Payday & Title Lending

A Few Things to Consider Before Federal or State Regulators Cave to Requests of Tribal Lenders to Back Off

08/20/13

Carter Dougherty added last week to the many recent articles (here and here) on regulators who are cracking down on internet lending, both state and federal. First, the Justice Depart

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Payday, Title, and Installment Lenders Show Signs of Strain

08/12/13

Given the many ways in which payday lenders have been able to transform themselves  into title lenders and installment lenders, and to otherwise avoid state law,  l try not to get too optimistic that high-cost lending practices  will be curbed.

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Interesting Automatic Stay Decision in FastBucks Chapter 11 Case

04/09/13

Readers might recall that back in November, I blogged about a case in which the unconscionability doctrine was used to invalidate one lender’s entire book of payday and installment loans. The post described how the court found that FastBucks employees encouraged borrows to not pay off loans, which loans were found to violate state law.

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Banks Processing Internet Payday Payments through Bank Accounts that Customers Asked be Closed

02/26/13
Banks and payday lenders have be close pals for a while now.
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Disclosure 2.5: Moving from the Lab to the Field

02/18/13

If financial education classes and lab-tested disclosures are unlikely to help consumers in their real-world financial decisions, what about field-tested targeted education/disclosure? Exciting work by Marianne Bertrand and Adair Morse shows that information given to payday borrowers can reduce their future borrowing, holding payday lender behavior static.

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Usury and the Loan Shark Myth

02/13/13

Consumer financial education, disclosure, and defaults all dispensed with in my prior posts, shall we move on to “substantive” regulation, dare I even say “usury”?

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State Payday Lending News Part II: Oregon Warns Tribal Payday Lenders to Back Off

11/06/12

A little something more to chew on while you are chewing off your fingernails over tonight’s election news. As reported on Turtle Talk this morning, Oregon and Washington are none too pleased about tribal payday lenders making loans to citizens of their state, in contravention of their state usury laws.

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State Payday Lending News Part I: New Mexico Court Finds FastBucks Loans to be Unconscionable

11/06/12

A little something to chew on while you are chewing off your fingernails over tonight’s election news. The New Mexico Attorney General’s office has sued Fastbucks for providing unconscionable loans to New Mexico citizens, both under the common law unconscionability doctrine and the state’s Unfair Practices Act’s unconscionability provision.

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