A joint investigation by the Center for Public Integrity and the Seattle Times reveals troubling practices by Clayton Homes, owned by Warren Buffett’s Berkshire Hathaway. Clayton, which operates under various names, is the nation’s biggest homebuilder, according to the report, which describes Clayton's practices thus: “Clayton relies on predatory sales practices, exorbitant fees, and interest […]
Author Archives: Scott Michelman
Connecticut law caps interest rates at 12%. But Great Plains Lending, affiliated with a Native American tribe in Oklahoma, is hawking payday loans by web and mail with rates of 200-400%, according to WTNH.com, reporting from Hartford, Conn. In response, the Connecticut legislature is crafting legislation to prevent residents from being held liable for more […]
This clip from a recent Last Week Tonight is both funny and topical (though lengthy, at 18 minutes). John Oliver reveals not only the lengths to which Philip Morris will go to oppose anti-smoking regulations worldwide but also the potentially devastating effect of international trade deals on government safety regulation (a subject we most recently […]
You can find some useful basic financial advice at mymoney.gov, here. Among its offerings (check out the right-hand column): -Spending and Spending Plans -How to Obtain Your Free Credit Report (from the FTC) -Help Your Children Grow Their Money Skills (from the CFPB) There are also “Money Quizzes” which are mainly lists of suggested individual […]
A Washington Post op-ed by Dana Milbank this week catalogues the disturbing rise of welfare-benefit restrictions around the country that seem designed not to prevent abuse but to cut welfare beneficiaries off from a range of common, everyday activities (like swimming pools) and foods (like tuna fish) that many Americans enjoy. Another set of laws, […]
… is the thrust of a piece in today's Washington Post, which observes: Studies show that young people who graduate in states that mandate personal finance education are better with money as adults. They have higher credit scores and are less likely to default on credit cards. Yet, most states don’t require the classes. Read […]
Reports the New York Times today: The Federal Communications Commission announced on Wednesday a $25 million fine against AT&T for failing to protect the personal information, including the Social Security numbers, of its customers. Employees at AT&T call centers were found to have stolen the names and Social Security numbers of about 300,000 of the […]
Predictably, after the Supreme Court expanded the preemptive effect of the Federal Arbitration Act in its 2011 Concepcion decision, employers took advantage, reports the Wall St. Journal: "Arbitration clauses with class-action waivers r[o]se sharply after 2011 court ruling." Apologies for the subscriber-only link, but if you have access, it's worth a read, here.
That’s the question posed by this Reuters story, which suggests that big banks will retaliate against the pro-regulatory proposals of Senators Elizabeth Warren and Sherrod Brown by withholding campaign contributions from Senate Democrats. Sen. Warren, for her part, does not plan to play along, she explained in a blog post (entitled "Wall Street isn't happy […]
Reports Law360 last week: "Facebook Unlawfully Tracking All Visitors, Report Says." The report in question was prepared by the Interdisciplinary Center for Law and ICT at the University of Leuven in Belgium, and it accuses the social networking behemoth of violating EU privacy law by tracking the activities of individuals who are not users of […]