Consumer Financial Protection Bureau

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Troubled by consumer complaints and loopholes in state laws, the federal government is crafting new rules to protect borrowers of payday loans.

The Consumer Financial Protection Bureau is considering placing caps on the number of times a borrower can take a payday loan and requiring lenders to do credit checks. They also want to encourage states or lenders to lower interest rates on loans.

The Consumer Financial Protection Bureau is piloting a new tax preparation initiative in three US cities - and Durham is one of them. The new initiative is called “Ready, Set, Save.”  And it’s targeted to households who qualify for the Earned Income Tax Credit – primarily moderate to low income households with children. Tiki Windley is a Program Manager at MDC in Durham.

A federal agency is looking to better regulate prepaid cards. The Consumer Financial Protection Bureau held a meeting in Durham yesterday.

Gurnal Scott: The CFSB says people who put money on prepaid cards don't know about charges to withdraw money or even get information on their accounts. The cards aren't attached to any bank. Durham resident Amy Matthews found out after trying to get to the money she put on a card.