Lending – Mact Asso http://mact-asso.org/ Thu, 23 Sep 2021 06:43:12 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://mact-asso.org/wp-content/uploads/2021/04/default-150x150.png Lending – Mact Asso http://mact-asso.org/ 32 32 Watchdog Tells Consumers To Be “Vigilant” About Illegal Payday Lenders https://mact-asso.org/watchdog-tells-consumers-to-be-vigilant-about-illegal-payday-lenders/ Thu, 11 Mar 2021 05:28:07 +0000 https://mact-asso.org/watchdog-tells-consumers-to-be-vigilant-about-illegal-payday-lenders/ The province’s financial watchdog is warning consumers about unlicensed online payday lenders operating illegally in New Brunswick. The Financial and Consumer Services Commission has received a series of recent complaints about unlicensed lenders targeting New Brunswickers and using inappropriate collection practices, such as calling borrowers at their workplaces and making threats. In some cases, lenders […]]]>

The province’s financial watchdog is warning consumers about unlicensed online payday lenders operating illegally in New Brunswick.

The Financial and Consumer Services Commission has received a series of recent complaints about unlicensed lenders targeting New Brunswickers and using inappropriate collection practices, such as calling borrowers at their workplaces and making threats.

In some cases, lenders call borrowers up to 50 times a day, the commission said in a statement Monday.

The payday loan industry relies on short-term loans with high interest rates that are supposed to be paid off by the next paycheck. The penalties for missed payments are severe. The industry has been criticized for exploiting the vulnerable and worsening the debt cycle.

On January 1, New Brunswick introduced new regulations to protect consumers, including compulsory licenses for payday lenders.

Alain Doucet, compliance officer in the commission’s consumer division, said lenders cannot contact a borrower at their workplace or call their employer. They also cannot harass, threaten or seize a borrower’s salary, he said.

“You have to be vigilant,” Doucet said, adding that people should completely avoid using unlicensed payday lenders.

The new rules cap the amount lenders can charge at $ 15 per $ 100 borrowed, and licensed businesses must meet a series of disclosure requirements.

The Financial and Consumer Services Commission urges borrowers not to resort to unlicensed payday lenders.

There are six licensed payday lenders in the province. The commission is not sure how many unauthorized online transactions are active in New Brunswick.

The commission identified 14 on Monday:

  • realprêtsurpay.ca
  • cash2gonow.com
  • cashbuddy500.com
  • cashflow500.ca
  • cashflow500payday.com
  • creditmontreal500.com
  • fastmoneyloans.ca
  • loansurpayenational.ca
  • paydayking500.com
  • pretsohben.com
  • rapidpaydayloans.net
  • royal finances.ca
  • solutions500.com
  • Fast Loans.ca

Difficult to locate online lenders

Doucet said he has contacted lenders about compliance requirements, but law enforcement is getting more difficult with online businesses.

“A lot of these businesses are difficult to locate… because they are online,” he said.

“They can frequently change their web pages, their URLs, but our law enforcement and investigative teams are on that right now and we’re trying to locate them as best as possible.”

If found guilty by a court, unlicensed lenders face fines of up to $ 250,000 and the commission’s domestic tribunal can impose an administrative penalty of up to $ 100,000, a he declared.

For consumers who have borrowed from unlicensed lenders, Doucet said they should call the commission to share their stories and receive advice on their rights and responsibilities.


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Breakingviews – Bank of England’s AI approach to harden https://mact-asso.org/breakingviews-bank-of-englands-ai-approach-to-harden/ Thu, 11 Mar 2021 05:28:07 +0000 https://mact-asso.org/breakingviews-bank-of-englands-ai-approach-to-harden/ LONDON (Reuters Breakingviews) – The Bank of England last year chose artificial intelligence pioneer Alan Turing as the face of its new 50 pound note. This is a smart move given that the central bank will need to quickly find a way to ensure that the spread of intelligent robots in finance is a positive […]]]>

LONDON (Reuters Breakingviews) – The Bank of England last year chose artificial intelligence pioneer Alan Turing as the face of its new 50 pound note. This is a smart move given that the central bank will need to quickly find a way to ensure that the spread of intelligent robots in finance is a positive force rather than a destabilizing influence.

A tour bus passes the Bank of England in London Great Britain Aug 1-2018.

