Consumer Finance

Axos Bank--More Sketchiness?

07/27/23

The Washington Post has a big piece up about Axos Bank being the lender-of-last-resort for Donald Trump. But those us who work in the consumer finance space, know of Axos as a notorious bank partner in rent-a-bank arrangements.

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Debt-based driving restrictions: new resources

02/06/23

Professor Kate Elengold and UNC Law 2L Michael Leyendecker have just posted very useful reports for no charge on the Social Science Research Network.

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The New Usury

02/03/23

I have a new paper up on SSRN. It's called The New Usury: The Ability-to-Repay Revolution in Consumer Finance. It's a paper that's been percolating a while--some folks might remember seeing me present it (virtually) at the 2020 Consumer Law Scholars Conference, right as the pandemic was breaking out. Here's the abstract:

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Impact of the Illinois Predatory Loan Prevention Act

01/15/23

In 2021 Illinois passed its Predatory Loan Prevention Act (PLPA), which imposes a 36% military APR (MAPR) cap on all loans made by non-bank or credit union or insurance company lenders. Not surprisingly, the law has not been popular with higher cost lenders who either have to change their offerings, cease doing business in Illinois, or figure out some way to team up with a bank that won't run afoul of the law's anti-evasion provision. 

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The Financial Inclusion Trilemma

12/27/22

I have a new draft article up on SSRN. It's called The Financial Inclusion Trilemma. The abstract is below. 

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Venmo's Unfair and Abusive Arbitration Opt-Out Provision

04/26/22

Venmo's changing the terms of its arbitration agreement, and the manner in which it is doing so is unfair and abusive to consumers. The CFPB and state attorneys general need to take action here to protect consumers.

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What Happens If a Cryptocurrency Exchange Files for Bankruptcy?

02/03/22

Exchanges play a key role in the cryptocurrency ecosystem, but no one seems to have given any consideration to so far is what happens when a cryptocurrency exchange that provides custodial services for its customers ends up in bankruptcy. We’ve never had such a crypto-exchange bankruptcy in the US—Mt.

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ED announces PSLF overhaul, aims to boost 2% approval rate

10/06/21

Education Department Secretary Cardona today announced a remarkably bold, yet sadly incomplete, emergency suspension of regulatory barriers to the Public Service Loan Forgiveness program.

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