A new proposed rule would allow ‘rent-a-bank’ schemes that could permit unlimited interest rates on loans as long as they come via a chartered bank.
personal debt
Posted inMoney, Politics, and Power
Payday Lenders Suffer Rare Attack of Honesty
In Arizona, the industry has a bill that would block minimum wage increases, because when people don’t have money, they need short-term loans.
Posted inTAP
The Education Department’s Rip-Off Schemes Radicalize Its Own Staff
Today on TAP: Betsy DeVos’s mismanagement backfires
Posted inMoney, Politics, and Power
Freddie Mac Using Shady AI Company for Mortgage Loans
ZestFinance is implicated in high-cost payday lending and backed by Peter Thiel. It’s now working with a government-sponsored mortgage giant.
Posted inDay One Agenda
Cancel Student Debt—Almost All of It
An obscure, decades-old provision called “compromise and settlement” authority could allow the Department of Education to opt out of collecting trillions in debt.
Posted inEconomic Policy
CFPB Summoning Zombie Debt Back to Life
The consumer agency is finalizing new rules on debt collectors that would enable them to get judgments on illegitimate debts.
Posted inEconomic Policy
Over 100 Academics Endorse Sanders’s Student Debt Cancellation Plan
The economists and professors say that debt relief can improve and stabilize the U.S. economy.
Posted inEconomic Policy
Taken for a Ride: How Ambulance Debt Afflicts the Extreme Poor
How medical-provider gouging burdens the homeless with debt and frustrates recovery.
Posted inEconomic Policy
Thanks to Trump, Payday Lenders Will Keep on Merrily Bilking the Poor
The government shutdown reminded us that millions of Americans live paycheck-to-paycheck—which payday lenders will only continue to exploit if the CFPB has its way.
Posted inSpecial Report
Democracy Versus Debt
Students are getting serious about organizing to change the rules of the game that leave young adults burdened with college and credit-card debt.