Computer programs with human problem-solving skills are already an integral part of the UK financial system. Two-thirds of companies polled by the BoE use such systems, Tom Mutton, central bank fintech director, told Breakingviews in an interview. Banks and insurers are more advanced than most. They have anti-money laundering programs in place that scan and interpret documents, or help assess the risk of underwriting loans or insurance policies.

The central bank welcomes such efforts. One reason is that the deployment of AI could lower the costs of financial services and the savings could be passed on to consumers. The Boston Consulting Group, for example, estimates that AI software could by 2027 reduce the tedious administrative work required of staff by 2.4 hours per day per employee in banking and 2.9 hours in enterprises. capital markets. Another reason is that machines have proven to be more efficient than humans at detecting suspicious transactions. AI could reduce the £ 1.2 billion stolen through frauds and scams per year, according to data from UK Finance.

Artificial intelligence can also help people dependent on informal credit regain access to the banking system. Consumers who have uneven credit histories may be turned away by lenders and therefore be forced to resort to high cost payday lenders. But AI could offer a fairer representation of credit history and give those people a chance to take out a normal loan, according to Mutton.

There is evidence to support the thesis. AI models can assess creditworthiness better than traditional models, according to a recent Bank for International Settlements study based on data from a Chinese fintech firm. Because AI models can incorporate a range of data, such as phone bill payments and other transactions, they can help people who might fall through the cracks of the traditional credit scoring process.

OVERLORDS ROBOT

But despite all the potential benefits, AI comes with worrying risks. These will likely be disseminated at a forum that will bring together the public and private sectors and which the BoE and the Financial Conduct Authority will launch in March. One potential problem is to what extent AI models influence human decisions and their willingness to take risks. This is something that would be of interest to regulators regardless of the technology used. But more attention is warranted if, for example, banks increasingly postpone credit reports to robots and become lulled into a false sense of security about the safety of their loans.

Another possible problem is what Mutton called “pro-cyclicity and herd”. Different AI trading programs can be developed using similar data sets. These so-called algorithms could then choose to buy and sell the same securities at the same time, which could amplify asset price fluctuations and exacerbate liquidity shortages in the event of a market panic. A 2017 Financial Stability Board document pointed out that AI algorithms could make decisions that humans find incomprehensible, and therefore difficult to decipher once they have been implemented.

Mutton also says that AI algorithms have the potential to engage in what regulators call “market abuse,” for example by performing frontrunning or impersonation operations. These are illegal attempts to gain an advantage in the financial markets by trading in private information or by pretending to be interested in a security in order to fuel demand. Equally disturbing were the findings of researchers at the University of Bologna who examined the AI ​​algorithms that have been taught to optimize the price of consumer goods in order to maximize profits. Through trial and error, and without communicating directly, the algorithms ended up agreeing to reduce competition and increase their revenues.

Finally, there are ethical questions, such as how to prevent AI credit scoring models from importing programmers’ racial or gender biases, or even developing new biases. Without close supervision, bank managers might find it difficult to explain why some borrowers have been denied a loan. The regulator can help by asking tougher questions about artificial intelligence as early as possible.

Breakingviews

Reuters Breakingviews is the world’s leading source for financial information on agenda making. As the Reuters brand for financial commentary, we dissect big business and economic stories from around the world every day. A global team of around 30 correspondents in New York, London, Hong Kong and other major cities provide real-time expert analysis.

Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and to www.breakingviews.com. All opinions expressed are those of the authors.



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Agencies and departments | Arizona Capitol Times https://mact-asso.org/agencies-and-departments-arizona-capitol-times/ Thu, 11 Mar 2021 05:28:07 +0000 https://mact-asso.org/agencies-and-departments-arizona-capitol-times/ Governor’s Office – While the governor’s office technically allows its employees to telecommute when necessary, a staff member told the Yellow leaf report only one person from Gov. Doug Ducey’s office works from home, a younger woman with previous health complications. The rest work in the office while following the Arizona Department of Health Services […]]]>

Governor’s Office – While the governor’s office technically allows its employees to telecommute when necessary, a staff member told the Yellow leaf report only one person from Gov. Doug Ducey’s office works from home, a younger woman with previous health complications. The rest work in the office while following the Arizona Department of Health Services guidelines on office hygiene. The source said the possibility of more or most employees working remotely is “not something we are considering at the moment.” According to an e-mail written by Daniel Ruiz, Deputy Managing Director of Ducey, who Yellow leaf obtained, employees can ask their manager to determine what works best for them and use the ‘relax[ed]“Telecommuting policies for those who can work from home. Ruiz said in the email that the state is also waiving co-payments for telemedicine on health care plans for state employees.

