On March 9, as part of National Consumer Protection Week, the Federal Trade Commission and National Student Employment Association are presenting a free webinar called "What to Know About College Students, Cryptocurrencies, and Scams." Here is the description: You’ve probably heard of cryptocurrency, but do you know how it works? This webinar will go over […]
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New Mexico’s governor has signed a bill reforming predatory lending practices by lowering the cap on small loan interest rates from 175% to 36%. The governor’s press release is here.
The LA Times and Ralph Nader have already written about it. Here's the press release, which includes links: Hacked by Big Corporations, America’s Civil Justice System Has Crashed, Consumer Advocates Say Report Details Impact on Consumers – and Democracy – of Corporate Attack on the Rule of Law, Proposes New Protections and Legal Procedures Contact: Harvey […]
The Consumer Financial Protection Bureau today announced reforms in the process for submitting citizen petitions, through which members of the public can request that the agency initiate a new rulemaking, amend an existing rule, or repeal a rule. The CFPB will post petitions on public dockets for review and comment. The CFPB's announcement is here. […]
The Center for Progressive Reform has issued a report titled "Private Courts, Biased Outcomes: The Adverse Impact of Forced Arbitration on People of Color, Women, Low-Income Americans, and Nursing Home Residents." Read the summary and access the report here.
District of Columbia Attorney General Karl Racine today announced that Elevate Credit, Inc., predatory online lender, will pay at least $3.3 million to refund over 2,500 District consumers who were misleadingly marketed high-cost loans and lines of credit, waive over $300,000 in interest owed by those consumers, and pay $450,000 to the District. The company […]
NPR’s Morning Edition has the story, listen here.
The Federal Trade Commission has this page linking to information, blog posts, and other resources about coronavirus scams and how to avoid them, including scams concerning treatments, vaccines, and testing.
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 […]
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 […]