GreenPath University brings you the most current personal finance news, industry trends and money management tips to help you make wise financial decisions. Here are some of the latest articles.
New Consumer Financial Protection Bureau
In 2012, President Barack Obama made headlines with his appointment of Richard Cordray as the first director of the new Consumer Financial Protection Bureau. The consumer bureau is an independent agency created as part of the Wall Street reforms of 2010 tasked with regulating financial products such as mortgages and credit cards and payday lenders. Only time will tell how effective this new bureau will be in terms of consumer protection. More regulations and new policies may help avoid consumer pitfalls, but they could also raise costs and increase confusion.
In the meantime, everyone can take action now to better educate themselves about financial products and how to avoid getting involved with any predatory lending. Predatory lenders promise loans that are "too good to be true" and often pressure borrowers to take them on the spot. Here are a few things you or your family and friends should know about spotting and avoid predatory loans:
How to Spot a potentially Predatory Loan:
How to Avoid a Predatory Loan
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