Executive orders- Ducey issued 12 decrees, regarding COVID-19, to date. One to close bars, gyms and cinemas in counties with confirmed cases of COVID-19, all 15 counties were affected as of March 30. Another delays driver’s license expiration dates by six months, a third stops all elective surgeries. Ducey has also listed the companies he deems to be “Essential” and can remain open, which includes golf courses and payday lenders. He ordered a postponement of the evictions until July 22. The governor also issued orders to expand telemedicine coverage for all wards, for hospitals to increase bed capacity and plan how to better use available staff and resources, and on March 30, he released a command “stay at home” this still allows anyone to use and participate in “essential activities” and no one will have to prove or justify what they are doing outside their home when questioned by the police. People who violate the order, except those living in homelessness, could be charged with a Class 1 offense if they do not comply after being told of the order. The order is in effect until April 30.

Secretary of State – The Secretary of State’s office is temporarily suspending all in-person services, while maintaining its constitutional and statutory responsibilities. The office has been able to successfully hold the presidential election preferably on March 17 and is looking forward to receiving the signature sheets from candidates for office. They are due before April 6.

Arizona Attorney General’s Office – From Governor Doug Ducey declared a state of emergency, Attorney General Mark Brnovich has filed numerous lawsuits to control businesses and other state agencies. When Maricopa County Recorder Adrian Fontes suggested he would mail the ballots for the presidential election preferably, Brnovich prevented it from happening. Brnovich has since reminded Arizona employees of their rights during the pandemic which included mandatory paid sick leave, childcare services during school closings, and health care. Additionally, Brnovich warned companies that they will face the consequences if they are using COVID-19 as a reason for raise prices or further violate the Consumer fraud law. Brnovich too joined with Senator Kyrsten Sinema in warning the elderly against scams like bogus medicine, government fraudulent calls and disinfection services. His most recent notice says the state government may share non-identifying information about people who test positive for the virus in order to stop its spread.

Arizona Department of Education – On March 19, the Education Department said it had the option for some employees to work remotely. “The department has around 640 employees, but we don’t have the number of telecommuters currently,” said department spokeswoman Morgan Dick. She said, however, that the adult education services department was fully online. Governor Doug Ducey and Superintendent Kathy Hoffman announced that March 30 public schools will be closed for the remainder of the school year.

Arizona Supreme Court – Arizona Supreme Court spokesman Aaron Nash said all staff have been properly trained to telecommute, but each division decides who telecommutes and when. They take into account social distancing, available equipment and tasks, he said. “When the nature of someone’s job doesn’t allow for telecommuting, these people work on-site in places that allow for social distancing,” Nash said. Yellow leaf report.

Arizona Superior Courts- There are constant updates with what each trial court has done regarding hearings and background information to help fight COVID-19. Trials are either canceled or postponed and as of March 25, all courts in Maricopa County have barred physical access to all court buildings until April 8, with a few exceptions.

Arizona Corporation Commission- A spokeswoman for the commission said about 50% of the agency teleworked for part of the time between March 9 and March 20. The commission also suspended all in-person services effective March 24.

Arizona Department of Administration – Since March 19, the Ministry of Administration has encouraged employees of state agencies to work from home if they are ill or need to care for their child who would normally be in school, although the department cannot say how many employees are taking advantage of this.

Arizona Department of Economic Security- On March 20, Ducey named Tom Betlach as Acting Director for 75 days, allowing Acting Director Cara Christ to focus on her main job as Director of the Department of Health Services. On March 22, Ducey allocated $ 2 million from DES for the state to contract with the Crisis Response Center to run a 2-1-1 service to provide information on COVID-19. On March 24, it was revealed that DES had received around 30,000 jobless claims in the previous week alone.

Arizona Department of Corrections, Rehabilitation and Reintegration – As of March 23, the Department of Corrections said it was testing six inmates for COVID-19, but the results were still not known as of March 29. The department has also taken the necessary precautions to defend against the spread. They have suspended visits, check inmates and staff daily for flu-like symptoms, and more.

Arizona Department of Revenue – Following a recommendation from Governor Doug Ducey, the Ministère du Revenu extension of the deadline for filing and paying income tax two months to July 15.

