Over at Credit Slips, law prof Adam Levitin has posted The Miscalculations Underlying Miller & Zywicki’s Payday Loan Paper. The beginning of Levitin’s post will give you a sense of it: Earlier this month Professors Todd Zywicki and Thomas Miller, Jr. wrote an op-ed in the Wall Street Journal arguing against payday loan regulation, based […]
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ABC reports that "Over 70,000 student borrowers have qualified for debt forgiveness since the Education Department overhauled the program last fall. But another deadline is looming." While CNBC reports that "Majority of borrowers say taking on federal student loan debt is not worth it." Also from a CNBC survey, "Most Americans want Biden to prioritize […]
The Guardian reports that "Industry says no-interest BNPL loans are more equitable than credit cards but consumers say they can be a spending trap." The article is here.
Experian is introducing a program that will allow consumers to create their own credit reports from scratch, the Wall Street Journal reports (subscription required). Fast Company explains: “The program, called Go, will involve customers linking ‘recurring nondebt bills’ (think cell phone payments, utility bills, or even bank accounts just generally) to provide the foundation on […]
The Consumer Financial Protection Bureau today issued a request for information as it considers reducing “exploitative junk fees charged by banks and financial companies.” As examples of the fees it is examining, the agency lists “back-end fees might obscure the true cost of a product and undermine a competitive market,” such as “resort” or “service” […]
The Federal Trade Commission announced two actions today of potential interest: Fashion Nova will Pay $4.2 Million as part of Settlement of FTC Allegations it Blocked Negative Reviews of Products FTC Returns More Than $3.7 Million To Consumers Harmed by Online Lender Avant
by Jeff Sovern Over at the ContractsProf Blog. The bill would provide a short form and a diagram for Terms of Service. But without consumer testing, who knows if consumers would pay attention even to the short form or diagram.
The Consumer Financial Protection Bureau will be examining the operations of post-secondary schools, such as for-profit colleges, that extend private loans directly to students. The agency explained: "The CFPB is issuing an update to its exam procedures including a new section on institutional student loans. As the CFPB begins its supervision, the exam procedures inform […]
The National Consumer Law Center is hiring for a “Public Interest Consumer Attorney to Lead NCLC’s Student Loan Project.” So, if you want to work for this great organization on that project, learn more here.
by Paul Alan Levy Late last year, Harrison Greenbaum, a New York comedian and magician, included Christopher Nicholas Sarantakos, better known in the magician trade as Criss Angel, who is, apparently, a very well known magic act, in an annual satirical review that he offers of major figures in the magic trade. A particular point […]