The Wall Street Journal reports that California passed a new law to cap interest rates—currently at about 37% a year—for some consumer loans. OppLoans, however, is charging 160% on a typical loan in California, using a partnership with a Utah bank to continue selling in the state despite the new rules. OppLoans isn’t the only […]
The Washington Post reports today that the Consumer Financial Protection Bureau has filed a lawsuit against Fifth Third Bank, alleging the bank’s employees opened fake accounts for customers in order to meet aggressive sales targets. The federal regulator alleged Monday that the bank knew its employees were opening fake accounts since at least 2008 and […]
A nice win today for attorney Kelly Jones and my colleague Adam Pulver in McAdory v. DNF Associates: Reversing the district court’s dismissal of an action under the Fair Debt Collection Practices Act and remanding, the Ninth Circuit held that a business that bought and profited from consumer debts, but outsourced direct collection activities, qualified […]
… but experts call it opportunistic. The Washington Post explains, here.
President Trump has nominated Nancy B. Beck, a former chemical industry executive, to lead the Consumer Product Safety Commission, an independent federal agency charged with protecting the public against dangers like toxic substances in products. The New York Times has the story, here.
Yonathan A. Arbel of Alabama has written Payday, forthcoming in 98 Washington University Law Review. Here is the abstract: Legislation lags behind technology all too often. While trillions of dollars are exchanged in online transactions—safely, cheaply, and instantaneously—workers still must wait two weeks to a month to receive payments from their employers. In the modern […]
The American Banker has the answer (free content).
Two weeks ago, Scott wrote about the decision compelling arbitration in cases against DoorDash. His post explained that, after thousands of workers sought arbitration against DoorDash pursuant to the mandatory arbitration agreement in the company's employment contract, DoorDash refused to pay the fees and then tried to change the arbitration clause in the contract to […]
Daniel J. Solove of George Washington has written The Myth of the Privacy Paradox. Here is the abstract: In this article, Professor Daniel Solove deconstructs and critiques the privacy paradox and the arguments made about it. The “privacy paradox” is the phenomenon where people say that they value privacy highly, yet in their behavior relinquish […]
Over the past couple of years, there has been a fair amount of controversy about the role played by Trump Administration official Mick Mulvaney in a land deal gone bad and his efforts to manipulate the law to protect himself from losses while dumping the losses on his investors. The controversy came up during his […]