Consumer Federation of America, Consumers Union and the National Consumer Law Center have given two more states failing grades for offering choices to consumers.  Illinois and Missouri received straight F’s for having a multitude of short term credit options available to consumers.

Boston’s National Consumer Law Center and Washington’s Consumer Federation of America give the Bay State two F’s for giving their citizenry financial choices.  There is something very wrong with this picture.

CNN reports: Automatic overdraft loans can look like a consumer’s best friend, but they can come at a steep cost.

Our friends at the Consumer Federation of America had this to say: “Banks should have to get their customers’ affirmative consent before signing them up for their most expensive loans.”  And the Center for Responsible Lending added, “most debit overdrafts are small, averaging less than the overdraft fee.”

Payday Pundit wonders why consumer groups only ask for “customers’ affirmative consent” when it comes to overdraft protection–but want to ban payday loans. Don’t they realize payday loans are fully transparent and require much more than a “customers’ affirmative consent.”  Why the double standard?