The universities- The big three universities canceled their in-person classes for the remainder of the spring semester as the coronavirus pandemic reached a national scale in early March. Students are responsible for taking the courses online, preferably at home, as requested by the universities. On March 26, a class action lawsuit was filed in federal court against the Arizona Board of Regents request reimbursement of accommodation, room, board, tuition and other costs which would have been used for counseling, maintenance and athletics.

Here is the impact it had on the 2020 electoral cycle.


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FTC accuses racing driver Tucker’s brother of selling bogus debt https://mact-asso.org/ftc-accuses-racing-driver-tuckers-brother-of-selling-bogus-debt/ Thu, 11 Mar 2021 05:28:07 +0000 https://mact-asso.org/ftc-accuses-racing-driver-tuckers-brother-of-selling-bogus-debt/ Scott Tucker leaves Manhattan Federal Court in New York City on February 23, 2016. Tucker, a racing car driver, pleaded not guilty Tuesday to charges stemming from what US prosecutors called his role in a loan company on $ 2 billion online salary that tapped 4.5 million cash-strapped consumers. REUTERS / Brendan McDermid TPX IMAGES […]]]>

Scott Tucker leaves Manhattan Federal Court in New York City on February 23, 2016. Tucker, a racing car driver, pleaded not guilty Tuesday to charges stemming from what US prosecutors called his role in a loan company on $ 2 billion online salary that tapped 4.5 million cash-strapped consumers. REUTERS / Brendan McDermid TPX IMAGES OF THE DAY – RTX289ZJ

Reuters mentioned.

A preliminary injunction against the brother, Joel Tucker, was filed Friday by U.S. District Judge Julie Robinson in Kansas City, Kansas, according to court records.

Joel Tucker could not be reached immediately for comment, but court records show he is considering hiring a lawyer.

On December 16, the FTC filed a civil lawsuit against Joel Tucker and three of his companies, claiming they sold bogus loans allegedly made by bogus lender Castle Peak or online loan provider 500FastCash, whose brand name is owned by a company related to Scott Tucker. .

According to the regulator, Joel Tucker’s loan listings contained social security and bank account numbers, which collection agencies then used to persuade consumers that the debts were real.

Payday lenders offer short-term loans, often with high effective annual interest rates, to help borrowers until they get their next paycheck.

Scott Tucker, who has competed on American and European racing circuits, pleaded not guilty last February to federal criminal charges in Manhattan for running a $ 2 billion payday loan program that exploited $ 4.5 million. of consumers.

A trial on April 17 is scheduled in this case. Scott Tucker also appealed a Sept. 30 order from a Nevada federal judge that he and several of his companies pay $ 1.27 billion to the FTC.

The Kansas case is FTC v Tucker et al, US District Court, District of Kansas, No. 16-02816.

Reporting by Jonathan Stempel in New York; Editing by Leslie Adler


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KC Payday Lenders Scott Tucker and Richard Moseley Sr. Charged With Federal Crackdown https://mact-asso.org/kc-payday-lenders-scott-tucker-and-richard-moseley-sr-charged-with-federal-crackdown/ Thu, 11 Mar 2021 05:28:07 +0000 https://mact-asso.org/kc-payday-lenders-scott-tucker-and-richard-moseley-sr-charged-with-federal-crackdown/ Scott tucker KansasCity Two Kansas City-area payday lenders long accused of charging outrageous interest charges are now facing federal charges – and demanding they give the government billions of dollars in business proceeds. The indictments against Richard Moseley Sr., 68, and Scott Tucker, 53, a professional racing car driver, were released in New York on […]]]>

title=

Scott tucker

KansasCity

Two Kansas City-area payday lenders long accused of charging outrageous interest charges are now facing federal charges – and demanding they give the government billions of dollars in business proceeds.

The indictments against Richard Moseley Sr., 68, and Scott Tucker, 53, a professional racing car driver, were released in New York on Wednesday after the two men were arrested in the Kansas area. City.

The men separately operated numerous payday loan companies that charged high interest rates and misled customers nationwide about how much they should repay on the loans, officials said.

Tucker alone would have been exploited over 4.5 million people while earning interest ranging from 400% to 700%, according to the indictment.

A New York grand jury has indicted the two men as well as Tucker’s business attorney Timothy Muir, 44, of Overland Park.

