How to Make Your Financial Dreams a Reality

Celebrating Black History Month is a tremendous opportunity to acknowledge our past achievements, address present challenges and dream about future possibilities. The legacy of Dr. Martin Luther King Jr. inspires us to dream about a future that affords us to live in comfort and prosperity. He encourages us to build a legacy of hope and freedom that can be realized in every aspect of our lives. It is in that spirit that we encourage you to evaluate your dream of …

Consumer Agency May Clamp Down on Payday Lenders

The Consumer Financial Protection Bureau (CFPB) is proposing new rules to restrict high-cost payday and car-title loans that often leave borrowers in worse financial shape. The agency can’t do anything about the interest rates charged — that’s up to the states — although it does have the authority to regulate the lenders making these loans. “Too many short-term and longer-term loans are made based on the lender’s ability to collect and not on a borrower’s ability to repay,” CFPB Director Richard Cordray …

Time to Have That Talk With Your Children About Money

Whether your children are 14 or 40, if you are at or near retirement age you must have a conversation about money. The conversation should be age-appropriate, and designed not to frighten, but to inform. Still, 13-year-olds need to know how much college you can afford for them, and 30-year-olds should have a sense of how much money you will have to support yourself when you will retire and what kind of help you may need from them. Lots of …

Surprise! Reverse Mortgages Are Very Confusing

A three-year examination of reverse mortgage complaints to the Consumer Financial Protection Bureau shows that borrowers often didn’t understand the terms of those loans, including how quickly their loan balances would go up and their home equity would fall, the bureau said in a new report. Reverse mortgages allow homeowners age 62 and older to tap into the equity in their homes. They’re different from home equity credit lines or home equity loans because a reverse mortgage generally is paid back only when the homeowner …

Prep for Safe Tax Filing … and for Scammers

There’s good reason — several, actually — why Monday kicks off Tax Identity Theft Awareness Week. As the tax-filing season gets under way for 2014 returns, the Internal Revenue Service faces massive budget cuts while two widespread tax scams continue. In addition to the epidemic IRS impostor scam, in which scammers pose as agents of that agency or the U.S. Treasury Department to extort supposedly “owed taxes,” there is another threat in the coming weeks: early filing of bogus tax returns to …