Borrowers who obtain loan forgiveness based on disability or families who have student debt discharged based on the death of a child have to pay taxes on that benefit under current law. Now three senators are pushing for relief. Marketwatch reports, citing the example of "a Maine couple who were able to have their son’s […]
As we've discussed, poor people across the country face incarceration for minor offenses because they can't pay fines and fees. (See here, for instance.) On a more hopeful note, check out the recent op-ed in the Post by Texas municipal court Judge Ed Spillane. Entitled "Why I refuse to send people to jail for failure […]
Here. Because the Bureau usually combines field hearings with announcements of related developments, it is likely to announce its proposed arbitration rules that day.
Following up on Brian's illuminating post earlier this week about the widening gap in life expectancy between the rich and the poor, two other articles discussing health and the economic divide are worth a read. First, the New York Times, drawing on the same research that Brian flagged, concludes: "The Rich Live Longer Everywhere. For the […]
Bartik and Nelson have written Credit Reports as Résumés: The Incidence of Pre-Employment Credit Screening. Here is the abstract: We study recent bans on employers' use of credit reports to screen job applicants – a practice that has been popular among employers, but controversial for its perceived disparate impact on racial minorities. Exploiting geographic, temporal, and […]
The Consumer Financial Protection Bureau today issued a report that found that attempts by online lenders to debit payments from a consumer’s checking account add a steep, hidden cost to online payday loans. Half of online borrowers rack up an average of $185 in bank penalties because at least one debit attempt overdrafts or fails. […]
by Jeff Sovern Yesterday I posted about Senator Elizabeth Warren's takedown of Leonard Chanin, formerly of the Fed and the CFPB, now of MoFo, at a Senate Banking Committee hearing. I have since finished listening to the hearing and wanted to say a few more things. First, at the conclusion of the hearing. the Committee's chair, Republican […]
Earlier this year, we flagged Maryland's pending legislation (H.B. 131) to protect the rights of consumers to speak up — critically, if they like — about the businesses they have done business with. California passed a similar bill in 2014. So did the U.S. Senate in 2015; the federal bill now awaits action in the […]
Patients of Dr. Allen Sossan of South Dakota claim that he performed unnecessary medical procedures or performed procedures improperly on them. They sued Dr. Sossan and the hospitals that credentialed him. One of the claims is that the hospitals wrongfully credentialed Dr. Sossan to practice medicine at their institutions despite knowing that he had lost […]
by Jeff Sovern On April 5, the Senate Banking Committee held a hearing titled Assessing the Effects of Consumer Finance Regulations. I've been listening to the hearing, which has three witnesses–selected by the GOP majority–who spent much of their time attacking the CFPB, and one witness- chosen by the Democratic minority– who supported the CFPB. […]