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In the News
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American Banker: Wells Fargo Shareholders Reject Review of Mortgage Practices
American Banker — Wells Fargo’s (WFC) shareholders have rejected a proposal that would have directed the company to review whether its mortgage servicing and foreclosure practices violate anti-discriminatory laws.
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Kuer 90.1: Borrower Advocacy Groups Present Resolution at Wells Fargo Shareholder Meeting
Kuer 90.1 — Homeowner advocates are calling on John Stumpf, the CEO of Wells Fargo Bank and bank shareholders to review the mortgage servicing and foreclosure practices of the bank.
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Deseret News: Protestors Target Wells Fargo Annual Meeting
Deseret News — Some irate consumers took to the streets of downtown Salt Lake City to protest what they called discriminatory lending practices and unethical investments of one of the nation’s largest financial institutions.
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ABC4 Utah: Protestors Travel to SLC to Rally at Wells Fargo’s Shareholder Meeting
ABC4 Utah — For the first time in more than decade California based Wells Fargo held its shareholder’s meeting out of state in Salt Lake City. Critics say they are trying to run from opposition, so the protestors followed them here to Utah.
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Post Star News: Assembly Approves Consumer Credit Fairness Act
Post Star News — Assembly Speaker Sheldon Silver, Judiciary Committee Chair Helene Weinstein and Codes Committee Chair Joseph Lentol announced the passage of the Consumer Credit Fairness Act to protect working families, domestic violence victims, seniors and low-income New Yorkers from overly aggressive debt collection practices.
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NY Daily News: Check cashing stores push Albany lawmakers to allow 200% APR loans
Daily News — Check-cash stores across the city want to offer a new kind of loan that would charge borrowers the equivalent of up to 200% interest, critics say — eight times the current limit set by state law.
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NPR Marketplace: Could big banks help rein in payday lenders?
NPR Marketplace — JPMorgan Chase has announced new policies to limit the ability of online payday lenders to access bank customers’ accounts in order to withdraw improper or unwanted automatic payments.
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NY Times: Gouging the Poor in New York
New York Times — Gov. Andrew Cuomo of New York has warned debt collectors that they could face legal sanctions if they try to collect predatory loans that violate the state’s usury law, which prohibits loans with interest rates above 25 percent.
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Time.com: Payday Loans Are Bad Enough Without Banks Getting Into the Act
Time.com — Consumers who use online payday lenders may be taken advantage of twice: first, by the lenders’ triple-digit interest rates that flout state caps, then with fees tacked on by the borrowers’ own banks.
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The Guardian: Banking while poor: how banks profit from predatory payday lending
The Guardian — I have a friend who is quite rich. Like a lot of rich people, he’s very careful with his money, by which I mean that he’s constantly shifting it around to make sure it’s maximizing its potential.