The effort was led by Berkeley's Center for Consumer Law and Economic Justice and resulted in production of a series of short memoranda available here. Topics covered include discrimination, arbitration, income share agreements, BNPL, substitution effects of regulation, disclosures, overdraft protections, and more.
Category Archives: Predatory Lending
Vijay Raghavan of Brooklyn has written Consumer Law's Equity Gap, Utah Law Review (forthcoming 2022). Here is the abstract: This article is about the views that shape and constrain the development of consumer law. Consider the market for short-term, high-cost loans. Policymakers tend to justify intervening in these markets on inefficiency grounds (consumers exhibit present bias) […]
Here. The House is expected to follow suit, and the White House has indicated that the president would sign the repeal resolution.
by Jeff Sovern Yesterday, Acting CFPB Director Dave Uejio posted an item to the CFPPB Blog that suggests that the Bureau may rekindle its former payday lending rule in some form. Here's the post in full: The CFPB is acutely aware of consumer harms in the small dollar lending market, and is particularly concerned with […]
Christopher K. Odinet of Iowa has written Predatory Fintech and the Politics of Banking, Iowa Law Review (2021 Forthcoming). Here is the abstract: With American families living on the financial edge and seeking out high cost loans even before COVID-19, the term financial technology or “fintech” has been used like an incantation aimed at remedying everything that’s […]
We've received the following Call for Papers, which overlaps with consumer law issues: Racial Capitalism: An Elaboration in Legal Scholarship As a journal dedicated to social, racial, and economic justice, the Journal of Civil Rights & Economic Development (JCRED) is soliciting articles for Racial Capitalism, an Elaboration in Legal Scholarship, our forthcoming symposium issue. This issue will explore the […]
Cheryl Wade, author of Predatory Lending and The Destruction of the African American Dream, Sarah Ludwig, Executive Director, New Economy Project, and Cathi Kim, Director, Inclusiv/Capital will speak on Thursday, August 13 at 7 pm EDT. Attendance is free but registration is required. The registration link is at https://docs.google.com/forms/d/e/1FAIpQLScxTjViodwGaNG03Q1kEqD85DvhpkNxYbpp968QVzMD9mkrTQ/viewform.
Vivien Chen of the Monash University – Department of Business Law & Taxation has written Online Payday Lenders: Trusted Friends or Debt Traps? 43 University of New South Wales Law Journal (Advance 2020). Here's the abstract: The recent Senate inquiry into credit and hardship underscored the prevalence of predatory conduct in the payday lending industry. […]
by Stephen Gardner Today, the Supreme Court held that collecting government debt by robocalling cellphones didn’t deserve special First Amendment treatment. In Barr v. American Assn. of Political Consultants, Inc., the Court held that a 2015 amendment to the Telephone Consumer Protection Act, which allowed cellphone robocalls to collect federal debts (such as student loans […]
by Jeff Sovern The article is here. From being a data-driven agency, the Bureau has become a politics-driven agency. No doubt the payday industry was not hurt by spending money at a Trump hotel. The Times also reproduces the memo in question. I hope the House Financial Services Committee quickly convenes a hearing, online or […]