Muir and Tucker allegedly tried to shield Tucker’s businesses from lawsuits and lawsuits by falsely claiming they were from Native American tribes, according to the indictment. Meanwhile, Tucker was actually running the operation with a 600-employee company in Overland Park, prosecutors said.

Tucker, who lives in Leawood, used the loan company to fund his career as a professional runner around the world and to cover other expenses, including luxury homes, prosecutors said. They want Tucker to lose $ 2 billion, six Ferrari racing cars, four Porsche cars and a Learjet.

Two tribal companies controlled by the Miami Tribe of Oklahoma have agreed to confiscate $ 48 million from Tucker’s payday loan business, prosecutors said on Wednesday. These funds are held in tribal bank accounts.

In 2011, as Colorado and other states tried to end Tucker’s business practices, Muir told a Star reporter that Tucker “does not own these companies.”

“There are documents that were produced at the Colorado attorney general’s office that detail Mr. Tucker’s relationship with tribal online lending companies,” Muir said. “Very soon… I think this relationship will be clarified.”

Muir replied that Tucker was simply standing up against a tyrant.

“There are few people across the country who have the courage and the resources to confront the government,” Muir said at the time. “My client has them. “

Tucker and Muir made their first court appearance Wednesday afternoon in U.S. District Court in Kansas City, Kansas. They entered the courtroom together in chains. They were told they had the right to move their business from New York to Kansas if they intended to plead guilty. Both men refused.

Tucker was released on $ 2 million bond and Muir was released on $ 400,000 bond. The two men agreed to put their homes in Leawood and Overland Park respectively as security for the bonds.

They were each ordered not to communicate with any victim or witness in the case, or with each other. But the latest instruction was dropped by the government when Tucker’s lawyer Jeffrey Morris pointed out that Muir was Tucker’s general counsel.

“They have to talk,” Morris said, adding that the matter would be reconsidered by the New York court.

Their first New York court appearance is scheduled for Tuesday.

Moseley, who lives in Kansas City, faces charges including illegal debt collection and wire fraud.

He owned a group of payday loan companies called Hydra Lenders from around 2004 to late 2014, according to a statement from the United States Attorney’s Office for the Southern District of New York.

According to regulators, he has exploited more than 620,000 poor people by charging interest rates of over 700%.

“Worse yet, Moseley is also said to have given loans to many people who never even applied for them, taking out exorbitant financing fees from their bank accounts,” the statement said.

Moseley could not be reached for comment on Wednesday.

Hydra Lenders generated around $ 161 million in revenue over an eight-year period that ended in August 2014, prosecutors said. Moseley allegedly spent millions of dollars obtained from victims on things like vacation homes in Colorado and Mexico, luxury cars and country club dues, according to the indictment.

In September 2014, a federal judge froze the assets of Moseley’s payday loan business and set up an escrow to stop allegedly illegal activities at the business. These measures came at the request of the Federal Bureau of Financial Consumer Protection, which said the Hydra group was carrying out an “illegal cash scam”.

Moseley was arrested Wednesday morning in Kansas City. He appeared in Kansas City federal court and was also released on bail.

Tucker faces nine counts, including collecting illegal debts in violation of racketeering laws for activities that took place from 2003 to 2012.

According to the indictment against Tucker:

Customers were generally told that they would pay about $ 30 in interest on every $ 100 loaned. So, on a $ 500 loan, they expected to repay about $ 650. Customers provided the payday company with access to their bank accounts so that payments could be automatically withdrawn.

But Tucker’s companies structured the repayments in a way that allowed payday loan companies to continuously withdraw interest from customers’ bank accounts without touching the principal balance.

So a customer who borrowed $ 500 could end up paying back $ 1,925.

Thousands of customers have complained to Tucker’s businesses, their banks, consumer groups and regulators that the loans were “materially deceptive, deceptive and usurious,” according to the documents.

“Rather than take steps to comply with state laws or otherwise deal with” customer complaints, Tucker “has entered into a series of bogus business relationships to conceal his ownership and control” of companies, according to the act. accusation.

Tucker and Muir created the “fictitious appearance of tribal ownership and control” of payday lenders in 2003 and implicated three tribes in the deception. He asked members of two tribes to “press a computer key on hundreds or thousands of loans daily,” to make it appear that the tribes were involved in approving the loans, according to the deed. ‘charge.

