There are far more payday lending stores than McDonald's restaurants in almost every state in the nation. But unlike McDonald's burgers, payday lending is rarely affordable and generally not digestible. more »
Mark Whitlock is pastor of Christ Our Redeemer A.M.E. Church in Orange County, Calif. Gil Vasquez is managing partner of the certified public accounting firm Vasquez & Company LLP. Faith Bautista is the president and CEO of National Asian American Coalition.
The Consumer Financial Protection Bureau's upcoming proposal to regulate payday and other short-term lenders will be an important step for consumer protection, but advocates are wrong to think the CFPB's actions are intended to or will have a positive impact on the quality of credit products for the underserved. more »
Signs of the subprime mortgage crisis were obvious long before the 2008 meltdown. Some recognized the danger but most dismissed the threats, arguing that a decline in home values would never happen. Other signs of distress went unnoticed or unappreciated. more »
The Third Circuit Court of Appeals issued an opinion in October that could drastically expand the already swollen ranks of consumer claimants under the Telephone Consumer Protection Act. It could also make it much more difficult for businesses to successfully defend against such claims in the early stages of litigation. more »
In our first piece on collecting through litigation, we noted that the soft financial market and uneven regulatory landscape have led to a great deal of waste and loss of profitability in collecting unpaid debt. Now, we describe new systems that will employ technology to help litigation processes and return them to profitability. more »
Legal collections took a backseat to other financial processes in the wake of the recession. But with the job market showing strength and the related assumption that defaulting borrowers are regaining the capacity to pay back debt, its expected collection revenue via litigation will grow in 2016. more »
Sen. Bernie Sanders says a 15% cap on federal credit union lending has "worked well." But it's never really been in place.
Sen. Bernie Sanders' victory in the New Hampshire primary will undoubtedly provide fresh momentum for his campaign against Hillary Clinton, but is also likely to subject many of his proposals to a harsher spotlight as his credibility as a candidate grows. more »
Recent high-profile settlements and a New York Times article have drawn fresh attention to problems in the debt collection industry. Many of these could be resolved with the deployment of a trusted national database for consumer debt. more »
Despite the House Financial Services Committee's passage of a bill to convert the Consumer Financial Protection Bureau's leadership structure from a single director to a commission, Democrats have largely opposed the bill. more »
Anybody in the consumer contact business - particularly debt collection - is acutely aware of the TCPA violation land mines. Dialing cell phones on a predictive dialer without the consumers express permission can result in fines of $1,500 per dial, with threats of class-action lawsuits. more »
Benjamin P. Saul is a partner in Goodwin Procter's consumer financial services litigation practice group.