News Topic: Consumer Finance

I filed an amicus brief  today in Becerra v. Brooks , the challenge brought by the California, Illinois, and New York attorneys general against the OCC's " Madden -fix" rule. Consider it a stocking stuffer for the Acting Comptroller, Brian ... Read full article

It's not every day that I write a letter in opposition to the issuance of a bank charter. But that's what I just did. Here is my comment letter to the Office of the Comptroller of the Currency   in opposition to the charter application for ... Read full article

In the Spring I am teaching a research and writing seminar called Advanced Commercial Law and Contracts. Credit Slips readers have been important resources for project ideas in the past, and I'd appreciate hearing what you have seen out in the world ... Read full article

Those wascally wabbits at OCC are back at it again in the waning light of the Trumpshchina. The OCC has proposed a rule on "Fair Access to Financial Services."  ... Read full article

I am testifying later today (virtually) before the House Small Business Committee on " Transparency in Small Business Lending ."  My written testimony is here . ... Read full article

Student loan relief provisions required by the CARES Act expire on September 30. Those protections included 1) for all federal direct loans: zero interest and automatic payment forbearance, 2) credit towards IDR and PSLF forgiveness for the 6 months ... Read full article

I have an article out in The American Prospect about How to Start Closing the Racial Wealth Gap . Unlike a lot of writing bemoaning the racial wealth gap, this piece has a concrete reform that could be undertaken on day 1 of a Biden administration without ... Read full article

While the House HEROES bill's scaled-down student loan forgiveness is unlikely to become law, many essential workers are eligible for student loan cancellation now under existing law. The Public Service Loan Forgiveness program covers all police, ... Read full article

My coauthor Ed Balleisen has co-founded a program on consumer lending of interest to Credit Slips readers. Its initial data collection is particularly useful in documenting the North Carolina experience and its implications for other states. ... Read full article

A CapitalOne savings account ad has got me thinking about whether Van Halen has anything to teach regulators. Van Halen is famous for its use of a contract that requires provision of M&Ms for the band , but expressly prohibits provision of any brown ... Read full article

The success rate for Public Service Loan Forgiveness applicants has doubled. From 1% to 2%. Thinking they have completed their 10 years of payments, 140,000 student loan borrowers had applied for cancellation through February 29, and about 3,000 had ... Read full article

Over at the Machine Lawyering blog -- organized and edited by the Chinese University of Hong Kong's Law Faculty’s Centre for Financial Regulation and Economic Development -- Slipster Nathalie Martin and I just posted some commentary about our new ... Read full article

The CARES Act provides for direct "rebate" payments to American households. Treasury is gearing up to send some of those payments out soon. But Congress forgot to protect the payments from garnishment. ... Read full article

The final text of the act is now available here.  The foreclosure relief is in Section 4022 and the eviction moratorium is in Section 4024. Mortgage borrowers with federally related loans (FHA, VA, Farmer's Home, Fannie or Freddie) may request 6 ... Read full article

The CARES Act signed into law last week suspends payments and eliminates interest accrual for all federally-held student loans for six months, through September 30. These measures exclude private loans, privately-held FFEL loans and Perkins loans. The ... Read full article

Short term (payday) loans and high interest consumer installment loans continue to deplete low income households of micro dollars and their communities of macro dollars. Although the CFPB seems intent on supporting the depletions, a good number of states ... Read full article

The Trump administration has just proposed a rule that declares open season on consumers for subprime lenders. ... Read full article

The DC suburbs are a case study in NIMBYism. Lots of communities try to limit through-traffic via all sorts of means:  speed bumps, one-way streets, speed cameras, red-light cameras, etc.  The interaction of one of these NIMBYist devices with GPS systems ... Read full article