Overland Park employees falsely told customers and others over the phone that they were in Oklahoma or Nebraska, where Indian tribes were located, “so that they could more effectively fool customers.” , indicates the indictment.

Bloomberg News contributed to this report.

This story was originally published February 10, 2016 11:30 a.m.


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Make him (pay) the day | Independent from New Haven https://mact-asso.org/make-him-pay-the-day-independent-from-new-haven/ Thu, 11 Mar 2021 05:28:07 +0000 https://mact-asso.org/make-him-pay-the-day-independent-from-new-haven/ Big banks scam millions of low income depositors with fake accounts or unnecessary fees or red mortgage rates or higher rates. Payday lenders are preying on the “unbanked” with shark-loan interest rates they can’t meet. On the other hand, New Haven now has Samantha Savvidou. Can she come to the rescue? Savvidou, a social worker […]]]>

Big banks scam millions of low income depositors with fake accounts or unnecessary fees or red mortgage rates or higher rates. Payday lenders are preying on the “unbanked” with shark-loan interest rates they can’t meet.

On the other hand, New Haven now has Samantha Savvidou. Can she come to the rescue?

Savvidou, a social worker who just received her masters degree from the University of Connecticut, has set up as the very first “Bank On Fellow” to help the 20% of New Haveners who do not have conventional bank accounts. get accounts and learn techniques. who keep the money in their hands.

A team of these “fellows” began to work in locations across the country. The national non-profit organization called Cities Fund for Financial Empowerment set up the program across five state-level. The Connecticut Association for Social Services (CAHS) is his partner for our state, and CAHS hired Savvidou for the two-year concert in New Haven.

Its mission is to connect low-income and working-class people by avoiding having to resort to check-cashing services that end up keeping an average of $ 500 of their money on average each year (or to lenders payday advance money for paychecks and then take cuts in return). And by working with START Bank and other local lenders, Savvidou will connect people with training that will help them budget better, save more money, and avoid financial problems. (People can join her at. (JavaScript must be enabled to display this email address).)

His organization urges banks to meet certain standards for access to “safe and affordable accounts,” such as allowing people to open accounts that require $ 25 or less upfront to open or minimum balances of $ 10 in advance. to keep. The big banks here often have such accounts available, but they don’t know about them, Savvidou said in an interview with WNHH FM’s “Dateline New Haven”.

She said she viewed her mission as social work, even though people don’t always see access to banking as a traditional social work issue. “I feel like I’m serving a bigger purpose” by organizing the community and helping people avoid financial risks and developing progressive public policies.

Click on the audio file above or the Facebook Live video below to listen to Samantha Savvidou’s full interview on WNHH FM. (His portion of the Facebook Live video begins at 6:45 p.m.

posted by: 1644 November 14, 2017 3:39 p.m.

Wells Fargo, the villain of the unauthorized account scandal, offers to verify a minimum deposit of $ 25 and a service charge of only $ 10 / month, waived if the account holder has more than $ 500 / month in direct deposits or in other circumstances. Many other banks offer similar accounts.
https://www.wellsfargo.com/checking/
In addition to these accounts, federal law should require banks to honor drafts drawn on accounts they hold. For example, if I have a check drawn on a Bank of America account, I should be able to cash it at Bank of America whether or not I do business with BoA. After all, BoA knows if the account has sufficient funds and holds the signature card of the account holder.


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Harris crystallizes Trump’s point of view on women: they are “bad” or housewives. https://mact-asso.org/harris-crystallizes-trumps-point-of-view-on-women-they-are-bad-or-housewives/ Thu, 11 Mar 2021 05:28:07 +0000 https://mact-asso.org/harris-crystallizes-trumps-point-of-view-on-women-they-are-bad-or-housewives/ In the hours since Kamala harris joined the Democratic presidential ticket, President Trump responded by sorting women into two categories: good “suburban housewife”He thinks they’ll vote for him, and the mean women who haven’t shown him or his political allies enough respect. After Joseph R. Biden Jr. announced on Tuesday that Mrs. Harris would be […]]]>

In the hours since Kamala harris joined the Democratic presidential ticket, President Trump responded by sorting women into two categories: good “suburban housewife”He thinks they’ll vote for him, and the mean women who haven’t shown him or his political allies enough respect.

