Welcome Back, Junk Fees?

We have all heard that most of the laws that affect our daily lives are state laws, not federal ones.  Floridians wear it as a badge of pride that we can get a driver’s license without having to parallel park.  Florida is less 420 friendly than California but more 420 friendly than Alabama.  A lot of the laws that relate to finances are federal laws, though.  Even though the federal government and the states each assess taxes differently, tax evasion is almost always a federal crime.  Bankruptcy laws are federal laws.  In some cases, federal laws set minimum requirements, where states may choose to set higher requirements in their state level legal codes.  For example, some states simply abide by the federal minimum wage, while others set their state minimum wage higher, more than twice as high in some states.  Recently, a federal agency in charge of consumer protections has undone some of its long-standing policies.  This could leave consumers vulnerable to a variety of abusive financial practices from which we have come to enjoy a respite.  To find out more about which rights you still have to fair lending and business practices, contact a Miami debt lawyer.

Consumer Protections Were Nice While They Lasted

Unless you are older than a Millennial, the Consumer Financial Protection Bureau (CFPB) has been around for as long as you have been making major financial decisions.  The federal government created it in response to the 2008 financial crisis, and it has targeted unfair practices by businesses and lenders.  It is why the phrase “junk fee” exists and why you pay fewer of them than the generation that drank cosmopolitans and watched Sex and the City did.

This year, the CFPB has undone dozens of policies, including some that are almost as old as the CFPB itself.  These are some of the changes that went into effect this year:

• Lenders that provide financial products to members of the military will be subject to less oversight than they previously were
• Nursing homes may once again refer residents’ unpaid bills to collection agencies
• The CFPB has removed some protections for borrowers against discrimination based on sex and sexual orientation

Meanwhile, it seemed for a while like overdraft fees were going to go the way of the 29-cent hamburger.  There was even talk of a federal law that would limit overdraft fees to the single digits, but for now, it seems that banks are free to charge us as much money as they want for not having money.

Being poor has always been expensive, and it is especially expensive now, although everyone who is financially struggling these days is in good company.  This is a good time to strategize with a lawyer about consolidating your debt or filing for bankruptcy.

Work With a Debt Lawyer About Dodging Abusive Lending Practices

A South Florida debt lawyer can help you protect yourself from predatory business practices, even as the legal protections become fewer.  Contact Nowack & Olson, PLLC in Miami, Florida to discuss your case.

Source:

msn.com/en-us/news/other/us-consumer-watchdog-to-scrap-scores-of-financial-oversight-policies-issued-since-2011/ar-AA1Euntd?ocid=msedgntp&pc=ACTS&cvid=17534e305b6d4936a2822c6f16bfd1a2&ei=24