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.
Category Archives: Predatory Lending
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 […]
Jim Hawkins of Houston has written Earned Wage Access and the End of Payday Lending. Here is the abstract: Fintech companies have developed a financial product that allows employees to gain access to wages that they have already earned before their scheduled payday. The fee for getting an earned wage advance is usually small, making this […]
David Dayen has the story in The American Prospect. Here's an excerpt, but the entire story is worth a look: It may seem axiomatic, but it’s rarely stated out loud: Businesses that rely on poor people need the economic system to keep churning out poor people to survive. You almost have to applaud the payday […]
Here. Excerpt: Across Utah, high-interest lenders filed 66% of all small claims cases heard between September 2017 and September 2018, according to a new analysis of court records conducted by a team led by Christopher Peterson, a law professor at the University of Utah and the financial services director at the Consumer Federation of America, […]
Matthew A. Bruckner of Howard has written Preventing Predation & Encouraging Innovation in Fintech Lending. Here is the abstract: More than 20 years ago, IBM's Deep Blue vanquished chess grandmaster and reigning world chess champion, Garry Kasparov, in a pair of best-of-six matches. Since then, numerous companies have invested large sums of money to develop additional […]
Andrew T. Hayashi of Virginia has written Consumer Law Myopia. Here is the abstract: People make mistakes with debt, partly because the chance to buy now and pay later tempts them to do things that are not in their long-term interest. Lenders sell credit products that exploit this vulnerability. In this Article, I argue that critiques […]
Today, my colleagues at U.S. PIRG Education Fund and the Frontier Group released a new report, “Driving Into Debt: The Hidden Cost of Risky Auto Loans to Consumers and Our Communities.” According to the executive summary (emphasis in original): In much of America, access to a car is all but required to hold a job […]