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Labor Department finalizes rule tightening retirement savings advice

Millions of workers who are saving for retirement and rely on advice from professionals on how to invest their savings will be better protected under a new rule finalized Monday by the U.S. Department of Labor. The Retirement Security Rule, also called the Fiduciary Rule, updates the definition of an investment advice provider. Read more →

Watch out for high interest rates when you get a larger loan

Everything that is wrong with a high-cost loan is only worse when the loan is larger and the terms are longer. New 36 percent interest rate caps in states that previously had no limits are an important step in the right direction, according to a new report from the National Consumer Law Center, an organization that works on behalf of low-income consumers. Read more →

Get tips on what money problems to avoid from financial agency’s list of 2023 complaints

It’s tough these days making money stretch in shifting economic times. Get help with smart money moves by taking a look at complaints filed with the CFPB for 2023. Last year, the CFPB sent more than 1.3 million complaints to over 3,400 companies for review and response, according to the agency’s “Consumer Response Annual Report.” Read more →

Large banks charge higher credit card interest rates and fees than small banks and credit unions, survey finds

Compare interest rates and terms when you’re going to sign up for a new credit card. There’s no need to pay 28 to 30 percent interest or an annual fee of $150. Large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk, according to a report by the Consumer Financial Protection Bureau. Read more →

With yet another lawsuit for misconduct, consider dumping your big bank

Citibank was charged Tuesday for failing to protect customers from fraud and for refusing to reimburse them. A lawsuit by the New York Attorney General’s Office alleges that Citi doesn’t have online protections to stop account takeovers, misleads customers about their rights after their funds are stolen, and illegally denies reimbursement to victims of fraud. Read more →

Biden administration proposes changes to reduce overdraft fees at big banks

The Consumer Financial Protection Bureau on Wednesday proposed a rule to rein in excessive overdraft fees charged by the nation’s biggest financial institutions. It would close an outdated loophole that exempts overdraft lending services from provisions of the 1968 Truth in Lending Act. About 23 million households pay overdraft fees each year. Read more →

Steps for how to begin growing savings

Do you have accumulated debt, maybe from student loans, credit cards, car loans, or overspending? Are you savings money for the future? Although a lot of people struggle with saving, it’s possible to gradually building small savings into large sums. Here are some ways to help you begin to save or build up your savings, offered by the FDIC. Read more →

Student loan borrowers facing challenges as payments start again

After a pause for more than three years due to the covid-19 emergency, student loan borrowers are resuming payments. However, they’re things aren’t going smoothly. They're experiencing long hold times, significant delays in application processing times for income-driven repayment plans, and inaccurate billing statements and disclosures, Read more →

Top consumer and personal finance stories of 2023

It’s that time of year again. It’s unbelievable that 2023 has rolled by so fast. That means that the 2024 election is getting even closer and closer, an election with so many consequences for consumers and their financial lives. As usual, I’m one of the few reporters writing about the top consumer and personal finance stories of the year, research that I enjoy. Read more →

Know your rights when dealing with debt collectors

There are rules debt collectors are supposed to abide by when they deal with consumers. However, many may break the rules if you’re uninformed. Commonwealth Financial Systems, a medical debt collector, illegally tried to collect unverified medical debts after consumers disputed the validity of the debts, Read more →