Personal Loans News

Two men butting heads
Dec, 8, 2011
Ben Bernanke, chairman of the Federal Reserve, responded with a letter to the House and Senate Banking Committee in defense of the Fed after media sources reported on the Fed’s alleged “secret loans” last week.  
Two sides opposing each other with a broken puzzle bridge between them
Dec, 8, 2011
In a vote of 53 to 45, Republicans blocked the Senate from voting on the nomination of Richard Cordray to be the director of the Consumer Financial Protection Bureau (CFPB).   President Obama nominated Cordray to lead the CFPB on July 18, 2011, citing Cordray’s time as Ohio’s Attorney General and Ohio’s Treasurer as pillars of credibility.  
Tiny lenders on top of piggy bank
Dec, 7, 2011
“Small businesses are the backbone of Chicago’s economy,” Chicago’s Mayor Rahm Emanuel said as he announced plans to create the Chicago Microlending Institute (CMI), an organization that will be granted $1 million of the mayor’s 2012 budget to issue small business personal loans.   This CMI will also be given the responsibility of training two new microlending organizations each year, so more microlenders can be established to administer personal loans to up-and-coming businesses.  
Disaster victim looking at flooded neighborhood
Dec, 6, 2011
Personal loans issued by the Small Business Administration (SBA) reached new heights at the end of November, as the SBA announced the amount of money they lent from the date they were established surpassed $50 billion.   “Since the agency’s founding in 1953, the agency has made more than 1.9 million low-interest disaster loans worth more than $50 billion to homeowners, renters, nonprofit organizations and businesses of all sizes,” said the SBA Associate Administrator James Rivera in an SBA press release.  
Small plant rising out of cracked soil
Dec, 2, 2011
The Small Business Administration (SBA) announced today that it will be making personal disaster loans available to multiple counties in Minnesota and New York.   Minnesota is to receive small business personal loans as a result of damages done by excessive heat, rain, wind, frost and tornadoes that have been affecting the state since April, 2011.   New York will also receive SBA-backed personal loans due to excessive drought and rain that has been plaguing the state since early July.  
Bailout text with twenty dollar bill on profile
Nov, 28, 2011
Due to the Freedom of Information Act, over 21,000 bank transactions revealed a combined total of $1.2 trillion was donated from the Federal Reserve (Fed) to failing banks on Dec. 5, 2008.   The largest six banks—JP Morgan, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley—were the recipients, and received a total of $7.77 trillion in Federal Reserve loans throughout the bailout.  
Dirce showing thumbs up and thumbs down
Nov, 22, 2011
According to a press release by the U.S. Chamber of Commerce, a new survey reveals the majority of Americans would have opposed the creation of the Consumer Financial Protection Bureau (CFPB) if they had more information about the bureau’s power.   Largely in response to the housing crisis, the CFPB was established in 2010 as a result of the Dodd-Frank Act with the purpose of protecting borrowers from abusive or predatory financial practices.  
Cloudy sky with storm warning sign
Nov, 18, 2011
Tropical Storm Lee survivors in Virginia are now able to receive low-interest disaster loans from the U.S. Small Business Administration (SBA), as announced this week in an SBA news release.   SBA administrator Karen G. Mills made these disaster loans available after receiving a letter from Virginia Gov. Robert McDonnell on Nov. 9.   Virginia’s Department of Emergency Management’s website reports McDonnell first appealed to the Federal Emergency Management Agency (FEMA), but his petition for help was denied.  
three-dimensional graph heading downwards
Nov, 17, 2011
The Federal Reserve Board and the Federal Open Market Committee (FOMC) met on November 1-2 to review the economic trends of 2011’s third quarter and to discuss future economic projections.   The FOMC press release revealed that economic growth rose slightly between this quarter and last, suggesting the country had shrugged off some of the negative factors weighing the economy down.  
Man stands testifies before various groups
Nov, 17, 2011
Holly Patraeus, assistant director of the Consumer Financial Protection Bureau’s Office of Servicemember Affairs, spoke in front of the Senate Committee on Banking in an effort to bring to light financial obstacles military personnel face and to act as a financial advocate for all service members.   Wife of the now retired four-star general who was recently in charge of our troops in Afghanistan, Patraeus claims her experience as a wife, daughter, sister, and mother of service members makes her qualified to address military issues.