average Consumers?
For more than 60 years, Thomsen Reuters and the University of Michigan have tracked consumer trends and opinions. In their most recent survey, released recently, consumer confidence rose to its highest level in three years. For the first time in more than six years according to the survey, “consumers reported hearing more positive than negative […]