After Joseph R. Biden Jr. announced on Tuesday that Mrs. Harris would be his running mateMr. Trump wasted no time in classifying her in the camp of the “bad guys,” a category also occupied by the last woman to run against him on a Democratic ticket.

“She was extraordinarily mean to Brett Kavanaugh – Judge Kavanaugh at the time, now Judge Kavanaugh,” Mr Trump said of Ms Harris, using “bad” or some version of the word no less than four times when ‘He was referring to the Senate confirmation hearings held. in 2018.

Wednesday morning, after her Fox News allies spent the evening comparing Ms. Harris, who is of Jamaican and Indian descent, to unethical “timeshare sellers” and “payday lenders”, Mr. Trump shouted that the American “suburban” housewife “- a label used by the president to play white racist fears about the neighborhood integration efforts – would be on his side in November.

“They want safety,” Mr. Trump wrote on Twitter, adding that they “are delighted that I have ended the long-running program where low-cost housing is invading their neighborhood.” referring to the Obama era effort that encouraged the diversification of American communities.



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Payday loan industry sues consumer office, less than a month after industry expansion in Florida https://mact-asso.org/payday-loan-industry-sues-consumer-office-less-than-a-month-after-industry-expansion-in-florida/ Thu, 11 Mar 2021 05:28:07 +0000 https://mact-asso.org/payday-loan-industry-sues-consumer-office-less-than-a-month-after-industry-expansion-in-florida/ The payday loan industry is suing to block a Consumer Financial Protection Bureau rule less than a month after the industry used the rule as an excuse to significantly expand its loans in Florida. The federal lawsuit, filed in Texas by the Community Financial Services Association of America, claims the CFPB rule is “draconian” and […]]]>

The payday loan industry is suing to block a Consumer Financial Protection Bureau rule less than a month after the industry used the rule as an excuse to significantly expand its loans in Florida.

The federal lawsuit, filed in Texas by the Community Financial Services Association of America, claims the CFPB rule is “draconian” and “would virtually wipe out” the payday lending industry, according to the Washington Post.

But that’s the excuse payday lenders have used to convince lawmakers this year to change Florida law, the first significant expansion in the industry since it was licensed to operate in the state in early 2000s.

The new law, which will come into force next year, circumvents the rule by allow industry to provide loans which are twice as large and carry costs which are also potentially twice as large.

If the industry wins its case, the result would be a giveaway for companies like Tampa-based Amscot, the state’s largest payday lender: it could offer much larger loans without the nuisance of consumer protection rules. consumers.

Amscot led the charge to change the rule this session, even fly pastors on private jets to lobby on their behalf.

The founder of the company is also a member of the board of directors of the Community Financial Services Association of America.

Amscot said in a statement that it was “only one member among hundreds of members from 30 states” that make up the trade association.

“As we said before, Amscot appreciates the hard work of Florida lawmakers and Governor Scott for enacting effective law that will benefit countless Florida consumers,” the company said. “This new Florida law does not change the nefarious course taken by the federal agency, and the association’s lawsuit has been ongoing for years.”

It is highly unlikely that the legislature will overturn the law in the next session. This year’s bill passed with overwhelming bipartisan support.


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Stimulus checks are not coming for some Oklahomans | New https://mact-asso.org/stimulus-checks-are-not-coming-for-some-oklahomans-new/ Thu, 11 Mar 2021 05:28:07 +0000 https://mact-asso.org/stimulus-checks-are-not-coming-for-some-oklahomans-new/ OKLAHOMA CITY – Many Oklahoma residents are relying on their federal COVID-19 stimulus checks to pay the bills and put food on the table, but advocates say some may never receive that relief. Congress did not include any provisions to protect collection agent funds when it recently passed the $ 2,000 billion CARES (Aid, Relief […]]]>

OKLAHOMA CITY – Many Oklahoma residents are relying on their federal COVID-19 stimulus checks to pay the bills and put food on the table, but advocates say some may never receive that relief.

Congress did not include any provisions to protect collection agent funds when it recently passed the $ 2,000 billion CARES (Aid, Relief and Economic Security) law, lawyers said.

Federal lawmakers promised Oklahoma to earn $ 75,000 or less in adjusted gross income on their last tax return, a check for $ 1,200. Joint filers earning $ 150,000 or less are eligible for $ 2,400. Families will also receive an additional $ 500 per dependent child.

