Executive Summary The CFPB was put into place to try to protect consumers in banking. Introduction The CFPB is as follows. The CFPB, created in 2010, is the first federal regulator with the direct mandate to protect consumers from harmful or abusive financial products. The agency has already gained a reputation as a tough and…
Executive Summary Usury is the charging of interest on loans. However, in the last hundreds of years, the term usury has been diluted to mean only charging excessive interest. Introduction Usury has a long history of being opposed my many religions as the following quote explains. In fact, every major religion has spoken directly about…
Executive Summary The term bad debt is used and the term bad loan avoided to shift the blame to the borrower versus the creditor. Introduction “The amount is going to be much greater next year and much greater the year after that because accruals of interest and it’s going to; you know, you talk about…
Executive Summary The interest rates on credit cards are a major factor in personal debt interest overhead. Introduction Credit cards have a high average interest rate. This is covered in the following quotation. “By 2016, US credit card debt had reached $1 trillion and add an average annual rate of 18.76%.” – Banking on the…
Executive Summary Outrageous levels of interest are now the norm in payday lending. Introduction The interest rates charged by payday loans are beyond belief. This is covered in the following quotation. “Worse yet are these payday loans resorted to by the unbanked and underbanked, which average 400% interest annually or more.” – Banking on the…
Executive Summary Private banking interests don’t want anyone to know that charging interest under a government-run banking system is optional. Introduction One does not normally think of how high merchant fees are, but this quotation explains it well. “Issuing credit cards has become a highly concentrated business with the top four card issuers, Citigroup, Bank…