Yes, we know they do, but a Bloomberg story this morning caught my eye. I’ve known for quite a while that Wells Fargo and First Third Bank offered these payday-style loans, called direct deposit advances or ready advances, and also that certain bank ... Read full article
I have been working for a few years in developing and creating a consumer outreach website at MyConsumerTips.info . The site is purely non-profit and has no sponsors or advertisers. It aims to simply provide consumers with “consumer tips” that change ... Read full article
Nathalie Martin has done great work and has posted comments on Creditslips.org regarding payday lending. I also have been interested in how these payday loans prey on consumers with the least resources and power, and have helped consumers with related ... Read full article
If you are interested in two fascinating stories on payday and title lending, check out these two links. ... Read full article
On-line lenders who are not tribal or offshore claim that they need the same lack of oversight that the tribal and onshore on-line lenders are getting. Otherwise, it isn’t fair to them. Hmmm….. Fairness is as fairness does. Keep in mind that these on- ... Read full article
Think about what happens when you pit tribal sovereign immunity against effective consumer protection laws. In my view, no one wins. Yet payday lenders are now very actively seeking tribes with whom to partner, in order to get the benefits of tribal ... Read full article
I recently published a law review article entitled Grand Theft Auto Loans with Ozy Adams. It discusses title lending based upon data collected by the State of New Mexico. This article cover a tremendous amount of ground, but as these things tend to go, ... Read full article
In the early part of this year, a new start-up called ZestCash launched. ... Read full article
Richard Cordray’s first CFPB hearing will be held today and will focus on the practices of payday lenders. Seventeen states and the District of Columbia already outlaw payday loans, but in all of the others, lenders can and do charge 400% interest or ... Read full article
This video is totally worth you 2 minutes. It describes big banks in rather unflattering terms (as parasites, for example) but the main thing I got out of it is that big banks finance payday lenders. ... Read full article
I recently presented a paper at the University of San Francisco School of Law, after which Professor Jesse Markham sent me a link about the FTC’s power to regulate payday loans. I have been a bit fixated on what the CFPB what might be able to do to ... Read full article
The five lenders, Flobridge Group LLC, Silver Leaf Management and Upfront Payday, all of Utah; and Integrity Advance and Sure Advance LLC, were each sued separately for violating Minnesota’s small loan laws. The total U.S. market for Internet payday ... Read full article
Following our prison visit in clinic this past week, we promised to report on a brand new (to us) scam, one involving a company that helps people “find” payday lenders. My student Bridget Mullins reports on it here. ... Read full article
Even though the CFPB cannot cap interest rates on payday loans, there is still plenty that the CFPB can do to regulate these lenders. But what should the Bureau do? Some of the trickiest aspects of the payday lending issue have nothing to do with interest ... Read full article
