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Axos Bank--More Sketchiness?
07/27/2023 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 . ...[more]Debt-based driving restrictions: new resources
02/06/2023 Professor Kate Elengold and UNC Law 2L Michael Leyendecker have just posted very useful reports for no charge on the Social Science Research Network. ...[more]The New Usury
02/03/2023 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 ...[more]Impact of the Illinois Predatory Loan Prevention Act
01/16/2023 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 ...[more]The Financial Inclusion Trilemma
12/27/2022 I have a new draft article up on SSRN . It's called The Financial Inclusion Trilemma . The abstract is below. ...[more]Venmo's Unfair and Abusive Arbitration Opt-Out Provision
04/26/2022 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. ...[more]What Happens If a Cryptocurrency Exchange Files for Bankruptcy?
02/03/2022 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 ...[more]ED announces PSLF overhaul, aims to boost 2% approval rate
10/06/2021 Education Department Secretary Cardona today announced a remarkably bold, yet sadly incomplete, emergency suspension of regulatory barriers to the Public Service Loan Forgiveness program. ...[more]Hawkins & Pennebaker--Marketing Race and Credit in America
09/25/2021 Past Credit Slips guest blogger , Jim Hawkins from the University of Houston , and his student, Tiffany Penner, alerted me to their recent publication in the Emory Law Journal entitled, "Advertising Injustices: Marketing Race and Credit in ...[more]Massachusetts Throws in the Towel with Credit Acceptance Corporation
09/08/2021 In 2020 the Massachusetts Attorney General brought one of the most significant consumer finance cases in years , a suit against subprime auto lender Credit Acceptance Corporation. If you haven’t heard of CAC, it’s a one of the largest subprime auto ...[more]Let Consumers Control Their Financial Data
07/06/2021 I have an op-ed out in The Hill about who should control consumer financial data. Consumer financial data is basically the most valuable type of consumer data you can find because it is so easy to monetize. Not surprisingly, banks have been very reluctant ...[more]Getting Ahead of Consumer Loan Defaults Post-Pandemic
07/01/2021 On this Tuesday, the Supreme Court refused to lift a ban on evictions for tenants that the Centers for Disease Control and Prevention recently extended through the end of July. The eviction moratoria is one of a handful of debt pauses put in place by the ...[more]Fake Lender Rule Repeal
06/21/2021 The House is schedule to take up a vote on repealing the OCC's " Fake Lender Rule ," that would deem a loan to be made by a bank for usury purposes as long as the bank is a lender of record on the loan. Under the rule, issued in the waning ...[more]Are Mortgage Servicers Ready for the Loan Mod Rush?
05/10/2021 On May 4, the CFPB issued a report sharing information the agency had gathered about mortgage forbearances and delinquencies. One notable takeaway is that Black and Brown homeowners, as well as low-income homeowners, are very prevalent among those in ...[more]FDIC Valid-When-Made Rule Amicus Brief
04/29/2021 I filed an amicus brief today in support of the challenge of eight state attorneys general to the FDIC's Valid-When-Made Rule . ...[more]A Campaign to Opt-Out
04/25/2021 Following-up on my prior post , let’s talk more about what’s at stake in this little legislative kerfuffle in the Hawkeye state, as well as how consumer advocates should seize on this moment in a different way. ...[more]Abolish the OCC?
04/22/2021 I've been saying for quite a while that the OCC is a "problem agency" that is seriously in need of reform. An article in Politico today underscores the problem. The OCC—under a civil servant acting Comptroller—has begun an active lobbying ...[more]Of Usury, Preemption, and Fancy Stationary Bikes
04/21/2021 Greetings, Slipsters ! I’m thrilled to be here guest blogging, and I thank the editors for having me. So with that, let me get started… Usury, preemption, and pandemic fitness are all colliding here in Iowa. ...[more]