“It’s a blow to families looking to use these checks to guarantee food, shelter and basic necessities,” said Ivetty Estepan, of the legally bankrupt Upsolve association.

“This allows collectors to go after stimulus checks if there are any outstanding medical, student loan or credit card debts,” she said. “This discriminates against the most vulnerable of our population and ensures that the social class divide continues to widen.”

In Oklahoma, up to 130,000 residents have overdue child support, the Oklahoma Department of Human Services said.

The federal Debt Collection Improvement Act of 1996 requires the US Treasury to intercept these payments. The seizure also applies to the $ 600 per week in additional unemployment benefits that the federal government has guaranteed to unemployed Americans, the agency said.

Federal law requires states to distribute the funds as delinquent child support, the agency said.

Joint filers, meanwhile, can see their entire stimulus payment check seized even if only one of the spouses has to repay child support, state officials said.

It’s inconceivable that debt collectors could embezzle many payments destined for Oklahomans, said Kris King, lead organizer of Voices Organized in Civic Engagement. The Oklahoma City Metro Area Coalition of Congregations and Nonprofits is tackling issues facing families.

“For people who are already in debt, the audacity of anyone who grabs that money and risks public safety in the process is unreasonable,” she said.

The group sent a letter to Gov. Kevin Stitt earlier this month asking the Republican to protect families in debt by suspending collection of medical and court debts. The group also wants payday lenders to be banned from seizing stimulus payments and a moratorium on evictions extended.

“We didn’t write it for child support recovery, but we know it’s a problem,” King said.

King said federal funds are intended to help people support themselves at a time when the government asks them to stay home. Federal officials need to make sure that the money goes directly to Americans so they can stay at home.

Families already grappling with debt risk are taking on more debt during the crisis, she said. People are in desperate need of the federal infusion to stay afloat.

“Obviously people need it to be able to shelter in place and for us all to be safe,” King said. “If you put the poorest and most vulnerable people in a situation where they have to go out now and work when they don’t have to, it only prolongs the crisis and increases the health risks for all of us. “

Janelle Stecklein covers the Oklahoma Statehouse for CNHI newspapers and websites. Reach her at jstecklein@cnhi.com.


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Court: president Can Fire, head of the consumer agency https://mact-asso.org/court-president-can-fire-head-of-the-consumer-agency/ Thu, 11 Mar 2021 05:28:07 +0000 https://mact-asso.org/court-president-can-fire-head-of-the-consumer-agency/ The United States Supreme Court struck down a key element of the Consumer Financial Protection Bureau (CFPB) which limited the presidential authority to fire the head of the agency. The office was one of the main regulatory reforms that followed the epic economic collapse of the Great Recession. The decision in Selia Law v. Office […]]]>

The United States Supreme Court struck down a key element of the Consumer Financial Protection Bureau (CFPB) which limited the presidential authority to fire the head of the agency. The office was one of the main regulatory reforms that followed the epic economic collapse of the Great Recession.

The decision in Selia Law v. Office of Consumer Financial Protection, had Chief Justice John Roberts voting with the rest of the court’s Tories. His written opinion said the restrictions on the president’s authority over an executive branch were unconstitutional.

The creation of the CFPB in 2010, by now US Senator Elizabeth Warren (D-Mass.), Was one of the great battles after the financial crisis. As with other reforms adopted in the wake of the economic disaster, the financial sector has since come under fire.

The election of Donald Trump in 2016 gave the industry a chance to attack the agency.

Between its inception and President Trump’s inauguration, the CFPB returned nearly $ 12 billion to defrauded consumers, according to the Huffington Post. This is because he was protecting consumers by enforcing rules on payday lenders, banks and others.

With the election of Trump, the fight for the agency was on.

In 2017, for example, the CFPB had drafted payday loan rules under the mandate of Richard Cordray, former director of the agency.

The Obama-era appointee sought to put in place new underwriting requirements for lenders, such as checking borrowers’ ability to repay payday loans. There was another element to the rules as well, which focused on how often a lender can attempt to debit payments from a customer’s bank account.

In 2019, a new person appointed by Trump as director of the CFBP sought to eliminate some of the rules, such as requiring lenders to verify a borrower’s income, debt, and spending habits to assess. his borrowing threshold before taking out his loan.

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NEW PYMNTS DATA: TODAY’S SELF-SERVICE PURCHASE JOURNEY – SEPTEMBER 2021

On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.


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